RBI Supersedes Reliance Capital Board; to Start Bankruptcy Proceedings
Tuesday, 30 November 2021 | PTI | Mumbai
The Reserve Bank on Monday superseded the board of Anil Ambani promoted Reliance Capital Ltd and will shortly initiate bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues.Nageswar Rao Y has been appointed as the administrator of the company, the RBI said in a statement.This is the third large NBFC against which the central bank will initiate bankruptcy proceedings under the Insolvency and Bankruptcy Code recently.
(Source : The Pioneer)
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