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Srei administrator to seek lenders' nod to control cash flows of two bankrupt cos

Economic Times  

The administrator of Srei Infrastructure Finance and Srei Equipment Finance, Rajneesh Sharma, will seek a mandate from lenders to control the cash flows of the subsidiaries of the two bankrupt companies and appoint EY as its financial advisor. The mandate is being sought based on an internal assessment by lenders led by UCO Bank that the promoters - the Kanoria brothers - allegedly diverted money borrowed from banks to infuse equity in the subsidiaries. The administrator will seek this mandate from the lenders in the upcoming first committee of creditors (CoC) meeting scheduled for the first week of November.