You are here: Home » Finance » News » Others

National Housing Bank raises cap on refinancing to Rs 300 billion

Amid IL&FS crisis, 4,000 cancelled NBFCs come under I-T lens for violations

Business Standard

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

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On October 1, by an order of the National Company Law Tribunal (NCLT) in Mumbai, IL&FS' previous board was superseded by a government-nominated board of directors, chaired by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank.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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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