The Reserve Bank of India (RBI) appointed Vikramaditya Singh Khichi, former ED of Bank of Baroda, to a panel to advise the administrator of Anil Ambani-backed Reliance Capital on Friday.
Khichi has been appointed to Reliance Capital’s advisory committee following the resignation of Srinivasan Varadarajan from the panel.
Due to payment defaults and serious governance issues, the RBI superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in November 2021 and later initiated bankruptcy proceedings against the debt-ridden NBFC.
Sanjeev Nautiyal (former DMD, State Bank of India) and Praveen P Kadle are the other two members of the advisory committee (former MD & CEO of Tata Capital Limited).
“During the corporate insolvency resolution process, the Advisory Committee shall advise the Administrator in the operations of Reliance Capital Ltd,” the RBI stated.
Reliance Capital informed shareholders at its annual general meeting (AGM) in September 2021 that the company’s consolidated debt was Rs 40,000 crores.
