MUMBAI: The Reserve Bank of India on Monday said it has retained the advisory committee of both sarei Companies that were admitted for insolvency proceedings. The central bank had last week proposed a three-member committee by superseding the boards of two finance companies.
Three members R. Huh Subramaniakumar (Former MD and CEO of Indian Overseas Bank), TT Srinivasaraghavan (Former MD of Sundaram Finance), and Farooq N Subedar (Former CEO and Company Secretary, Tata Sons).
The three-member committee will advise the administrator in the governance of SIFL and SEFL firms during the corporate insolvency resolution process. The National Company Law Tribunal in Kolkata last week allowed the RBI’s plea to initiate insolvency proceedings against Srei Infrastructure and Finance and Srei Equipment Finance. also the name of the tribunal Rajneesh Sharma, a former general manager of Bank of Baroda, as the administrator of two companies which have collective debt of over Rs 30,000 crore.
Srei is the second financial services group after DHFL to be referred to the NCLT.
Three members R. Huh Subramaniakumar (Former MD and CEO of Indian Overseas Bank), TT Srinivasaraghavan (Former MD of Sundaram Finance), and Farooq N Subedar (Former CEO and Company Secretary, Tata Sons).
The three-member committee will advise the administrator in the governance of SIFL and SEFL firms during the corporate insolvency resolution process. The National Company Law Tribunal in Kolkata last week allowed the RBI’s plea to initiate insolvency proceedings against Srei Infrastructure and Finance and Srei Equipment Finance. also the name of the tribunal Rajneesh Sharma, a former general manager of Bank of Baroda, as the administrator of two companies which have collective debt of over Rs 30,000 crore.
Srei is the second financial services group after DHFL to be referred to the NCLT.
.