Reliance Capital to "fully co-operate" with RBI; stock at 5% lower circuit

The Company has no outstanding loans from banks and approximately 95 per cent of its debt is in the form of debentures, it said

Shares of Reliance Capital were locked at the 5 per cent lower circuit, at Rs 18.10 apiece, on the BSE on Tuesday after the Reserve Bank of India (RBI) on Monday superseded the board of industrialist Anil Ambani-promoted Reliance Capital, a non-banking financial company (NBFC), owing to defaults and governance issues.

"In view of the defaults by RCL (Reliance Capital Ltd) in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively", the central bank superseded the board.

The RBI has appointed Nageswar Rao Y, former executive director of Bank