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NCLT approves govt's takeover of IL&FS board
October 5 , 2018
2114 days
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- The National Company Law Tribunal (NCLT) has approved the takeover of IL&FS board by government nominees.
- IL&FS Financial Services had defaulted on a series of its debt payments over the last 1 month.
- A new six-member board led by veteran banker Uday Kotak will take charge of the company.
- The Ministry of Corporate Affairs has been authorised a maximum of 10 board members.
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