Deadline for Srei Infra creditors to submit claims ends tomorrow

Asia's Tech News Daily

#Adisri commercial private ltd, #Kolkata NCLT, #RBI, #SREI Equipment Finance, Moneycontrol reported , announced , Srei Infra , governance concerns and defaults , on October 7 dismissed, writ petition against the RBI

SREI Group

The deadline set by Reserve Bank of India-appointed administrator of Srei Infrastructure Finance for creditors to submit their claims will end tomorrow (October 22). The administrator had given 14 days for the creditors of Srei to submit claims from the date of intimation of the NCLT proceedings.

According to people familiar with the development, a few top level employees of the firm have already submitted claims to seek clearance of salary dues.  Early this month, the Srei administrator had issued a newspaper advertisement calling for claims from Srei’s creditors, including the employees.

Lenders had capped the salaries of Srei executives at Rs 50 lakhs per annum in December last year. The salary cap was removed in April this year. However, even after around six months, the arrears are yet to be paid to Srei employees.

On October 11, Srei administrator Rajneesh Sharma had issued a public notice asking SIFL’s creditors to submit their claims after the Kolkata NCLT ordered the commencement of the corporate insolvency process against the Srei group firm on October 8.

Srei companies, Srei Infrastructure Finance and Srei Equipment Finance, together owe around Rs 30,000 crore to creditors which include banks, NCD holders and employees. Uco Bank has the maximum exposure among lenders to Srei, around Rs 2,000 crore. Together, Srei owes around Rs28,000 crore to banks. But banks claim that the actual amount is much higher than this amount.

On October 12, Moneycontrol reported about the plan of the employees to approach the administrator to seek clearance of salary dues. On October 4, the RBI announced the takeover of the boards of directors of Srei Infra and Srei Equipment Finance Limited due to governance concerns and defaults by Srei Group companies. The RBI also appointed Rajneesh Sharma, the former Chief General Manager at Bank of Baroda, as administrator.

The Bombay High Court on October 7 dismissed Srei Group’s plea against the Reserve Bank of India’s (RBI) action on Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).

Srei Group promoters, Adisri commercial private ltd, had filed a writ petition against the RBI challenging the order and had also sought a stay on initiating insolvency proceedings against SIFL and SEFL. But, the Bombay HC rejected this petition.

The trigger for Srei’s downfall was the collapse of Infrastructure Leasing & Finance Ltd in late 2018. The resultant liquidity crunch affected all non-banking financial companies (NBFCs). Banks shut funding channels to all such entities and SEFL had to call off its initial share sale. The group didn’t recover from the liquidity shock.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Former Netflix engineer and accomplice sentence to prison for insider trading

A former Netflix software engineer and his best friend were sentenced Friday for securities fraud, the US Attorney’s Office in the Western District of Washington announced. © Bing Guan/Bloomberg/Getty Images ... Read more »

Kings place center Blake Lizotte in COVID protocol

The Kings have announced a series of transactions highlighted with the placement of center Blake Lizotte into COVID protocol.  Taking his place on the roster is Jaret Anderson-Dolan, while T.J. Tynan has also ... Read more »

Omicron: what we know about the new COVID variant

The Omicron variant of SARS-CoV-2 is the latest strain of the coronavirus to be designated a “variant of concern” by the Centers for Disease Control and Prevention: more and more ... Read more »

The ‘stench' of politicization: Sonia Sotomayor's supreme court warning

About 11 minutes into this week’s hearing on abortion rights at the US supreme court, the floor was taken by Sonia Sotomayor, one of the three beleaguered liberal-leaning justices left ... Read more »

RBI's insolvency move against Reliance Capital may face hiccups

Even as the Reserve Bank of India has started the insolvency process against Reliance Capital , the pending resolution of two of its subsidiaries – Reliance Home Finance Ltd (RHFL) ... Read more »

More than 13,000 fake designer products seized in Los Angeles

U.S. Customs and Border Protection officers have seized 13,586 counterfeit designer products, which would have been worth a total estimated price of $30,437,775 had they been genuine, the agency announced Thursday. ... Read more »

FPI selling leads to a $2.7 bn dip in India's forex reserves

Kolkata: India’s foreign exchange reserves dipped by $2.7 billion in the week to November 26, possibly because foreign portfolio investors continued offloading their equity investment from the local markets following ... Read more »

D-Street may see a volatile week ahead with central banks in focus

NEW DELHI: Going ahead, Dalal Street is eying a repeat of the week gone by. Volatility will be a central theme for the markets as traders jostle to grasp the ... Read more »

P.S.A: Lizzo and Adele Are Friends, and Their Drive to Succeed Brought Them Together: “We Know Our Worth”

© CBS Photo Archive – Getty Images Lizzo opened up about her budding friendship with Adele, and she shared how they first met and why they’re so alike (Hint: They ... Read more »

Goldman Sachs plans return to Indian real estate with $2-3 billion investment

Goldman Sachs plans to invest $2 billion to $3 billion in India’s real estate over the next three years, people familiar with the matter said. The move is part of ... Read more »

RBI new norms likely to increase NBFCs bad loans by one-third: Study

Representational image The recent clarification by the Reserve Bank of India on non-performing advances (NPA) may increase non-banking financial companies’ (NBFC) bad loans by one-third, says a report. Last month, ... Read more »

HDFC Life watchful on mortality due to new COVID-19 variant; eyes growth with product, distribution

Private life insurance is growing at a healthy pace and is expected to pick up momentum in the second half of this financial year. While the deadly impact of the ... Read more »

Simpl founder clears air on tussle with co-founder, reassures employees on fintech's roadmap

Representative Image Buy Now Pay Later (BNPL) fintech Simpl on 3 December announced a $40 million Series B fundraise led by Valar Ventures & IA Ventures – four years after its Series ... Read more »

AirAsia India introduces in-flight safety manual for visually impaired guests

On International Day of Persons with Disabilities, AirAsia India on Friday introduced an in-flight safety manual in braille in collaboration with the Helen Keller Institute for the Deaf and Deafblind ... Read more »

Michael Carrick QUITS Manchester United after Arsenal win – DRAMA!

© Provided by The South African Michael Carrick announced on Thursday he will leave Manchester United after three matches as caretaker manager. WATCH | CRISTIANO RONALDO SCORES RECORD 800TH GOAL ... Read more »

Debt-laden developer China Aoyuan tumbles after failing to meet US$651 million of payment demands triggered by ratings downgrades

Cash-strapped property developer China Aoyuan Group has failed to meet creditors’ demands for the payment of US$651 million in debt following recent credit rating downgrades. Its stock fell 7.4 per ... Read more »

RBI moots easier rules for investing overseas

Mumbai: The Reserve Bank of India (RBI) is batting for easier overseas investment norms for Indian tech entrepreneurs and angel investors, said people with direct knowledge of the matter. As ... Read more »

Zion Williamson's return to Pelicans delayed over 'soreness' in surgically repaired foot

Zion Williamson‘s timeline to return to the court has been delayed.  Williamson was hoping to participate Thursday in his first full practice since having offseason surgery to repair a fractured right foot, but the ... Read more »

Man sentenced for threatening to hang 6 members of Congress if they didn't 'get behind' Trump

Ryder Winegar, 34, sent a separate threat to a member of the New Hampshire House of Representatives, prosecutors said. He got 33 months in federal prison. Read more »

Bank deposits contract in the post Diwali fortnight

Banks deposits contracted by over a lakh crore in the post Diwali fortnight as investors applied in huge amounts for the big ticket IPOs lined up during the fortnight ended ... Read more »

Zee-Invesco court war: Division bench to continue hearing case on December 6

ZEEL | Representative image The division bench of the Bombay High Court headed by Justice SJ Kathawalla and Milind Jadhav has kept the Zee Entertainment and Invesco matter for further hearing ... Read more »

RBI begins insolvency proceedings against Reliance Capital

The Reserve Bank of India (RBI) has initiated insolvency proceeding against Reliance Capital . The central bank filed an application for the initiation of Corporate Insolvency Resolution Process (CIRP) against ... Read more »

RBI action against Reliance Capital: Better late than never

The Reserve Bank of India’s decision to seek a resolution of the Anil Dhirubhai Ambani Group (ADAG) promoted Reliance Capital two years after it defaulted on payments has led to ... Read more »

Indian companies raise $1.34 billion from foreign markets in October; down 34% from last year, says RBI

Indian companies raised nearly $1.34 billion from foreign markets in October this year, down 34 percent from the year-ago period, Reserve Bank of India (RBI) data showed on December 1. ... Read more »

RBI's action against Reliance Capital: Better late than never

The Reserve Bank of India’s decision to seek a resolution of the Anil Dhirubhai Ambani Group (ADAG) promoted Reliance Capital two years after it defaulted on payments has led to ... Read more »

Changes in Banking Regulation Act in works

The government is eyeing changes to the Banking Regulation Act to bar new bank licence holders from certain specified business activities through the main banking entity. The move is aimed ... Read more »

Gift City's regulator wants more say in fund formation for business district

The International Financial Services Centres Authority (IFSCA), the Gift City regulator, is understood to have approached the government for a change of rules that would quicken the formation of funds ... Read more »

Local bodies need more financial autonomy: RBI

Municipal and local bodies have performed well in handling the pandemic hence there may be a case for raising their financial autonomy and reforms of municipal finances for better public ... Read more »

India's new crypto law set to red-flag chit fund, MLM business models

India is set to red flag several investment schemes launched by individuals and cryptocurrency exchanges that are similar to chit funds, multi-level marketing (MLM) and systematic investment plans (SIP), as ... Read more »

HFCs urge RBI to scrap strict asset classification guidelines

Mumbai: The Association of Housing Finance Companies (HFC), the umbrella body for all mortgage lenders, has appealed to the Reserve Bank of India Governor Shaktikanta Das and the National Housing ... Read more »

Canada announces new travel restrictions as the world braces for Omicron

Omicron measures: Canada announced Tuesday that air travellers from all countries except the United States will need to take COVID-19 tests when arriving in Canada, CBC reports, as the world braces for ... Read more »

BMW i7 Confirmed as an Electric 7-Series, Shown Testing in Snow

© BMW This full-size EV luxury sedan will officially debut next year and will compete with the Mercedes EQS and Lucid Air. BMW has released teaser images of the i7, ... Read more »

Debt collectors are allowed to DM you on social media now

© Isabel Pavia/Getty Images New rules lay out how debt collectors can contact debtors on social media. Isabel Pavia/Getty Images New rules came into effect Tuesday governing how debt collectors ... Read more »

Need to resurrect concept of gold bank to monetise physical gold: R Gandhi

There is a need to establish a gold bank in the country to help monetise physical gold lying with people, Reserve Bank of India’s former deputy governor R Gandhi said ... Read more »

Tata Motors reports 25% increase in total sales in November

Tata Motors | Representative image Tata Motors said its total sales increased by 25 per cent to 62,192 units in November as compared to the same month last year. The ... Read more »

IPO-bound LIC asks its policyholders to update PAN for participation in public offer

The Life Insurance Corporation (LIC) in the run up to its initial public offering, has asked its policyholders to update their PAN, so that they can participate in the proposed ... Read more »

Ashok Leyland sales slip 2% to 10,480 units in November

Hinduja flagship firm Ashok Leyland on Wednesday reported a 2 per cent decline in total commercial vehicle sales to 10,480 units in November 2021. The company had sold 10,659 units ... Read more »

TVS Motor sales fall 15% in November

TVS Motor Company Chennai-based TVS Motor Company on Wednesday reported a 15 per cent decline in total sales at 2,72,693 units for November 2021. The company had sold 3,22,709 units ... Read more »

Sumitomo Mitsui completes purchase of 74.9% stake in Fullerton India

Loans: On Dhanteras, do not take or give loans or pay past bills, if you do not want to fall into misfortune. Sumitomo Mitsui Financial Group Inc on Wednesday said ... Read more »

Toyota Kirloskar posts 53% increase in November wholesales at 13,003 units

Toyota Kirloskar Motor (TKM) on Wednesday said its domestic wholesales increased by 53 per cent to 13,003 units in November. The company had sold 8,508 units in the domestic market ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic