Govt takes control of IL&FS; new board may choose Uday Kotak as chairman

NCLT said the new board must hold its meeting by October 8 and come out with a roadmap before the next hearing on October 31

The National Company Law Tribunal (NCLT), Mumbai, superseded the board of beleaguered infrastructure financier Infrastructure Leasing & Financial Services (IL&FS) with six new directors after the government moved a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

The government wants to