Govt takes control of IL&FS, Uday Kotak to be on new board
The National Company Law Tribunal has allowed the government to take control of Infrastructure Leasing & Financial Services (IL&FS) by replacing all its board members. Uday Kotak and ICICI Bank Chairman GC Chaturvedi are part of a new six-member board that will prepare a turnaround plan. IL&FS Group, with a debt of over â¹91,000 crore, recently defaulted on multiple obligations.