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Ec`] `W Z Cvu := 7D / A- ' &7 &7 7 ,!).,/012 +'5+56 3+%14 '+%012 /8*895G2-@8 62*)8 /8)B ')2-? 6B8522//? - @ ?2?<2-?2/?? /<-5?/2*B-?58?-8 )2 .C2)) / *"+"D,,- $E" F 8 ( ' 33405 (13 ! "$% !& Q%R' "" 672898)/ ( investors and lenders to prevent IL&FS would create liquidity % & defaults. crunch in the financial markets. he Government on "The confidence of the Approving the immediate Tibetan card to its disadvan- TMonday seized control of 2 financial market in the credi- takeover of the IL&FS board by tage. India has barred the entry debt-trapped Infrastructure )- bility of the IL&FS manage- six Government nominees, an of the Karmapa to Rumtek Leasing & Financial Services : ment and the company needs NCLT bench of judges MK monastery, the biggest Ltd (IL&FS), superseding its 6: to be restored," the Finance Shrawat and Ravikumar monastery of the Kagyu sect board with one led by India’s 86 *260 Ministry said. Duraisamy said that the sus- that he heads fearing him to be richest banker Uday Kotak, 6 * The Government, it said, pended directors of IL&FS a Chinese agent. Earlier, he was and vowed to stop further loan had approached the NCLT must henceforth cease to rep- not allowed to even visit defaults. );< after it was convinced that the resent the company anywhere. Sikkim, but the NDA This is only the second - governance and management "After considering the 2898)/ Government had changed the time after Satyam Computer change in IL&FS Group is very Government's case, we are of rules in 2017. Services Ltd that the ) * necessary for saving it from the view that prima facie, this n a major setback to India, The Karmapa and CTA Government has taken control "financial collapse". is a fit case to invoke Sections Ithe 17th Karmapa Ogyen have ostensibly colluded to of a private company board. "Continuance of the pre- 241 (2), 242 of the Companies Trinley Dorje (32), who has sideline the Dalai Lama, the The Government in 2009 sent Board had become preju- Act and to declare that the fled to the US, is now negoti- tallest leader in the Tibetan superseded the board of - );< dicial to the interests of the affairs of IL&FS were being ating with the Indian Buddhism hierarchy, sources Satyam. company and its members and conducted in a manner preju- Government interlocutors for said. The Mumbai-bench of this management was affecting dicial to the public interest," the parity of status with the Dalai The Karmapa is staying at National Company Law - < public interest because of its bench said. Lama and permission to visit sprawling farmhouse of a Tribunal (NCLT) approved six * L adverse impact on financial sta- The Government said in its the Rumtek monastery in Chinese couple in New Jersey directors, including Kotak M bility and making capital mar- plea said that it had chosen to Sikkim. India has given polit- from April 2017 onwards. Mahindra Bank MD Uday );< kets so adversely affected," the intervene as it impacted the ical asylum to the Dalai Lama Although the Karmapa has Kotak, former SEBI chairman Ministry said adding its prayer entire nation's economy. but the Karmapa was living on hinted at least twice that he will GN Bajpai and ICICI Bank <? before NCLT was to supersede The Government cited the a refugee card. come back to India but he has chairman GC Chaturvedi, to 26< the board of IL&FS and its sub- precedence of the 2009 The Karmapa is reported- not returned despite repeated takeover the IL&FS board. stitution by the new Board of takeover of erstwhile Satyam ly acting at the behest of the assurances to the Indian offi- This followed the Ministry Directors. Computers and urged the Central Tibetan cials. He has not specified a of Corporate Affairs moving fully committed to ensuring prayer to reconstitute the board capital markets, the banks and The Ministry said IL&FS bench to invoke the jurisdiction Administration (CTA) and his timeline and does not have any NCLT against IL&FS and its that needed liquidity is of IL&FS, observing that the financial institutions in the Group, which has assets of of Sections 241(2) and 242 of stand has irreversibly altered intention to return to India, subsidiaries, seeking a change arranged for the IL&FS from company's affairs were being credibility and financial sol- 1.15 lakh crore, is presently the Companies Act, 2013. over six decades long India’s Government sources said. of the board and management the financial system so that no conducted in a manner "prej- vency of the IL&FS Group is of facing tremendous debt pres- The sections provide for control of the company. more defaults take place and udicial" to the public interest. utmost importance for the sure and struggling to service the Union Government to Kotak was named as non- the infrastructure projects are The Finance Ministry in a financial stability of capital around 91,000 crore in debt approach the NCLT, and the executive chairman of the new implemented smoothly," the statement said the Government and financial markets. There is which is the outcome of its tribunal to pass orders to reg- board. The other directors Finance Ministry said in a found "serious corporate relat- an emergent need to immedi- "mismanaged borrowings in ulate the affairs of a company, approved by the NCLT are statement in New Delhi. ed deficiencies" in the IL&FS ately stop further financial the past". respectively, in a case where the retired IAS officers Malini "Restoration of confidence" holding company and its sub- defaults and also take measures Before the NCLT, the affairs of such company were Shankar and Vineet Nayyar, across markets and the finan- sidiaries and has ordered an to resolve defaulted dues to the Government said the IL&FS not in public interest. and veteran auditor cial system in IL&FS group "is SFIO (Serious Fraud claimants," it said. directors had failed to dis- Taking note of the Nandkishore. of utmost importance for the Investigation Office) probe into The company would charge their duties and that Government's arguments, the The move to take over financial stability of capital the alleged financial irregular- require a combination of mea- many mutual funds would col- bench held in its interim order IL&FS followed its recent and financial markets". ities in the NBFC. sures like asset sales, restruc- lapse if the company collapses. that the present case was a fit defaults roiling Indian markets. The NCLT allowed the "The restoration of confi- turing of some liabilities and a There were concerns that one to invoke the jurisdiction "The Government stands Union Government's interim dence of the money, debt and fresh infusion of funds by default by a large NBFC like of the above sections. - & '( )%* -)$ + , % /2*5/ ! ( . & -/8 --8*?@85282-/ 588@8 "# rime Minister Narendra ?2<5-?2<5?-/8'58 "$ % * PModi will unveil the 63- /2*5/ foot-tall statue of peasant leader 2 -85O ?<<82/89))2@8) & late Sir Chhotu Ram at his $ aryana Government has native village Garhi Sampla in -/8 --8?<'8 2-)885)-8 Hsuspended HCS Sandeep Rohtak on October 9. Singh, who had last week On the same day, the Prime 5//?-5?2?-?685( ' filed a defamation case Minister will also address a (" && 2898)/ against Industries and public rally at Rohtak, which is Commerce Minister Vipul considered as a stronghold of has geared up for the event at also join the celebrations of )'* spate of incidents involving Goel. former Chief Minister Rohtak,” he added. four-year completion of the #++ Ashootouts and murder Sandeep Singh, sub-divi- Bhupinder Singh Hooda. Union Minister Birender present Government in shook the national Capital on sional magistrate (SDM) of “The State Government Singh, who is grandson of Haryana in an event to be held Monday and its adjoining areas Kanina town of has received a confirmation Chhotu Ram had last year in Karnal on November 1. & in matter of just 24 hours. Mahendragarh district had from the Prime Minister’s office announced that the statue will Recently, the Chief While a 31-year-old private filed defamation case against and he will unveil the statue of be unveiled by Prime Minister. Minister Manohar Lal had tutor was allegedly shot dead by Vipul Goel for allegedly using peasant leader late Sir Chhotu Recently, the Hisar INLD called on the Prime Minister in two unidentified assailants in a 20-year-old-girl and a local happened due to a woman objectionable remarks against Ram on October 9,” said MP Dushyant Chautala had this regard at his residence in !"#$"% - northwest Delhi’s Mahendra BJP leader’s security officer with whom he was in a rela- him during a grievance Haryana Minister of State for given an ultimatum to the New Delhi. Park over an alleged “illicit” were injured. Save the BSF tionship. The deceased was redressal committee meeting Cooperation, Manish Grover, Haryana Government to unveil Manohar Lal had discussed - /0. relationship on Monday morn- jawan who was arrested by known to a girl for more than held on September 20 in who is also an MLA from the statue by November 1. with the Prime Minister in $+"12 ' ing, another 34-year-old was police no arrests have been 10 years. The angle of person- Narnaul. Rohtak constituency. Dushyant alongwith his party detail regarding the various O shot dead at Taimoor Nagar in made yet. al enmity is not ruled out,” said SDM Sandeep Singh’s Grover, while talking to the workers had held protest out- new projects of which the south-east Delhi by unidenti- According to Deputy the DCP.
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