Swan Energy (SEL), the successful resolution applicant for Reliance Naval and Engineering (RNEL), has got the bankruptcy court’s approval to reconstitute the latter’s board, paving way for its formal takeover.
The monitoring committee of RNEL approved the constitution of a new board at its meeting held on Friday. The committee also cleared the firm’s standalone financial results and allotment of 50 million shares to a special purpose vehicle (SPV) among others, Swan Energy said in a regulatory update.
