IL&FS takeover done, government focus now on financials
The government has superseded the IL&FS board and appointed six new directorsincluding Uday Kotak and ICICI Bank's G.C. Chaturvedito restore confidence in the financial markets
Mumbai: The potential for systemic disruption and an incipient financial sector meltdown has forced the government to seize control of Infrastructure Leasing and Financial Services (IL&FS) and its units by superseding the current board.
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