Case Brief
RBI superseded the Board of Directors of M/s Reliance Capital Ltd under Section 45-IE(1) of the RBI Act, 1934. The regulator cited defaults in meeting various payment obligations to creditors and serious governance concerns that the board had not been able to address effectively. Shri Nageswar Rao Y was appointed as Administrator under Section 45-IE(2). RBI further stated that it would initiate resolution proceedings under the applicable insolvency framework and seek NCLT appointment of the Administrator as the Insolvency Resolution Professional.
Action Snapshot
- Primary Impact
- Board supersession
- Entity Type
- NBFC
- Action Type
- Board supersession