Government seeks immunity for directors of IL&FS arms

Mumbai: The government has filed an application with the National Company Law Tribunal (NCLT) seeking immunity for the newly-appointed directors of the subsidiaries of the crippled IL&FS group from any future adverse outcomes.

It can be noted that soon after taking over the company after its defaults and appointing a new board last October, the government had sought immunity to the newly- appointed six directors of the group from any legal action against them for the past deeds of old directors.

“We are issuing a direction that for the past actions of the suspended directors or any of the officers of the company and the past wrongs of the suspended directors and its officials, no action should be initiated against the newly- appointed director, without prior approval of the tribunal,” NCLT Mumbai had said in an interim order on Oct 5.

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