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  Business   Companies  01 Oct 2018  Govt moves NCLT for management change at IL&FS

Govt moves NCLT for management change at IL&FS

PTI
Published : Oct 1, 2018, 12:43 pm IST
Updated : Oct 1, 2018, 12:43 pm IST

IL&FS, where LIC is the largest shareholder with 25.34 per cent stake, has a debt burden of over Rs 90,000 crore.

RBI has been taking steps to improve the overall cash situation.
 RBI has been taking steps to improve the overall cash situation.

New Delhi: The government has moved National Company Law Tribunal (NCLT) for change of management at the crisis-hit IL&FS, according to a senior official.

Debt defaults by certain group entities of diversified IL&FS have triggered fears of liquidity crisis in the financial markets and the RBI has been taking steps to improve the overall cash situation.

 

The corporate affairs ministry has applied to the tribunal, the official said on Monday.

Sources close to IL&FS said it is likely to support the application as it will help resolve all the pending issues and reach at a comprehensive solution for the benefit of all stakeholders.

The key shareholders of IL&FS include LIC, SBI and Central Bank of India.

IL&FS, where LIC is the largest shareholder with 25.34 per cent stake, has a debt burden of over Rs 90,000 crore.

Tags: nclt, il&fs, debt, lic, government
Location: India, Delhi, New Delhi