Why Reserve Bank has 'shocked' Srei

It seems that the RBI had very little choice as the promoters did not infuse fresh capital, make adequate provisioning and improve corporate governance

It’s a fast and furious Reserve Bank of India (RBI).
 
I am talking about the way the banking regulator is pushing for bankruptcy proceedings for two Kolkata-based non-banking financial companies — Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).
 
On October 4, it superseded the boards of both the companies on concerns over the quality of governance and inability to service debt. It also appointed a former senior banker as an administrator and a three-member advisory committee to oversee the insolvency proceedings.
 
“Shocked” by the RBI move, the promoters of the companies announced taking