InvestorQ : Why did RBI supersede the board of Reliance Capital?
Dawn Cherian made post

Why did RBI supersede the board of Reliance Capital?

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Mitali Bhutta answered.
6 months ago
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You can almost say that the move has come in a bit too late when a lot of water has flowed under the bridge. RBI superseded the board of Reliance Capital due to defaults and governance issues. Now Reliance Capital will be referred for insolvency proceedings Nageswara Rao, former ED of Bank of Maharashtra, has been appointed as administrator.

Simultaneously, the RBI will also apply to the NCLT to appoint an insolvency resolution professional or IRP to handle the liquidation of Reliance Capital to realize asset values. This is the third case where the RBI has intervened to liquidate a systemically important NBFC. The first two cases of this kind were Dewan Housing and the SREI Group.

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