The central banking authority on Monday superseded the board of a housing finance company due to governance concerns and failures to meet several payment obligations. An experienced former senior banking official has been appointed as the Administrator of the organisation.
This action follows a recommendation from the sector’s regulatory body overseeing housing finance institutions.
The central banking authority has indicated that it will soon begin the process of resolving the company under the applicable insolvency and liquidation rules for financial service providers. It will also approach the designated tribunal to have the appointed Administrator recognised as the Insolvency Resolution Professional for the case.
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