Mumbai: Indai Reserve Bank on Monday said that they had maintained the Advisory Committee of two SREI companies received for the bankruptcy process.
The central bank has proposed a three-member committee when it replaced the company’s board of finance department last week.
These three members are R subramaniakumar (former MD & CEO of Indian Overseas Bank), T T Srinivasaraghavan (former MD Sundaram Finance), and Farokh N Subeated (Former CEO & Corporate Secretary, Tata Sons).
The three members’ committee will notify the administrator in the operation of the SIFL and Sefl companies during the company’s bankruptcy solution process.
The National Company Law court in Kolkata last week recognized the RBI application to begin the bankruptcy process on SREI infrastructure & finance and finance SREI equipment.
The court was also named Rajneesh Sharma, a former general manager with Bank of Baroda, as an administrator of two companies that had collective debt more than Rs 30,000 Crore.
SREI is the second financial services group that will be referred to NCLT after DHFL.