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RBI appoints VN Chalasani as member of advisory panel for Srei group recast

RBI appoints VN Chalasani as member of advisory panel for Srei group recast

The 3-member advisory committee is responsible for advising the administrator on the operations of the SIFL and SEFL during the corporate insolvency resolution process.

RBI appoints VN Chalasani as member of advisory panel for Srei group recast RBI appoints VN Chalasani as member of advisory panel for Srei group recast

The Reserve Bank of India on Thursday announced the appointment of Venkat Nageswar Chalasani as a member of the Advisory Committee of Srei group companies -- Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL). The appointment comes after the resignation of R. Subramaniakumar (who is currently appointed as the MD and CEO of RBL Bank) from the panel on June 22.

The central bank had, in early October last year, superseded the boards of SIFL and its wholly-owned subsidiary SEFL. It then appointed a three-member Advisory Committee to assist the administrator of the two crisis-ridden firms. Rajneesh Sharma, ex-chief general manager, Bank of Baroda, was appointed as the administrator to look into the affairs of the Srei group companies.

The Srei group companies, which are undergoing corporate insolvency resolution process, came under duress during the Coronavirus-induced lockdown, as non-payment from its customers led to asset-liability mismatches.

As per the RBI circular, the advisory committee will now comprise of following members:

1. Venkat Nageswar Chalasani, former Deputy Managing Director, State Bank of India

2. T.T. Srinivasaraghavan, former Managing Director, Sundaram Finance Limited

3. Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited

The Advisory Committee shall advise the administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process, it added.

VN Chalasni is the former deputy managing director at the State Bank of India.

In a press release dated October 11, 2021, the central bank had stated that it had established a three-member advisory committee in accordance with Rule 5(c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 to advise the administrator on the operations of the SIFL and SEFL during the corporate insolvency resolution process.

 

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