Kolkata, Under the new management of state-owned National Asset Reconstruction Company Limited (NARCL), Srei Infrastructure Finance Limited (SIFL) on Tuesday announced the appointment of Hardayal Prasad as its Managing Director and CEO.
Prasad, with 36 years of experience, is the former managing director and CEO of SB Cards & Payment Services Ltd and PNB Housing Finance Ltd, a company statement said.
Kolkata-based Kanoria previously controlled twin companies SIFL and Srei Equipment Finance Company, until the RBI removed its board on mismanagement charges in October 2021 and subsequently initiated IBC proceedings.
However, NARCL successfully acquired the companies under the Insolvency Code (IBC) introduced by RBI to resolve the debt of over Rs 32,000 crore of NBFCs.
Sreya started its journey as an asset financing NBFC in 1989, with Hemant Kanori as the key face of SIFL.
As per the resolution plan, the new management will continue the growth of SIFL while Srei Equipment will be wound up once the company completes recovery of its dues from the market.
Under Prasad's leadership, SIFL plans to re-enter the construction and mining equipment financing industry to meet the needs of the sector, a company statement said.
“SREI has been a major contributor to the construction and mining equipment (CME) financing sector. Now, with the completion of the resolution process, we look forward to re-establishing SIFL as a significant contributor to the industry and providing customers with financing solutions. are confident of enabling this in the life cycle of construction and mining equipment in the near future,” said the SIFL MD CEO.
Prasad, with 36 years of experience, is the former managing director and CEO of SB Cards & Payment Services Ltd and PNB Housing Finance Ltd, a company statement said.
Kolkata-based Kanoria previously controlled twin companies SIFL and Srei Equipment Finance Company, until the RBI removed its board on mismanagement charges in October 2021 and subsequently initiated IBC proceedings.
However, NARCL successfully acquired the companies under the Insolvency Code (IBC) introduced by RBI to resolve the debt of over Rs 32,000 crore of NBFCs.
Sreya started its journey as an asset financing NBFC in 1989, with Hemant Kanori as the key face of SIFL.
As per the resolution plan, the new management will continue the growth of SIFL while Srei Equipment will be wound up once the company completes recovery of its dues from the market.
Under Prasad's leadership, SIFL plans to re-enter the construction and mining equipment financing industry to meet the needs of the sector, a company statement said.
“SREI has been a major contributor to the construction and mining equipment (CME) financing sector. Now, with the completion of the resolution process, we look forward to re-establishing SIFL as a significant contributor to the industry and providing customers with financing solutions. are confident of enabling this in the life cycle of construction and mining equipment in the near future,” said the SIFL MD CEO.
