Govt. Puts Uday Kotak In Charge To Stem IL&FS Crisis

OrdersinvestigationbySeriousFraudInvestigationOfficefollowingcomplaints

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The government FInally intervened in the IL&FS crisis on Monday, superseding its board and appointing new members, with banker Uday Kotak as chairman.

After a report from the Ministry of Corporate Affairs concluded that the affairs of the IL&FS holding company and its group companies were being conducted in a manner that was prejudicial to public interest, the government moved the National Company Law Tribunal (NCLT) for superseding the Board, which was granted with immediate effect.