Govt may move to seize control of IL&FS management, supercede current board

Rescuing IL&FS group is vital for authorities to stem the risk of default spreading to other lenders in the world's fastest-growing major economy

The Indian government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, according to media reports, with the move coming just after the beleaguered company unveiled details of a restructuring proposal.

The Mumbai bench of the National Company Law Tribunal will hear a ministry of corporate affairs case against Infrastructure Leasing & Financial Services Ltd. and others on Monday, according to a cause list on its website. The government may seek a management change and look to supersede the existing board, CNBC reported in a Twitter post, citing government sources it