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RBI Supersedes Boards Of Srei Infra, Srei Equipment Finance; Appoints Advisory Committee
RBI to initiate bankruptcy proceedings against the NBFCs Rajneesh Sharma has been appointed as the Administrator Srei group owes around Rs 18,000 crore to around 15 lenders
04 Oct 2021, 05:12 PM IST 
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The Reserve Bank said that it will initiate bankruptcy proceedings against the companies.
New Delhi: The Reserve Bank of India (RBI) on Monday said that it has superseded the board of directors of non-banking financial companies Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) due to governance concerns and defaults. The central bank added that it will initiate bankruptcy proceedings against the companies.
