{"id":5828,"date":"2021-11-29T18:44:43","date_gmt":"2021-11-29T13:14:43","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-rbi-ld-rel-cap\/"},"modified":"2021-11-29T18:44:43","modified_gmt":"2021-11-29T13:14:43","slug":"biz-rbi-ld-rel-cap","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-rbi-ld-rel-cap\/","title":{"rendered":"RBI supersedes Reliance Capital board; to start bankruptcy proceedings"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3579448075\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Mumbai, Nov 29 (PTI) The Reserve Bank on Monday superseded the board of Anil Ambani promoted Reliance Capital Ltd (RCL) and will shortly initiate bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3825490263\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the administrator of the company, the RBI said in a statement.<\/p>\n<p>This is the third large NBFC against which the central bank will initiate bankruptcy proceedings under the Insolvency and Bankruptcy Code recently.<\/p>\n<p>The RBI has initiated similar proceedings against Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL). While the proceedings against DHFL has been completed, the Srei issue is still pending.<\/p><div class=\"trade-content_5\" id=\"trade-1367981329\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>&#8220;&#8230;the Reserve Bank has today (Monday) 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,&#8221; the central bank said.<\/p>\n<p>It further said 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.<\/p>\n<p>&#8220;Reserve Bank will also apply to the NCLT, Mumbai for appointing the Administrator as the Insolvency Resolution Professional,&#8221; it said.<\/p>\n<p>In September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company&#8217;s consolidated debt was Rs 40,000 crore. PTI NKD CS  BAL<\/p>\n<div class=\"trade-after-content\" id=\"trade-3888605678\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Nov 29 (PTI) The Reserve Bank on Monday superseded the board of Anil Ambani promoted Reliance Capital Ltd (RCL) and will shortly initiate bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues. Nageswar Rao Y (Ex-Executive Director, Bank of Maharashtra) has been appointed as the administrator of the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-5828","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI supersedes Reliance Capital board; to start bankruptcy proceedings - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-rbi-ld-rel-cap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI supersedes Reliance Capital board; to start bankruptcy proceedings\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Nov 29 (PTI) The Reserve Bank on Monday superseded the board of Anil Ambani promoted Reliance Capital Ltd (RCL) and will shortly initiate bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues. 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