Bombay HC dismisses plea filed by Srei Group promoters against RBI

Adisri Commercial Pvt Ltd had filed a writ petition on Wednesday against the RBI challenging the order and has also sought a stay on initiating insolvency proceedings against Srei Infrastructure Fin

The Bombay High Court on Thursday dismissed the writ petition by Srei Group promoters against the Reserve Bank of India’s (RBI’s) move to supersede the boards of two group companies. The division bench of the HC presided over by Ujjal Bhuyan and Madhav Jamdar said they are not inclined to entertain the matter after hearing arguments from both sides.
 
The RBI can move the NCLT for initiating insolvency proceedings against the two Srei Group companies, whose boards it had superseded earlier this week, citing governance issues. The promoters of Srei Group, Adisri Commercial and Hemant Kanoria, moved the HC