It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the Reserve Bank of India Act, 1934, the Reserve Bank had, on October 04, 2021, constituted a three-member Advisory Committee to assist Shri Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in discharge of his duties. The members of the Committee are:

1. Shri R. Subramaniakumar, former MD & CEO, Indian Overseas Bank

2. Shri T T Srinivasaraghavan, former Managing Director, Sundaram Finance Limited

3. Shri Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited

2. Upon admission of the petitions for insolvency resolution process by the Kolkata Bench of the Hon’ble National Company Law Tribunal in respect of SIFL and SEFL vide orders dated October 08, 2021, the Reserve Bank has decided that the above mentioned three-member Committee shall continue as the Advisory Committee constituted under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Advisory Committee shall advise the Administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1025