The Reserve Bank of India said Monday that it has retained the Advisory Committees of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited.
According to the country’s central bank’s official release, “it may be recalled that, on October 4, 2021, the Reserve Bank established a three-member Advisory Committee to assist Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), in discharging his duties.”
R. Subramaniakumar, former Managing Director and Chief Executive Officer of Indian Overseas Bank; TT Srinivasaraghavan, former Managing Director of Sundaram Finance Limited; and Farokh N Subedar, former Chief Operating Officer and Company Secretary of Tata Sons Limited, serve on the Committee.
The Reserve Bank has decided that, following the admission of petitions for insolvency resolution proceedings against SIFL and SEFL by the Kolkata Bench of the National Company Law Tribunal on October 8, 2021, the aforementioned three-member Committee shall continue to serve as the Advisory Committee established under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authorities) Rules.
The Advisory Committee shall advise the Administrator on SIFL and SEFL operations during the corporate insolvency resolution process.
Visit www.mixpoint.in for more interesting stories.