RBI-appointed Srei administrator assures job security to employees

Group to restart business soon; to focus on recovery

The Reserve Bank of India (RBI)-appointed administrator of the Kolkata-based Srei group met its senior management and assured them that there would not be any job losses during the transition period.

Rajneesh Sharma, the administrator, also said the non-banking financial companies of the group would restart their business soon and focus on loan recovery, sources in the know said.

On Monday, the RBI superseded the boards of Srei Infrastructure Finance and Srei Equipment Finance owing to governance concerns and defaults by the companies in meeting their payment obligations.

Srei Equipment Finance (SEFL) is a wholly owned subsidiary of Srei Infrastructure Finance (SIFL), which