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The government approached the National Company Law Tribunal (NCLT) Mumbai’s bench seeking the appointment of Vijay Kumar and N. Srinivasan to the board of in debt-ridden Infrastructure Leasing and Financial Services Ltd (IL&FS).
NCLT, however, directed the government, represented by the ministry of corporate affairs (MCA), to approach the newly appointed board to seek the approval for the appointment before reaching the tribunal.
Ramakant, joint director of MCA stated, “We want the tribunal to approve the appointment of retired IAS officer Vijay Kumar to the board of IL&FS, who will be the replacement of G.N. Bajpai as executive director of the company. We are also seeking the appointment of N. Srinivasan as a non-executive director on the board of the company.”
NCLT bench, headed by V.P. Singh and Ravikumar Duraisamy, said in its oral order: “As the old board was superseded and the new board has taken over as the in- charge of the respondent number one (IL&FS), any new appointment on the board needs to come to the tribunal after such resolution passed by the new board.”
The MCA joint director later sought three days time to get such an approval from the board. This was granted by the tribunal, and the matter will be heard next on Friday.
