 "IL&FS")
The National Company Law Tribunal (NCLT) permitted the government on Monday to seize control of infrastructure finance major Infrastructure Leasing and Financial Services (IL&FS) with its nominees. Section 241 of the Companies Act of 2013 permits the changing of the board if matters appear to be “prejudicial” to the “public interest”, and this has been correctly used by the NCLT in this instance. The government argued that the current directors had “failed to discharge their duties”, given that the company had so unexpectedly descended into fragility.
A string of unheralded defaults by the company and its subsidiaries over the past few
