IL&FS crisis: Independent directors to ask why nominees still on board

The government plea has asked for suspension of seven members of the board, and appointment of 10 directors

Ousted independent directors of the Infrastructure Leasing & Financial Services are planning to question the logic of the government in not seeking suspension of the shareholder nominees to the board. 

They plan to raise this issue in their response to the government petition in the National Company Law Tribunal (NCLT). After pronouncing its interim order, the tribunal has given respondents up to October 15 to file replies.

“It is a mystery as to why the nominee directors of the key shareholders have been left out in the superseding of the board, when they have a higher stake in the running