The move comes on the backdrop of rising expectations that account can't be upgraded and entire exposure might have to be written off. The Reserve Bank of India (RBI) had, in September, barred the company from transacting business, and to not accept public deposits, said the Business Standard report.
The company also challenged RBI's decision in the high court, but gradually most of its senior leaders and management stepped out of the company.
First Leasing came under RBI's scanner after its 2011-12 annual performance indicated concerns over its health. In FY'12, the company's profit after tax dipped to Rs 31.6 crore in FY12 from Rs 70.9 crore the previous year while gross revenue in FY12 also fell to Rs 213 crore, from Rs 233 crore the previous year.
Dion Global Solutions Ltd.