RBI supersedes Srei Infrastructure Finance, Srei Equipment Finance boards
The Hindu
RBI to initiate insolvency proceedings
The Reserve Bank of India (RBI) has superseded the boards of Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd and has appointed an administrator to run these entities till NCLT process kicks in.
“In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank on Monday superseded the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations,” the RBI said in an order.
Rajneesh Sharma, Ex- Chief General Manager, Bank of Baroda has been appointed as the Administrator of the aforesaid companies under Section 45-IE (2) of the RBI Act.
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