Home Business RBI confirms advisory panel for Srei

RBI confirms advisory panel for Srei


MUMBAI: The Reserve Bank of Indai on Monday said that it has retained the advisory committee of the two Srei companies that were admitted for insolvency proceedings. The central bank had proposed a three-member committee when it superseded the board of the two finance companies last week.
The three members are R Subramaniakumar (former MD & CEO of Indian Overseas Bank), T T Srinivasaraghavan (former MD of Sundaram Finance), and Farokh N Subedar (former CEO & company secretary, Tata Sons).
The three-member committee will advise the administrator in the operations of the SIFL and SEFL firms during the corporate insolvency resolution process. The National Company Law Tribunal in Kolkata last week admitted the RBI’s plea to initiate insolvency proceedings against Srei Infrastructure & Finance and Srei Equipment Finance. The tribunal also named Rajneesh Sharma, a former general manager with Bank of Baroda, as administrator of the two companies which have a collective debt of over Rs 30,000 crore.
Srei is the second financial services group to be referred to NCLT after DHFL.

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