BENGALURU: Reserve Financial institution of India stated on Monday it should provoke chapter proceedings in opposition to Reliance Capital Ltd and outdated the non-banking monetary firm’s board on governance considerations.
The Reserve Financial institution of India (RBI) appointed Nageswar Rao Y, a former government director at Financial institution of Maharashtra Ltd, because the administrator of Reliance Capital.
In June 2019 auditors raised a number of crimson flags round Reliance Capital’s fourth-quarter outcomes, together with a scarcity of readability in accounting methodology.
The corporate has since then did not make a number of debt obligation funds.
The RBI’s transfer in opposition to Reliance Capital follows an identical step taken in opposition to Srei Infrastructure Finance Ltd and Srei Tools Finance Ltd earlier this 12 months.
Reliance Capital didn’t instantly reply to a request for remark.
The Reserve Financial institution of India (RBI) appointed Nageswar Rao Y, a former government director at Financial institution of Maharashtra Ltd, because the administrator of Reliance Capital.
In June 2019 auditors raised a number of crimson flags round Reliance Capital’s fourth-quarter outcomes, together with a scarcity of readability in accounting methodology.
The corporate has since then did not make a number of debt obligation funds.
The RBI’s transfer in opposition to Reliance Capital follows an identical step taken in opposition to Srei Infrastructure Finance Ltd and Srei Tools Finance Ltd earlier this 12 months.
Reliance Capital didn’t instantly reply to a request for remark.
Supply: Times of India