Reserve Bank of India (RBI) has superseded the board of Reliance Capital in view of the defaults in meeting payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively.
RBI will shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy Rules, 2019 and will also apply to the NCLT, Mumbai, for appointing the administrator as the Insolvency Resolution Professional.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.
