On Tuesday, Reliance Capital Ltd’s shares were locked at the 5 per cent lower circuit, at Rs 18.10 apiece, on the Bombay Stock Exchange (BSE) after the Reserve Bank of India (RBI) superseded the board of industrialist Anil Ambani promoted Reliance Capital, a non-banking financial company (NBFC), owing to defaults and governance issues.

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“Given the defaults by RCL (Reliance Capital Ltd) in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively”, the central bank superseded the board.

The Nageswar Rao Y is appointed as former executive director of Bank of Maharashtra, administrator of Reliance Capital.

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