India RBI Seizes Ex-Billionaire Anil Ambani’s Shadow Bank (1)

The Reserve Bank of India took control of shadow lender Reliance Capital Ltd. following a series of defaults, another blow for former billionaire Anil Ambani who has been battling creditors and faces personal bankruptcy.

The RBI superseded the lender’s board due to Reliance Capital’s failure “in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively,” the central bank said in a statement Monday.

Banks across India and China are trying to recover money from Ambani with State Bank of India, the country’s largest lender, filing a ...