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The Reserve Bank of India on Friday appointed a three-member Advisory Committee to Advise the Administrator of the financially troubled Dewan Housing Finance Corporation Ltd.
The three members who will advise the Administrator, R Subramaniakumar (former MD & CEO of Indian Overseas Bank) are: Rajiv Lall, Non-Executive Chairman, IDFC First Bank Ltd; N S Kannan, Managing Director and CEO, ICICI Prudential Life Insurance Co. Ltd; and N.S. Venkatesh, Chief Executive, Association of Mutual Funds in India.
The Reserve Bank of India on November 20, 2019, had superseded the board of directors of Dewan Housing Finance Corporation Ltd (DHFL) owing to governance concerns and defaults by DHFL in meeting various payment obligations. It also appointed R Subramaniakumar as the Administrator.
The RBI, in a statement, said the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 provide for the concerned financial sector regulator to appoint a Committee of Advisors to advise the Administrator in the operations of the financial service provider, during the corporate insolvency resolution process.
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