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RBI Supersedes Boards Of SREI Group NBFCs, Sets Stage For Insolvency
RBI supersedes the boards of SREI Group NBFCs; to invoke insolvency proceedings.
04 Oct 2021, 10:30 PM IST i

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Workers use cranes to unload pipes from a truck in Ghaziabad. (Photographer: T. Narayan/Bloomberg)
The Reserve Bank of India on Monday superseded the boards of SREI Infrastructure Finance Ltd. and SREI Equipment Finance Ltd. with immediate effect. The regulator invoked its powers under Section 45IE (1) of the Banking Regulation Act to replace the board with an administrator. Rajneesh Sharma, former chief general manager from Bank of Baroda, has been appointed the administrator for both companies, the RBI said in a statement. Sharm...

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