Competition Refresher Magazine

 An article about Govt. puts Uday Kotak in charge to stem IL&FS crisis is on the 44^th page of competition refresher November issue

CompetitionRefresher Magazine The government finally intervened in the IL&FS crisis superseding its board and appointing new members, with banker Uday Kotak as chairman. Competition Refresher Magazine After a report from the Ministry of Corporate Affairs - concluded that the affairs of the IL&FS Competition Refresher Magazine holding company and its group companies were being conducted in a manner that was prejudicial to public interest, Competition Refresher the government moved the Natiohal Company Law Tribunal (NCLT) for superseding the Board, which was granted with immediate effect.

Competition Refresher The NCLT also approved the induction of six directors recommended by the government. "The new Board shall take up^. its responsibility with immediate effect, CompetitionRefresher after following due procedures,", the Finance Ministry said in a statement. A probe by the Serious Fraud Investigation Office has also been ordered Competition Refresher gk into IL&FS and its subsidiaries following complaints. "The government stands Competition Refresher gk fully committed to ensure that needed liquidity is arranged for the ILFS from the financial system so that no more defaults Competition Refresher gk take place and the infrastructure projects are implemented smoothly," the Finance Ministry said.