 "IL&FS")
The Ministry of Corporate Affairs (MCA) has sought relaxation in provisions of the Companies Act to enable the reconstituted board of Infrastructure Leasing & Financial Services (IL&FS) to proceed smoothly and help it to take decisions regarding 348 subsidiaries of the beleaguered firm.
On October 1, by an order of the National Company Law Tribunal (NCLT) in Mumbai, IL&FS' previous board was superseded by a government-nominated board of directors, chaired by Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank.
The NCLT, while hearing the MCA's petition on Monday, observed the Companies Act did not permit exemptions
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