Reserve Bank of India has retained the Advisory Committee of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited, informed an official statement on Monday.
As per the official release by the country's central bank, it read, "It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the Reserve Bank of India Act, 1934, the Reserve Bank had, on October 4, 2021, constituted a three-member Advisory Committee to assist Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in discharge of his duties."
The members of the Committee are R. Subramaniakumar, former MD and CEO, Indian Overseas Bank; TT Srinivasaraghavan, former Managing Director, Sundaram Finance Limited; Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited.
Upon admission of the petitions for insolvency resolution process by the Kolkata Bench of the National Company Law Tribunal in respect of SIFL and SEFL vide orders dated October 8, 2021, 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 apex bank informed.
The Advisory Committee shall advise the Administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process.
( With inputs from ANI )
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