Bombay HC dismisses petition by Srei promoters
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The Bombay High Court on Thursday dismissed the petition by promoters of Srei Group challenging the move by the Reserve Bank of India to supersede the boards of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL)
The petition was filed by promoters of Srei Infrastructure Finance and Srei Equipment Finance to stay the insolvency proceedings initiated by the RBI. It was taken up for hearing by the Bombay High Court on Thursday and it said it is not inclined to entertain the matter after hearing both the sides.
Also read: Srei Infra and Equipment Finance have debt obligations of over ₹29,000 crore
The RBI had on October 4 superseded the boards of SIFL and SEFL, paving the way for their resolution.
It has also appointed Rajneesh Sharma, Ex- Chief General Manager, Bank of Baroda as the Administrator of the companies under Section 45-IE (2) of the RBI Act. The RBI can now move the National Company Law Tribunal to initiate proceedings against the two companies.
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