Money & Banking

Three member panel to continue assist DHFL's Administrator, says RBI

Our Bureau Mumbai | Updated on December 04, 2019

The three-member advisory committee constituted to assist the Administrator of financially stressed Dewan Housing Finance Corporation Ltd (DHFL) will continue notwithstanding admission of its petition for corporate insolvency resolution process (CIRP) by the National Company Law Tribunal, according to Reserve Bank of India (RBI).

The three members appointed to assist the Administrator R Subramaniakumar (former MD & CEO of Indian Overseas Bank) are: Rajiv Lall, Non-Executive Chairman, IDFC First Bank Ltd; N.S. Kannan, MD & CEO, ICICI Prudential Life Insurance Company Ltd; and N.S. Venkatesh, Chief Executive, Association of Mutual Funds in India.

The Advisory Committee will advise the Administrator in the operations of the DHFL during the corporate insolvency resolution process, the central bank said in a statement.

DHFL, in a regulatory filing, said , upon initiation of CIRP, the powers of the board of directors of the company have been suspended and shall be exercised by the Administrator.

In another filing, the company said the Administrator has appointed Sunil Kumar Bansal as the Chief Financial Officer with effect from December 4 2019. Bansal is a qualified Chartered Accountant, Insolvency Professional (IP), CAIIB,FIll and has more than 30 years of experience including around 20 years in the banking industry and more than 10 years in the insurance sector.

The RBI had superseded the Board of Directors of DHFL on November 20 owing to governance concerns and defaults in meeting various payment obligations. It also appointed an Administrator on the same day. The three-member advisory committee was appointed on November 22.

Published on December 04, 2019

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