Industry

RBI supercedes DHFL board, appoints an administrator

A signboard of Dewan Housing Finance Corporation Ltd. outside its office on the outskirts of Mumbai.

A signboard of Dewan Housing Finance Corporation Ltd. outside its office on the outskirts of Mumbai.   | Photo Credit: Reuters

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The banking regulator further said insolvency proceedings will be intimated against the company

The Reserve Bank of India has superceded the board of troubled mortgage lender Dewan Housing Finance Corporation (DHFL) and has appointed an administrator.

The banking regulator further said insolvency proceedings will be intimated against the company.

This will be the first case of insolvency proceedings against a financial sector entity after norms were modified to allow such action.

RBI said the actions were taken due to governance concerns and defaults by DHFL in meeting various payment obligations.

R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the administrator.

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Printable version | Dec 15, 2019 4:06:10 AM | https://www.thehindu.com/business/Industry/rbi-supercedes-dhfl-board-appoints-an-administrator/article30028266.ece

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