The Bombay High Court (HC) on Thursday dismissed a petition filed by promoters of Srei group against Reserve Bank of India’s (RBI) decision to supersede the boards of two non-banking finance companies (NBFCs) of the group and initiated insolvency proceedings in both cases.
The Reserve Bank of India (RBI) said on Monday that it has superseded the board of directors of non-banking financial companies Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) due to governance concerns and defaults.
The Reserve Bank on Monday superseded the board of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).The two boards were superseded owing to governance concerns and defaults by these companies in meeting their various .