The banking regulator had on Monday superseded the boards of directors of Kolkata-based Srei Infrastructure Finance and Srei Equipment Finance citing governance concerns and defaults, and said it will initiate insolvency proceedings against the two firms with the National Company Law Tribunal (NCLT).source https://economictimes.indiatimes.com/industry/banking/finance/banking/srei-promoter-challenges-rbi-action-against-group-firms-in-bombay-high-court/articleshow/86818303.cms
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