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IL&FS crisis: MCA seeks relaxation in provisions of the Companies Act

This will enable the reconstituted board to proceed smoothly and help the board to take important decisions: Ministry

Topics
Ilfs Crisis  |  Nclt  |  Il&fs

Advait Rao Palepu  |  Mumbai 


The Ministry of Corporate Affairs (MCA) has sought relaxation in provisions of the Companies Act to enable the reconstituted board of Infrastructure Leasing & Financial Services (IL&FS) to proceed smoothly and help it to take decisions regarding 348 subsidiaries of the beleaguered firm.

On October 1, by an order of the National Company Law Tribunal (NCLT) in Mumbai, IL&FS' previous board was superseded by a government-nominated board of directors, chaired by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank. The NCLT, while hearing the ...

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First Published: Tue, October 09 2018. 05:26 IST

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