Banks can proceed against ex-IL&FS directors: NCLAT
NCLAT has permitted Canara Bank and Indian Bank to proceed against former IL&FS directors, excluding those on the new board since October 1, 2018, to declare them wilful defaulters. This protection extends to professional directors reappointed to the current IL&FS and its subsidiaries' boards. The banks are now allowed to apply to initiate proceedings against the specified former directors.
NCLAT has permitted Canara Bank and Indian Bank to proceed against former IL&FS directors, excluding those on the new board since October 1, 2018, to declare them wilful defaulters. This protection extends to professional directors reappointed to the current IL&FS and its subsidiaries' boards. The banks are now allowed to apply to initiate proceedings against the specified former directors. What's Your Reaction?
