The RBI on Monday superseded the Board of Directors of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), owing to governance concerns and defaults by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.
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.
The Reserve Bank said it also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy Rules, 2019. It'll also apply to the NCLT for appointing the administrator as the Insolvency Resolution Professional, the central bank said.
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