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RBI supersedes the board of directors of SIFL and SEFL

The Reserve Bank of India (RBI) appoints an Advisory Committee to advise the Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).

The Reserve Bank of India (RBI) on Monday has superseded the board of directors of SIFL and SEFL and appointed Shri Rajneesh Sharma, ex-Chief General Manager, Bank of Baroda, as the Administrator. The Reserve Bank, in the exercise of powers conferred under section 45-IE (5) (a) of the RBI Act 1934, has constituted a three-member Advisory Committee to assist the Administrator in the discharge of his duties. The members of the Advisory Committee are as follows:

  1. Shri R. Subramaniakumar, Former MD & CEO, Indian Overseas Bank

  2. Shri T. T. Srinivasaraghavan, Former Managing Director, Sundaram Finance Limited

  3. Shri Farokh N. Subedar, Former Chief Operating Officer and Company Secretary, Tata Sons Limited

It may also be mentioned that the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 provide for the concerned financial sector regulator to appoint a Committee of Advisors to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process.

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