NCLT approved the takeover of IL&FS board by government nominees

Highlights:

  • The National Company Law Tribunal (NCLT) approved the takeover of housing finance major IL&FS board by government nominees on 1 October 2018. 
  • A new six-member board led by Uday Kotak took charge of the entity.
  • The National Company Law Tribunal (NCLT) on 1 October 2018 approved the takeover of IL&FS board by government nominees, saying mismanagement at the crisis-ridden financier makes it a fit case of supersession of the board under Article 241 of the Companies Act.
  • A new six-member board led by veteran banker Uday Kotak took charge of the company.
  • The other members are former SEBI chief GN Vajpai, ICICI Bank chairman GC Chaturvedi, Tech Mahindra's Vineet Nayyar, and former bureaucrats Malini Shankar and Nand Kishore.