RBI appoints V Ramachandra as member of advisory committee of Srei NBFCs

Reserve Bank of India has appointed V Ramachandra as a member of the Advisory Committee of the two Srei Group companies undergoing insolvency proceedings — Srei Infrastructure Finance and Srei Equipment Finance.

The Advisory Committee now comprises Venkat Nageshwar Chalasani, former deputy MD at State Bank of India, TT Srinivasaraghavan, former MD of Sundaram Finance, and V Ramachandra, former Chief General Manager at Canara Bank

The Central bank, in October 2021, constituted an Advisory Committee to advise the administrator of the Srei NBFC twins, in the operations of the financial service providers during the corporate insolvency resolution process.

The original committee comprised R Subramaniakumar, TT Srinivasaraghavan and Farokh N Subedar. However, upon the resignation of Subramaniakumar, RBI appointed Venkat Nageswar Chalasani as a member of the Advisory Committee in June 2022.

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It has now appointed Ramachandra following the resignation of Subedar from the Advisory Committee, effective Tuesday.

Meanwhile, voting on the plans submitted for resolution of the Srei companies began on January 19 and the winner is likely to be declared by February 5-6, as per reports.

Following the challenge mechanism process, State-backed National Asset Reconstruction Company (NARCL) emerged as the top bidder with a total plan value of ₹14,667 crore and NPV of ₹5,555 crore.

Authum Investment and Infrastructure submitted a bid with a total plan value of ₹9,126 crore and Varde Partners and Arena Investors of ₹12,890 crore.

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