Govt seeks to take over IL&FS, proposes Kotak as Chairman
The government has sought National Company Law Tribunal's approval to replace the management of Infrastructure Leasing and Financial Services (IL&FS), which has a debt of over â¹91,000 crore. The government said it wants to appoint 10 nominee directors and proposed Uday Kotak as Chairman. IL&FS, where LIC is the largest shareholder with a 25.34% stake, defaulted on multiple debt obligations.