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The Reserve Financial institution on Thursday appointed Venkat Nageswar Chalasani, former Deputy Managing Director of SBI, as a member of the Advisory Committee of Srei Infrastructure Finance Restricted (SIFL) and Srei Gear Finance Restricted (SEFL). After superseding the boards of SIFL and SEFL in October final 12 months, the RBI had appointed a three-member advisory committee to help Rajneesh Sharma, the administrator of the 2 crisis-ridden companies.
“Consequent upon resignation of R Subramaniakumar from the Advisory Committee with impact from June 22, 2022, it has been determined to nominate Shri Venkat Nageswar Chalasani as a member of the Advisory Committee with fast impact,” the central financial institution stated in a press release.
The Advisory Committee shall advise the Administrator within the operations of the SIFL and SEFL throughout the company insolvency decision course of, it added.
The opposite two members of the committee are: T T Srinivasaraghavan (former Managing Director, Sundaram Finance Restricted) and Farokh N Subedar (former Chief Working Officer and Firm Secretary, Tata Sons Restricted).
In October 2021, the RBI had filed functions for initiation of company insolvency decision course of in opposition to SIFL and SEFL on the Kolkata Bench of the Nationwide Firm Regulation Tribunal.
Following admission of the petitions by the NCLT, the RBI had determined that the three-member committee “shall proceed because the advisory committee” constituted below the Insolvency and Chapter (Insolvency and Liquidation Proceedings of Monetary Service Suppliers and Software to Adjudicating Authority) Guidelines, 2019.
Srei Group, which primarily caters to the MSME and infrastructure sectors, owes round Rs 18,000 crore to round 15 lenders, together with Axis Financial institution, UCO Financial institution and State Financial institution of India, and one other practically Rs 10,000 crore of exterior business borrowings and bonds.
In a regulatory submitting earlier this month, Srei Gear Finance had stated its administrator has obtained a report from the transaction auditor about sure fraud transactions in 2019-20 and 2020-21, bearing a financial affect of over Rs 3,025 crore on the Srei group.
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