Page 2 - Srei

Three bidders submit resolution plans for bankrupt Srei Group firms

According to sources, Arena Investors LP and VFSI Holdings, an affiliate of Varde Partners, were among those who submitted plans

Deadline for Srei resolution extended for third time, new date is Aug 10

RBI superseded group firms in October 2021 over governance concerns and payment defaults

Srei's Hemant Kanoria to challenge report alleging fraud at group firm

Transaction auditor's methodology 'opaque' and legal fight over it could derail resolution process, say sources close to Kanoria.

Alipore Court restrains KPMG, banks from acting on SREI audit report

The order was passed on May 20, based on a petition by SREI promoter Hemant Kanoria. Next hearing on May 30

NCLT Kolkata dismisses Kanoria application against KPMG forensic report

Sources say tribunal also rejected contempt petition filed by Kanoria after Punjab & Sind Bank declared the account fraud

Punjab & Sind Bank declares SREI firms' outstanding dues as fraud

Lender becomes first to classify SREI Infra Finance and SREI Equipment Finance as fraud accounts, say sources; bank says the accounts fully provided for as per prudential norms

Srei founder Hemant Kanoria urges RBI governor not to accept KPMG report

Sources say he has pointed out that any action based on "improper" report may hamper ongoing resolution process being undertaken by RBI's administrator under IBC

SC to choose between Sebi, RBI circulars for stressed assets' resolution

The issue gains importance as Sebi wants its circular on ISIN-level voting---issued in October 2020-to be applied to cases such as Reliance Capital and SREI

Vedanta, Jindal Power among 17 to show interest in SREI resolution

Resolution plan by April 30, but deadline can be stretched on request

Final KPMG forensic audit report on SREI had gaps: Hemant Kanoria in NCLT

In an application moved on Jan 19, he sought setting aside appointment of KPMG by Axis Bank and UCO Bank (lead banks in consortium of lenders) as auditor for SREI

KPMG audit report on Srei filed in time, say lenders in NCLT

Time period starts from red-flagging of the account, they argue

Hemant Kanoria moves NCLT for setting aside KPMG audit at SREI

Jan 19 application filed by Kanoria cited an issue of parallel auditing in the wake of CIRP (corporate insolvency resolution process) in SREI

Trinity Alternative says no illicit transactions with Srei Group entities

On October 4, 2021, the Reserve Bank of India (RBI) superseded the boards of the group firms -- Srei Infra Finance and Srei Equipment Finance

Srei cos administrator apprises lenders about status of resolution process

Last month, the Reserve Bank had superseded the boards of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL)

SREI Mutual Fund ceases to exist as a mutual fund, says Sebi

The regulator has accepted the request for surrender of certificate of registration of SREIMF.

BoM Q2 net profit doubles, writes-off Srei's Rs 550-cr exposure

The bank's asset quality profile showed an improvement with gross NPAs declining to 5.56%

RBI retains advisory committee on Srei group companies

The RBI on Monday said it has decided to retain the advisory committee of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) to advise the administrator in the operations of the two Srei group companies during the corporate insolvency resolution process. After superseding the boards of SIFL and SEFL last Monday, the Reserve Bank had appointed a three-member advisory committee to assist Rajneesh Sharma, administrator of the two crisis-ridden firms. The members of the committee are: R Subramaniakumar (Former MD & CEO, Indian Overseas Bank), T T Srinivasaraghavan (Former Managing Director, Sundaram Finance Limited), and Farokh N Subedar (Former Chief Operating Officer and Company Secretary, Tata Sons Limited). On October 8, the central bank had filed applications for initiation of corporate insolvency resolution process against SIFL and SEFL at the Kolkata Bench of the National Company Law Tribunal. In a statement on Monday, the RBI said upon admission of ...

RBI's decision to supersede Srei's board will prevent domino effect:Experts

NCLT on Friday admitted the insolvency pleas moved by banking sector regulator RBI against the two Srei Group firms and appointed an administrator to run the companies.

NCLT admits RBI application for initiating CIRP against Srei Infra

Rajneesh Sharma has been appointed administrator, but the order was not uploaded till the time of going to press

NCLT admits RBI's applications to initiate IBC proceedings against Srei

NCLT appointed Rajneesh Sharma as an administrator of the Srei Group firms