Govt seeks to shield court-approved turnaround schemes from hostile promoters
A clarification issued by the government enables lenders to go ahead and find ways of rescuing a company, or realise its asset value, without interruption from hostile promoters
New Delhi: The corporate affairs ministry has upheld the sanctity of court-approved turnaround schemes over shareholder rights of promoters, in the latest of a series of twists in the evolving regulatory regime of rescue and liquidation of failed businesses.
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