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NCLT allows Govt. to takeover IL&FS and suspends entire board of directors

October 4, 2018[2018] 98 taxmann.com 67 (NCLT - Mum.) (SB)
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CL: Where Union of India filed petition under section 242 alleging that managerial persons of IL & FS were responsible for negligence and incompetence and affairs of company were conducted in manner prejudicial to public interest, Board of Directors of IL & FS were suspended and Government Directors were directed to take over IL& FS with immediate effect

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