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ARC takes off with Rs 350-cr corpus.
Byline: Samik Dasgupta
: The Asset Reconstruction Company has been formed with a corpus of Rs 350 crore. It will have a trust structure in contrast to a limited liability company structure proposed earlier. The exact proportion in which the banks and FIs will hold a stake in ARC will be decided later.
The change in the structure follows as a result of the recommendations of the finance minister's advisory council that includes Deepak Parekh and Ajay Shah, among others. The committee members had a feeling that the company structure will add to the cost of operations of the ARC.
In contrast, the trust structure is expected to bring down the huge cost …
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