Supersession of the Board of Directors and Appointment of Administrator - Reliance Capital Limited (“RCAP”)

The Reserve Bank of India (“RBI”) has, in its capacity as the regulator of non-banking financial companies and under the powers conferred to it pursuant to Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), superseded the Board of Directors of RCAP (“Board”).

The press release of even date from the RBI also stipulates the following:

Filed under:
India, Insolvency & Restructuring, Litigation, Juris Corp
Authors:
Saurabh Sharma , Apurva Kanvinde , Smrithi Nair , Ankit Sinha
Location:
India
Firm:
Juris Corp
Supersession of the Board of Directors and Appointment of Administrator - Srei Infrastructure Finance Limited (“SIFL”) and Srei Equipment Finance Limited (“SEFL”)

The Reserve Bank of India (“RBI”) has, in its capacity as the regulator of non-banking financial companies and under the powers conferred to it pursuant to Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), superseded the Board of Directors of SIFL and SEFL.

The press release of even date from the RBI also stipulates the following:

1) The step has been taken owing to governance concerns and defaults by SIFL and SEFL in meeting their various payment obligations.

Filed under:
India, Insolvency & Restructuring, Juris Corp, Liquidation, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Authors:
Saurabh Sharma , Apurva Kanvinde , Smrithi Nair , Ankit Sinha
Location:
India
Firm:
Juris Corp