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RBI appoints an advisory committee to administrator of DHFL

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RBI on 20 November 2019 superseded the board of DHFL and appointed R Subramaniakumar as the Administrator

The Reserve Bank of India (RBI), in exercise of powers conferred under section 45 IE 5(a) of the RBI Act 1934, has today constituted a three-member Advisory Committee to assist the Administrator of Dewan Housing Finance Corporation (DHFL) in discharge of his duties. The members of the Advisory Committee are as follows:

1. Dr Rajiv Lall, Non-Executive Chairman, IDFC First Bank Ltd

2. N S Kannan, Managing Director and CEO, ICICI Prudential Life Insurance Co. Ltd

3. NS Venkatesh, Chief Executive, Association of Mutual Funds in India

The RBI, on 20 November 2019, had superseded the board of directors of Dewan Housing Finance Corporation (DHFL) and appointed R Subramaniakumar as the Administrator.

The Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 provide for the concerned financial sector regulator appointing a Committee of Advisors to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 22 2019. 13:36 IST