NCLT order soon on plea for new IL&FS board

The National Company Law Tribunal is set to deliver an order on a governemnt plea to appoint a new board of directors for debt-laden infrastructure conglomerate IL&FS.

M K Shrawat, member-judge, will soon issue the order as the next session of the case will now begin.

The government has filed a petition against IL&FS seeking to suspend the entire board of directors. The goverment is also proposing a new board of 10 directors led by Uday Kotak as chairman and non executive director.


Senior counsel Sanjay Shorey, representing the goverment, said the board of IL&FS had acted like “parasites” on public funds, taking hefty salaries while the company was bleeding.