Wednesday, October 3, 2018

IL&FS crisis: Govt seizes control of debt-trapped firm; these are 15 members of board that were dismissed

The government on Mon appropriated management of debt-trapped Infrastructure Leasing and monetary Services (IL&FS), superseding its board with one semiconductor diode by India's richest banker Uday Kotak, and vowed to prevent additional loan defaults.

The Mumbai-bench of National Company Law court (NCLT) approved six administrators, together with Kotak Mahindra Bank MD Uday Kotak, former SEBI chairman GN Bajpai and ICICI Bank chairman gigacycle per second Chaturvedi, to take-over the board.

Representational image. Thinkstock

Kotak was named as non-executive chairman of the new board on Mon. the opposite administrators approved by the NCLT area unit retired IAS officers Malini Shankar and Vineet Nayyar, and veteran auditor Nandkishore.

The new board has been directed to carry its initial meeting on eight Oct this year, and to submit a report on its finding and a roadmap before the bench by thirty one Oct, succeeding date of hearing. The bench conjointly issued a notice to IL&FS, guiding it to reply to any or all points raised by the Union government in its plea by fifteen Oct this year. succeeding hearing of the IL&FS case is on thirty one Oct.

The government dissolved the 15-member board of IL&FS following the company's recent defaults. Following area unit the fifteen members that were despoiled by the govt in keeping with The Economic Times.

  1. Sunil Behari Mathur - Non-Executive Chairman, IL&FS (Independent Director)
  2. Hari Sankaran - chair , IL&FS
  3. Arun K Saha - Joint manager , IL&FS
  4. Praveen Kumar Molri - candidate Director, life assurance Corporation Of Republic of India
  5. Kiyoshi Fushitani - candidate Director, Orix Corporation, Japan
  6. Harukazu Yamaguchi - candidate Director, Orix Corporation, Japan
  7. Sanjeev Doshi - candidate Director, Abu Dhabi Investment Authority (AIDA)
  8. Bijendra Kumar Singhal - candidate Director, financial organization Of Republic of India
  9. Chalasani Venkat Nageswar - candidate Director, banking concern Of Republic of India
  10. Ravindra Chandra Bhargava - freelance Director
  11. Michael horse - freelance Director
  12. Jaithirth Rao - freelance Director
  13. Rina Kamath - freelance Director
  14. Kiyokazu Ishinabe - Alternate Director To K Fushitani
  15. Ikuo Nakamura - Alternate Director To H Yamaguchi

This is solely the second time when Satyam pc Services Ltd that the govt has taken management of an organization board. the govt in 2009 outdated the board of Satyam. It nominative Deepak Parekh -banker, Kiran Karnik - former NASSCOM chief and C Achuthan - former SEBI member to Satyam's board.

"The government stands absolutely committed to making sure that required liquidity is organized for the IL&FS from the national economy so no additional defaults present itself and therefore the infrastructure comes area unit enforced swimmingly," the Finance Ministry aforementioned in an exceedingly statement in capital of India.  "Restoration of confidence" across markets and therefore the national economy in IL&FS cluster "is of utmost importance for the monetary stability of capital and monetary markets".

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