{"id":440075,"date":"2021-10-05T08:08:01","date_gmt":"2021-10-05T02:38:01","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=440075"},"modified":"2021-10-05T08:19:24","modified_gmt":"2021-10-05T02:49:24","slug":"explained-how-a-problem-turned-into-crisis-for-srei-infrastructure-finance","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/explained-how-a-problem-turned-into-crisis-for-srei-infrastructure-finance\/","title":{"rendered":"Explained: How a problem turned into crisis for Srei Infrastructure Finance"},"content":{"rendered":"<p>Srei Infrastructure Finance chairman Hemant Kanoria had said in his communique to shareholders that even though the pandemic was a once-in-a-century crisis, he was confident of protecting business and reorganising operations in a manner beneficial to all stakeholders.<\/p>\n<p>The message titled \u2018Riding out the Storm\u2019 was part of the company\u2019s annual report for FY20-21. But on Monday, the hope appeared to be fading as the Reserve Bank of India su\u00adperseded the boards of Srei In\u00adfra\u00adstructure Finance and Srei Equipment Finance. The apex bank said they will be taken for insolvency proceedings.<\/p>\n<p>Srei said it was \u201cshocked\u201d by the RBI move as banks have been regularly appropriating funds from the escrow account that they controlled since November 2020. It also said that it will take all \u201cnecessary\u201d steps as advised by lawyers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Srei Infrastructure Finance chairman Hemant Kanoria had said in his communique to shareholders that even though the pandemic was a once-in-a-century crisis, he was confident of protecting business and reorganising operations in a manner beneficial to all stakeholders. The message titled \u2018Riding out the Storm\u2019 was part of the company\u2019s annual report for FY20-21. But on Monday, the hope appeared to be fading as the Reserve Bank of India su\u00adperseded the boards of Srei In\u00adfra\u00adstructure Finance and Srei Equipment Finance. The apex bank said they will be taken for insolvency proceedings. Srei said it was \u201cshocked\u201d by the RBI move [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,168],"tags":[],"class_list":["post-440075","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-roads-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/440075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=440075"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/440075\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=440075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=440075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=440075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}