Reserve Bank Supersedes DHFL Board
The Hindu|November 21, 2019
Regulator to initiate insolvency proceedings against firm, appoints former IOB CEO as administrator
Reserve Bank Supersedes DHFL Board

The Reserve Bank of India (RBI) has decided to supersede the board of troubled mortgage financier Dewan Housing Finance Corporation Ltd. (DHFL) and said bankruptcy proceedings would be initiated against the company.

R. Subramaniakumar, former MD and CEO of Indian Overseas Bank, has been appointed as the administrator of the mortgage lender. RBI said the action was taken due to governance concerns and default by the entity in meeting payment obligations.

This is the first instance of RBI superseding the board of a non-banking financial company. The government had changed the law earlier this year to give such powers to the RBI.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE HINDUView all
‘Olympics Cancellation Likely If Vaccine Not Found In Time'
The Hindu

‘Olympics Cancellation Likely If Vaccine Not Found In Time'

Further delays impossible, says Tokyo Games organising panel chief Mori

time-read
1 min  |
April 29, 2020
It's Wholesale Only At Koyambedu Market
The Hindu

It's Wholesale Only At Koyambedu Market

Retail outlets to remain shut to bring down crowding.

time-read
2 mins  |
April 29, 2020
Ministry Does U-Turn On Plasma Therapy
The Hindu

Ministry Does U-Turn On Plasma Therapy

Treatment not proven: Health official

time-read
2 mins  |
April 29, 2020
Trump's Bleach Statements Echo Claims By Pseudo-Scientists
The Hindu

Trump's Bleach Statements Echo Claims By Pseudo-Scientists

‘Miracle cure’ quacks have long promoted industrial bleach to treat autism, malaria and many other medical conditions

time-read
3 mins  |
April 29, 2020
U.S. May Seek Damages From China
The Hindu

U.S. May Seek Damages From China

President says many options on the table to hold Beijing accountable, draws an angry response

time-read
2 mins  |
April 29, 2020
Koyambedu Market May Be Shifted Out
The Hindu

Koyambedu Market May Be Shifted Out

Decision likely at today's meeting of stakeholders; aim is to enforce physical distancing

time-read
2 mins  |
April 28, 2020
Massive Spike Of 522 Cases In Maharashtra
The Hindu

Massive Spike Of 522 Cases In Maharashtra

On Monday, cumulative tally surged to 8,590 positive cases with 27 more deaths

time-read
2 mins  |
April 28, 2020
The Script Of Disruption And A New Order
The Hindu

The Script Of Disruption And A New Order

Across the globe, the geopolitical and geo-economic fallout of the COVID-19 pandemic could be serious

time-read
6 mins  |
April 28, 2020
A Policy Road Map To Tackle Covid-19
The Hindu

A Policy Road Map To Tackle Covid-19

The interest of each and the interests of all now coincide, not only within nations but for all humanity

time-read
5 mins  |
April 28, 2020
ICMR Says No Payment Made For Chinese Test Kits Supplies
The Hindu

ICMR Says No Payment Made For Chinese Test Kits Supplies

Alleged profiteering by distributors supplying the kits

time-read
2 mins  |
April 28, 2020