SBI board okays RCom resolution scheme

Pandey named new finance secretary

Revenue secretary A. B. P. Pandey has been designated as the finance secretary, following the superannuation of Rajiv Kumar last month. A personnel ministry order said the appointments committee of the cabinet has approved the re-designation of Pandey, a 1984 batch IAS officer of Maharashtra cadre. Atanu Chakraborty, a 1985 batch IAS officer of Gujarat cadre, is at present secretary, Department of Economic Affairs.

New Delhi, March 3: The board of State Bank of India is learnt to have approved the resolution plan for Reliance Communications, through which lenders are expected to recover around Rs 23,000 crore.

UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel Ltd.

There will also be a clawback of Rs 4,300 crore of priority payments made to Chinese and Indian creditors.

Jio placed bid for tower and fibre assets of Reliance Infratel Ltd (RITL) and UVARC for assets of RCom and Reliance Telecom Ltd.

“SBI board has approved resolution plan for RCom. It is expected to vote favourably for the RCom resolution plan at the committee of creditors (CoC) meeting. Voting on the RCom Resolution Plan has started at the CoC and will end on March 4,” sources privy to the development said. Email query sent to SBI and RCom resolution professional did not elicit any reply. —PTI