IL&FS has a 'Satyam' moment

about 2 months ago
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IL&FS Transport was locked at the 20% UC once again today morning at Rs.32.30. The other two – IL&FS Engineering and IL&FS Investment Managers, both were also locked at the UC of 20% and 10% respectively.

The markets are happy with the Govt deciding to take control superseding its Board, led by Uday Kotak, vowing to cull further loan defaults. Looking akin to the rescue plan undertaken for Satyam, National Company Law Tribunal (NCLT) approved six directors, including Kotak Mahindra Bank MD Uday Kotak, former SEBI chairman GN Bajpai and ICICI Bank chairman GC Chaturvedi, retired IAS officers Malini Shankar and Vineet Nayyar, and veteran auditor Nandkishore, to take-over the board.

The new board has been directed to hold its first meeting on 8 October this year, and to submit a report on its finding and a roadmap before the bench by 31 October.

The government dissolved the 15-member board of IL&FS following the company's recent defaults.

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