Mumbai: Three years after setting it up, the Devendra Fadnavis government in Maharashtra has decided to wind up its asset reconstruction company, which was established on the lines of a similar arm in the Union government, after it failed to receive a licence to operate from the Reserve Bank of India (RBI).

The state cabinet took the decision on Tuesday to avoid any more expenditure on the company, given “it would be impossible to operate it without the RBI’s permit,” a statement from the state government said.

Chief Minister Devendra Fadnavis was helming the asset reconstruction company, called Maha ARC Limited. Show Full Article

Maha ARC was set up in 2022 with the stated goal of restructuring firms—cooperatives, semi-government companies, public companies and so on—that are under fi

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