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RBI supersedes DHFL board on payment defaults, governance concerns


Date: 21-11-2019
Subject: RBI supersedes DHFL board on payment defaults, governance concerns
The Reserve Bank of India (RBI) has superseded the board of Dewan Housing Finance (DHFL) due to payment defaults and governance concerns.

"In exercise of the powers conferred under Section 45-IE (I) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Dewan Housing Finance Corporation (DHFL) owing to governance concerns and defaults by DHFL in meeting various payment obligations," RBI said in a statement.
R Subramaniakumar, former MD and CEO of Indian Overseas Bank has been appointed as the Administrator under Section 45-IE (2) of the Act.

"The Reserve Bank also intends to shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional," RBI said.

The RBI Act had been amended in the last Budget to empower the regulator to appoint an administrator.

Source: moneycontrol.com

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