RBI retains advisory committee for Srei Group companies

SREI Group.

The Reserve Bank of India (RBI) on October 11 said that it has decided to retain the three-member advisory committee of two Srei Group companies--Srei Infrastructure Finance Limited and Srei Equipment Finance Limited.

On October 4, the RBI had appointed a three-member Advisory Committee to assist Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in the discharge of his duties.

The members of the Committee are R. Subramaniakumar, former MD & CEO, Indian Overseas Bank, T T Srinivasaraghavan, former Managing Director, Sundaram Finance Limited and Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited.

"The Reserve Bank has decided that the above mentioned three-member Committee shall continue as the Advisory Committee constituted under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019," the RBI said in a statement.

The Advisory Committee shall advise the administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process, the RBI said.

The Reserve Bank of India on October 8 filed applications for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance Limited under the Insolvency and Bankruptcy Code 2016, at the Kolkata Bench of the  National Company Law Tribunal (NCLT).