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Reserve Bank of India

Date : Nov 29, 2021

Supersession of the Board of Directors and Appointment of Administrator – M/s Reliance Capital Ltd

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of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious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 appointed as the Administrator of the company under Section 45-IE (2) of the RBI Act. The Reserve Bank will shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. Reserve Bank will also apply to the NCLT, Mumbai for appointing the Administrator as the Insolvency Resolution Professional.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1272

Date : Nov 30, 2021

RBI appoints an Advisory Committee to advise the Administrator of M/s Reliance Capital Ltd

The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd. and appointed Shri Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator. In exercise of powers conferred under section 45-IE(5)(a) of the RBI Act 1934, the Reserve Bank has constituted a three-member Advisory Committee to assist the Administrator in discharge of his duties. The members of the Advisory Committee are as follows:

1. Shri Sanjeev Nautiyal, ex-DMD, State Bank of India

2. Shri Srinivasan Varadarajan, ex-DMD, Axis Bank

RBI supersedes Board of Directors of 'Reliance Capital Ltd'

3. Shri Praveen P Kadle, ex-MD & CEO, Tata Capital Limited

It may also be mentioned that the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 provide for the concerned financial sector regulator appointing a Committee of Advisors to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1285

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