The Reserve Bank of India (RBI) on Monday (4 October 2021) said it has superseded the board of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), owing to governance concerns and defaults in payment obligations.

In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the board of directors of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations, RBI said in a notification.

Rajneesh Sharma, ex- chief general manager, Bank of Baroda has been appointed as the administrator of the aforesaid companies under Section 45-IE (2) of the RBI Act.

RBI also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional.

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Net loss of SREI Infrastructure Finance reported to Rs 971.82 crore in the quarter ended June 2021 as against net profit of Rs 23.03 crore during the previous quarter ended June 2020. Sales declined 33.37% to Rs 809.54 crore in the quarter ended June 2021 as against Rs 1214.94 crore during the previous quarter ended June 2020.

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SREI Infrastructure Finance will hold a meeting of the Board of Directors of the Company on 14 August 2021.

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SREI Infrastructure Finance announced that the 36th Annual General Meeting (AGM) of the company will be held on 25 September 2021.

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