Business & Investment

RBI appoints a three-member advisory board to assist RCap’s managers

After replacing the board of directors of Reliance Capital (RCap), the Reserve Bank of India (RBI) appointed an advisory board on Tuesday to assist the managers appointed to the company in performing their duties.

The three advisory boards include San Zieb Nautiyar, former Deputy Managing Director (DMD) of State Bank of India, Sriniva Sambalada Rajan, former DMD of Axis Bank, and Prabean, former MD and Chief Executive Officer of Tata Capital. Includes P Caddle.

NS On Monday, it replaced RCap’s board of directors due to default and governance issues, stating that bankruptcy proceedings will soon be launched against the company and will be the third case of non-bank financial institution (NBFC) going bankruptcy proceedings. rice field.

The central bank replaced the board of directors of Dewan Housing Finance Corporation in November 2019 and the two NBFCs of the Srei Group in October this year.

Regulators have appointed Nageswar Rao Y, a former executive director of Maharashtra Bank, to manage the company.

In a statement to the exchange, the company welcomed the move by RBI to settle the company’s debt as follows: Fully cooperate with the administrator appointed by To quickly resolve its debt in the best interests of all stakeholders.

“The complexity of proceedings initiated by certain secured and unsecured lenders is the complexity of more than 10 proceedings in various forums, including the Supreme Court, Bombay High Court (HC), Delhi High Court, and Debt Recovery Court. Brought collateral. Despite two years of best efforts, the company’s debt was settled. “

Read the statement that the company has no outstanding loans from banks and about 95% of its debt is in the form of corporate bonds.

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RBI appoints a three-member advisory board to assist RCap’s managers RBI appoints a three-member advisory board to assist RCap’s managers

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