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Reserve Bank of India Date :Nov 29, 2021 In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively. Shri Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been
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FAQ :
The RBI has superseded RCL's Board due to defaults in meeting payment obligations to creditors and serious governance concerns that the Board failed to address effectively.
Shri Nageswar Rao Y, former Executive Director of Bank of Maharashtra, has been appointed as the Administrator.
The RBI has acted under the powers conferred by Section 45-IE (1) of the Reserve Bank of India Act, 1934.
The Reserve Bank will initiate the company's resolution process under the Insolvency and Bankruptcy Rules, 2019, and will apply to the NCLT, Mumbai to appoint the Administrator as the Insolvency Resolution Professional.
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Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52631