Financial markets turmoil is getting scarier: Thomas Isaac on IL&FS mess

As the government is preparing to take over cash-strapped Infrastructure Leasing & Financial Services (IL&FS), Kerala Finance Minister Thomas Isaac said financial markets turmoil is getting scarier.

In a tweet, Isaac, who is also a Member of Central Committee of Communist Party of India (Marxist) Isaac said, "Government takes over IL&FS: India's 'too big to fail' moment? Financial markets turmoil is getting scarier. Are demon managers capable of handling it?"

On Monday, the National Company Law Tribunal (NCLT), Mumbai, superseded the board of beleaguered infrastructure financier Infrastructure Leasing & Financial Services (IL&FS) with six new directors after the government moved a petition to remove the previous board of directors.

The NCLT agreed to a new board, which includes Kotak Mahindra Bank Managing Director (MD) and Chief Executive Officer (CEO) Udak Kotak, former Securities and Exchange Board of India Chairman G N Bajpai, ICICI Bank Chairman G C Chaturvedi, former Tech Mahindra vice-chairman Vineet Nayyar, Director General of Shipping Malini Shankar and former Indian Administrative Service officer Nand Kishore.