November 23, 2017 / 12:45 PM / 22 days ago

BRIEF-RBI to exempt ARCs meeting certain criteria from 26 pct shareholding limit of post converted equity of borrower co

Nov 23 (Reuters) - Reserve Bank of India :

* To exempt asset reconstruction cos meeting the prescribed criteria from shareholding limit of 26 percent of post converted equity of borrower co

* At least half of board of directors of arc comprises of independent directors

* ARC shall be in compliance with net owned fund (NOF) requirement of 1 billion rupees on an ongoing basis

* ARC may delegate powers to panel comprising majority of independent directors for decisions on debt to equity conversion Source text - bit.ly/2Aqq3en

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