Govt seeks immunity for new IL&FS board from civil, criminal proceedings

Officials say while the govt will take to task anyone guilty of bringing the company to this state, it will also ensure that there is no liquidity crisis

The government has sought immunity for the new board of Infrastructure Leasing & Financial Services (IL&FS) from any civil or criminal proceedings for decisions and actions taken by the ousted board. Counsel for the Ministry of Corporate Affairs (MCA) has petitioned the National Company Law Tribunal (NCLT), Mumbai, to this effect. 

In the Satyam scam as well, the erstwhile Company Law Board (CLB) had provided similar immunity to the new board. At that point, the CLB had observed that since the appointment of the new board was approved by it, its members would be like court officers. It had ordered