The company can, however, commence operations only after the central bank approved the appointment of a Ace chief executive, banking sources said.
They added that IFCI will soon issue advertisements for appointment of the top management of the ARC.
IFCI is the largest shareholder with 33 per cent stake, followed by Punjab National Bank (PNB) with 26 per cent, Tourism Finance Corporation (10.2 per cent), while Life Insurance Corporation of India, United Bank of India and Bank of Baroda will hold 10 per cent each.
