Phoenix ARC in talks with banks to acquire VVF India loans
The offer, which equates to a recovery of 50% for the state-owned bank, has triggered a Swiss challenge auction which is scheduled for April 30. VVF (India) has borrowings of ₹1,400 crore, according to a credit rating report by Crisil Ltd.
Government nominates Hardik Mukesh Sheth as director to Central Bank of India's boardSheth, a director at the Department of Financial Services, has been appointed as the government nominee in place of Bhushan Kumar Sinha with immediate effect and until further orders, according to a regulatory filing.
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