RBI appoints former SBI official Chalasani in advisory committee of Srei Group

Mumbai (Maharashtra) [India], June 23 : The Reserve Bank of India (RBI) on Thursday appointed former State Bank of India official Venkat Nageswar Chalasani as a member in the advisory committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).
Reserve Bank of India, vide its press release dated October 11, 2021, had constituted an Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to advise the Administrator in the operations of the financial service providers during the corporate insolvency resolution process.
Consequent upon resignation of R Subramaniakumar from the Advisory Committee with effect from June 22, 2022, it has been decided to appoint Venkat Nageswar Chalasani as a member of the Advisory Committee with immediate effect, RBI said in a statement.
The Advisory Committee will now comprise Venkat Nageswar Chalasani, former Deputy Managing Director, State Bank of India; T T Srinivasaraghavan, former Managing Director, Sundaram Finance Limited; and Farokh N Subedar, former Chief Operating Officer and Company Secretary, Tata Sons Limited
The Advisory Committee shall advise the Administrator on the operations of the SIFL and SEFL during the corporate insolvency resolution process, the RBI said.
In October 2021, the RBI filed applications for initiating corporate insolvency resolution process against Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL). The RBI has filed the insolvency resolution process against SIFL and SEFL before the NCLT Kolkata.