Mumbai : With local body elections approaching, the Maharashtra Cabinet on Tuesday approved 21 key decisions, an unusually high number for a single meeting. Among the major moves was the decision to shut down the State’s asset reconstruction firm, MAHA ARC Limited, signalling a broader administrative reshuffle ahead of the polls.

According to an official statement issued by the Chief Minister’s Office, the Finance Department’s proposal to wind up MAHA ARC Ltd was approved in the Cabinet meeting chaired by Chief Minister Devendra Fadnavis. The company was established in September 2022, modelled on the Centre’s National Asset Reconstruction Company, but could not commence operations as the Reserve Bank denied it a licence in 2023.

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