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The Reserve Bank of India (RBI) Monday has superseded the board of Anil Ambani’s Reliance Capital Ltd.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.
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September 2025
2025 is shaping up to be the year of electric car sales. In a first, India’s electric vehicles (EV) industry crossed the sales milestone of 100,000 units in FY25, fuelled by a slew of launches by major players, including Tata Motors, M&M, Ashok Leyland, JSW MG Motor, Hyundai, BMW, and Mercedes-Benz. The issue also looks at the challenges ahead for Tata Sons chairman N. Chandrasekaran in his third term, and India’s possible responses to U.S. president Donald Trump’s 50% tariff on Indian goods. Read these compelling stories in the latest issue of Fortune India.