New Delhi: The Reserve Bank of India (RBI) on Monday informed that it has retained the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL). The RBI on October 4,  had appointed a three-member Advisory Committee to assist Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in the discharge of his duties.Also Read - India Successfully Test-Fires Agni-5 at Abdul Kalam Island Off Odisha Coast

As per the official release by the country’s central bank, it read, “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 4, 2021, constituted a three-member Advisory Committee to assist Rajneesh Sharma, Administrator of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) in discharge of his duties.” Also Read - T20 World Cup 2021 Today Match Report, ENG vs BAN T20 Scorecard: Jason Roy, Bowlers Shine as England Beat Bangladesh by 8 Wickets to Make Two in Two

The members of the Committee are R. Subramaniakumar, former MD and CEO, Indian Overseas Bank; TT Srinivasaraghavan, former Managing Director, Sundaram Finance Limited; Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited. Also Read - 4 Ways How Psoriasis Can Worsen if Proper Care is Not Taken Right Away

Upon admission of the petitions for insolvency resolution process by the Kolkata Bench of the National Company Law Tribunal in respect of SIFL and SEFL vide orders dated October 8, 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 apex bank informed.

The Advisory Committee shall advise the Administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process.

(With ANI inputs)