In a major relief to the US-based $85 billion private equity firm Lone Star Funds, the estranged joint venture partners in RattanIndia Finance Pvt Ltd have amicably decided to appoint a new chief executive (CEO) officer within two working weeks and a new chief financial officer within eight weeks.

Last Thursday, LSF 10 Rose Investments, a subsidiary of Lone Star Funds and an investor in the company, and its joint venture partner Rajiv Rattan agreed to certain interim measures until the Delhi bench of the National Company Law Tribunal finally decides on the matter.

“The board shall meet and decide on the appointment of the CEO within two working weeks from June 11, 2021,” a bench comprising judicial member PSN Prasad and technical member Narender Kumar Bhola said in an oral order. “Both the parties shall strictly follow Article 140 of Article of Association, in appointing CFO. The process shall be completed within eight weeks.”

RattanIndia Finance Private Limited is a non-deposit-taking systemically important NBFC registered with RBI. RattanIndia Finance is a diversified NBFC focused on Consumer Finance. The Company has already embarked on building a substantial book size of corporate loans. Consumer Finance operations are all set to begin in the top 12 cities across the country. The focus of Consumer Finance is to leverage technology in delivering a superior customer experience while applying for a loan and during the lifetime of the loan. The Consumer Finance portfolio is in the segments of Loan Against Property, Business and Personal Loans.