According to available information, the Srei Equipment Finance had converted a loan obligation, and had given loan to a group company Quippo Oil & Gas Infrastructure as a preference share capital.
Explained: Why The RBI Is Introducing Tough PCA Framework For NBFCs swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.
The Reserve Bank of India on Friday released a final set of tighter, bank-like regulations for the non-bank finance sector to ensure better monitoring and prevent any failures from having knock-on effects on the rest of the financial world.
RBI moved towards tighter norms for NBFCs since one of the biggest firms - Infrastructure Leasing & Financial Services - collapsed in late 2018 amid fraud allegations.