IL&FS Board Recast: NCLT approves new directors

By Accommodation Times Bureau


The Central Government, based on a report received from the Regional Director, Mumbai, Ministry of Corporate Affairs, concluded that the affairs of IL&FS holding Company and its group companies are being conducted in a manner prejudicial to public interest.

With a view to preventing further mismanagement and protecting public interest, the Ministry of Corporate Affairs moved the National Company Law Tribunal (NCLT), Mumbai, under Section “241(2) read with Section 242 of the Companies Act, 2013 with a prayer to supersede the existing Board and appoint the new Board of Directors with immediate effect, Ministry said.

“The NCLT suspended the existing board and directed that the suspended members should not represent the company in any form with immediate effect”, it added.

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