Wednesday, August 10, 2022
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Srei lenders to consider selling assets to ARCs to hasten recovery

Lenders to the defaulted Srei Group companies -- and Srei Equipment Finance -- are considering selling the sticky loan assets to the asset reconstruction companies to fasttrack recovery as they do not expect any quick resolution of the debt through the bankruptcy court. A joint lenders' meeting will

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Future, Srei Cos among 17 accounts in NARCL’s buy list

The government-promoted National Asset Reconstruction Company (NARCL) has offered to acquire 17 distressed companies, including five Future group companies and two Srei accounts, from lenders, two people aware of the development said. The ARC a week ago circulated a list among lenders of 17 companies with total outstanding loans of

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Bank of India scouting for buyers for ₹3,600 crore distressed loans

is seeking buyers for its ₹3,600-crore distressed loan portfolio, including advances given to the twin Srei Group companies in administration currently, two people aware of the development told ET. The bank has shared a list of 65 such accounts with asset reconstruction companies (ARC), seeking initial interest from them. The

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No capital support from govt needed this year: Punjab & Sind Bank MD

Punjab & would not require further capital infusion from the government to meet growth needs during the current fiscal year, the top official of the bank said. During the previous two years, the government infused Rs 5,500 crore and Rs 4,600 crore through non-interest bearing recap bonds. With

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Srei founder urges RBI governor to advise banks not to act on KPMG report

Hemant Kanoria, founder of bankrupt companies Srei Infrastructure Finance and Srei Equipment Finance, has made a last ditch attempt to stop lenders from acting on the report of KPMG, the consultant which was hired by lead bankers to carry out a forensic audit of the two companies. Even though

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Vedanta, Jindal Power among investors interested in buying Srei firms

Vedanta Ltd, Jindal Power and half-a-dozen asset reconstruction companies have submitted expressions of interest for participating in the corporate insolvency resolution of the non-bank lenders Srei Infrastructure Finance and Srei Equipment Finance. The Srei Group on Wednesday published a provisional list of eligible prospective resolution applicants The list mentioned as

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NCLAT directs NCLT to decide over SREI’s plea against rights issue of Trinity Alternative Investment

The National Company Law Appellate Tribunal (NCLAT) has asked the Kolkata bench of NCLT to decide over the plea of against the rights issue of its subsidiary Alternative Investment Managers. SREI Infrastructure Finance Ltd (SIFL), which owns 51 per cent equity in the fund management firm Trinity Alternative

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Super apps way forward for big Indian shadow banks, says Shriram City Union Finance

Indian shadow lender is building a so-called super app to offer various financial products on a single digital platform, joining other major non-bank finance companies in taking on growing competition from fintech firms. “We already are in the process of building a super app,” Y.S. Chakravarti, chief executive officer

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RBI-appointed administrator moves court to retain Srei control over Trinity

At the heart of the bankruptcy proceedings of one of India's largest non-banking finance companies, Srei, and its subsidiary lies a lesser known asset management firm called Trinity, which runs multiple funds with diverse investments. Fearing that could slip out of control, the Reserve Bank of India (RBI)-appointed

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