RBI Supersedes Srei Infra, Srei Equipment Finance Boards

Reserve Bank of India superseded the boards of Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. owing to governance concerns and defaults by the companies in meeting their various payment obligations, the central bank says in a statement.

• Rajneesh Sharma, a former Chief General Manager at state-run Bank of Baroda, has been appointed as the administrator of the companies
• RBI also intends to shortly initiate the process of resolution of the two non-banking finance companies under the Insolvency and Bankruptcy rules

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