The Reserve Bank on Monday superseded the board of Anil Ambani promoted Reliance Capital Ltd and will shortly initiate bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues.Nageswar Rao Y has been appointed as the administrator of the company, the RBI said in a statement.This is the third large NBFC against which the central bank will initiate bankruptcy proceedings under the Insolvency and Bankruptcy Code recently.
