The Reserve Bank of India on Wednesday superseded the board of debt-laden Dewan Housing Finance Corporation Limited (DHFL) as it intends to shortly initiate process of resolution of the company under the insolvency and bankruptcy rules. The central bank superseded the board “owing to governance concerns and defaults by DHFL in meeting various payment obligations,” it said in a release. R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank has been appointed as the administrator.
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