Cyrus Mistry restored as Chairman of Tata Group.
Extra Crunch: The National Company Law Appellate Tribunal (NCLAT) today restored former Tata Group Chairman Cyrus Mistry as the Chairman of the Group.
The NCLAT also held the appointment of N Chandrasekaran, the current Chairman of Tata Sons, as Executive Chairman as "illegal".
FYI: Cyrus Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in October 2016.
The RBI has been closely monitoring the Non-Banking Financial Companies (NBFCs) sector and is looking to tighten regulation steadily and in a non-disruptive manner, as the sector is slowly recovering from the IL&FS crisis.
Some regulations rolled out in the recent times include mandating the appointment of a chief risk officer. The Central Bank has also mandated that NBFCs should have liquidity coverage ratio (LCR) requirement to take care of asset-liability (ALM) mismatches. Livemint
Meanwhile...: Uday Kotak, Managing Director and Chief Executive Officer of Kotak Mahindra Bank remarked that the financial system in India is in a massive Darwinian mode as only the fittest lenders are able to survive. “Sector after sector has seen that it is going to be more consolidated than ever before. Consolidation in the Indian economy is happening more out of mortality and less out of combinations,” noted Mr. Kotak. Financial Express
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