Shares of Srei Infrastructure Finance
were locked in the lower circuit filter of 5 per cent at Rs 8.17 on the BSE in Tuesday's session after the Reserve Bank of India (RBI) on Monday superseded the board of the company, which will be taken for insolvency proceedings owing to governance concern and payment defaults by them.
The stock of the non-banking finance company (NBFC) has slipped 56 per cent from its 52-week high level of Rs 18.39 touched on June 23, 2021. It had hit a 52-week low of Rs 5.01 on March 31, 2021.
The trading volumes on the counter more-than-doubled, with a combined 885,925 equity shares having changed hands on the NSE and BSE till 10:35 am. There were pending sell orders for a combined 6.47 million shares on both the exchanges, the data shows. Currently, Srei Infrastructure Finance
is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.
As on June 30, 2021, the promoters held 60.80 per cent stake in Srei Infrastructure Finance.
While, of the 38.24 per cent public holding, individual shareholders held 28.06 per cent holding in the company, the shareholding pattern data shows.
“The Reserve Bank has today superseded the Board of Directors of SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL), owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations,” RBI
said on Monday, October 4, 2021 in press release.
The Reserve Bank also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the Administrator as the Insolvency Resolution Professional, the press release said.
“The Reserve Bank of India (RBI) in exercise of the powers conferred under Section 45-IE (1) of the RBI
Act, 1934, has issued an Order / Press Release w.r.t. the Supersession of the Board of Directors of Srei Infrastructure Finance Limited as well as Srei Equipment Finance Limited (SEFL), wholly owned subsidiary of the Company with immediate effect,” Srei Infrastructure Finance said in an exchange filing.
has appointed Shri Rajneesh Sharma as its Administrator under Section 45-JE (2) of the RBI Act, 1934 with immediate effect, it added. CLICK HERE FOR FILING
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