Reserve Bank of India retains the Advisory Committee of Reliance Capital Ltd

Last updated: 08 December 2021

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The Reserve Bank of India (RBI) has decided to continue the three-member Advisory Committee for Reliance Capital Ltd. This committee was initially formed to assist the Administrator in the company's operations. Following the admission of Reliance Capital Ltd into insolvency resolution by the National Company Law Tribunal, the RBI has confirmed the committee's role under new regulations. The committee will advise the Administrator throughout the Corporate Insolvency Resolution Process.

Reserve Bank of India

Date : Dec 07, 2021

Reserve Bank of India retains the Advisory Committee of Reliance Capital Ltd

It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act, 1934, the Reserve Bank had, on November 30, 2021, constituted a three-member Advisory Committee to assist Shri Nageswara Rao Y, Administrator of Reliance Capital Ltd (RCL) in discharge of his duties. The members of the Committee are:

Shri Sanjeev Nautiyal, ex-DMD, State Bank of India
Shri Srinivasan Varadarajan, ex-DMD, Axis Bank
Shri Praveen P Kadle, ex-MD & CEO, Tata Capital Limited

Upon admission of the petition for insolvency resolution process by the Mumbai Bench of the Hon’ble National Company Law Tribunal in respect of RCL vide order dated December 06, 2021, the Reserve Bank has decided that the above mentioned three-member Committee shall continue as the Advisory Committee 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 Advisory Committee shall advise the Administrator in the operations of RCL during the Corporate Insolvency Resolution Process.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1319

FAQ :

The Reserve Bank of India has decided to retain the Advisory Committee for Reliance Capital Ltd.

The committee consists of Shri Sanjeev Nautiyal (ex-DMD, State Bank of India), Shri Srinivasan Varadarajan (ex-DMD, Axis Bank), and Shri Praveen P Kadle (ex-MD & CEO, Tata Capital Limited).

The Advisory Committee will advise the Administrator in the operations of Reliance Capital Ltd during the Corporate Insolvency Resolution Process.

The committee was initially constituted to assist Shri Nageswara Rao Y, the Administrator of Reliance Capital Ltd, in discharging his duties.

The Reserve Bank decided to retain the committee after the Mumbai Bench of the National Company Law Tribunal admitted the petition for insolvency resolution process for Reliance Capital Ltd on December 06, 2021.

Notification No : PR: 2021-2022/1319
Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52684

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