The Reserve Bank of India (RBI) Monday has superseded the board of Anil Ambani’s Reliance Capital Ltd. (RCL). The central bank said it has taken the decision “in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively.”

RBI has appointed Nageswar Rao Y., the former executive director, Bank of Maharashtra, as the Administrator of the company. It will imminently initiate the process for resolution of the company. Accordingly, RBI will apply to the National Company Law Tribunal for appointing an Administrator for the insolvency resolution.