3 B' . &: &: : VRGR '%&((!1#VCEB R BP A"'!#$#1!$"#0$"T utqBVQWBuxy( 2!*4256+7 548589 752,! 4526," )424;1E-'F4 9O4 )4<8 .<-'> )@' 9841--))> ' F >->@-'>-)>> 1>)-28 '>14>'4 <- (C-<< ) D< ,"1$,223 $76 D 4 ( &&68 )+. ! "$% !& Q%R' "" 9:-4;4<) ( investors and lenders to prevent IL&FS would create liquidity 2 % defaults. crunch in the financial markets. he Government on “The confidence of the Approving the immediate tage. India has barred the entry TMonday seized control of - financial market in the credi- takeover of the IL&FS board by of the Karmapa to Rumtek debt-trapped Infrastructure <' bility of the IL&FS manage- six Government nominees, an monastery, the biggest Leasing & Financial Services = ment and the company needs NCLT bench of judges MK monastery of the Kagyu sect Ltd (IL&FS), superseding its 9= to be restored,” the Finance Shrawat and Ravikumar that he heads fearing him to be board with one led by India’s 49 2-9* Ministry said. Duraisamy said that the sus- a Chinese agent. Earlier, he was richest banker Uday Kotak, 9 2 The Government, it said, pended directors of IL&FS not allowed to even visit and vowed to stop further loan had approached the NCLT must henceforth cease to rep- Sikkim, but the NDA defaults. <?@ after it was convinced that the resent the company anywhere. Government had changed the This is only the second ' governance and management “After considering the -4;4<) rules in 2017. time after Satyam Computer change in IL&FS Group is very Government’s case, we are of The Karmapa and CTA Services Ltd that the < 2 necessary for saving it from the view that prima facie, this n a major setback to India, have ostensibly colluded to Government has taken control “financial collapse”. is a fit case to invoke Sections Ithe 17th Karmapa Ogyen sideline the Dalai Lama, the of a private company board. “Continuance of the pre- 241 (2), 242 of the Companies Trinley Dorje (32), who has tallest leader in the Tibetan The Government in 2009 sent Board had become preju- Act and to declare that the fled to the US, is now negoti- Buddhism hierarchy, sources superseded the board of ' <?@ dicial to the interests of the affairs of IL&FS were being ating with the Indian said. Satyam. company and its members and conducted in a manner preju- Government interlocutors for The Karmapa is staying at The Mumbai-bench of this management was affecting dicial to the public interest,” the parity of status with the Dalai sprawling farmhouse of a National Company Law ' @ public interest because of its bench said. Lama and permission to visit Chinese couple in New Jersey Tribunal (NCLT) approved six 2 N adverse impact on financial sta- The Government said in its the Rumtek monastery in from April 2017 onwards. directors, including Kotak O bility and making capital mar- plea said that it had chosen to Sikkim. India has given polit- Although the Karmapa has Mahindra Bank MD Uday <?@ kets so adversely affected,” the intervene as it impacted the ical asylum to the Dalai Lama hinted at least twice that he will Kotak, former SEBI chairman Ministry said adding its prayer entire nation’s economy. but the Karmapa was living on come back to India but he has GN Bajpai and ICICI Bank @> before NCLT was to supersede The Government cited the a refugee card. The Karmapa is not returned despite repeated chairman GC Chaturvedi, to -9@ the board of IL&FS and its sub- precedence of the 2009 reportedly acting at the behest assurances to the Indian offi- takeover the IL&FS board. stitution by the new Board of takeover of erstwhile Satyam of the Central Tibetan cials. He has not specified a This followed the Ministry Directors. Computers and urged the Administration (CTA) and his timeline and does not have any 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 stand has irreversibly altered intention to return to India, 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 over six decades long India’s Government sources said. 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. Tibetan card to its disadvan- Continued on Page 4 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. "*+ !"# $%% R ( #% R <=->; for his elderly mother. The CM started contributing money to % ,-- asked the district administra- his wife to defend the accused 1 hief Minister Yogi tion to release the fund imme- constable in court. "# '' -4;4<) CAdityanath met the family diately. Arguing that the accused "$ % members of Apple executive After Yogi’s assurance, the constables were doing their s 50,000 farmers from UP, Vivek Tiwari on Monday and Lucknow Nagar Nigam offered duty as per the instruction of & # AUttarakhand, Haryana, assured all help, including the job of a PRO to widow their bosses and Prashant and Punjab are on march from monetary support and a Kalpana Tiwari as per her opened fire in self defence, Haridwar to reach the nation- Government job, to the widow qualification. some policemen said, “We are al Capital on Tuesday to gath- of Tiwari, 38, who was shot Though sacked constable asked to control the law and !"#$"% ' er at Kisan Ghat, the Delhi dead by a trigger-happy con- Prashant Chaudhary and his order and also are asked to con- ( '' -4;4<) Police on Monday imposed stable for allegedly refusing to colleague Sandeep Kumar are duct vehicle checking. The top ' )*( prohibitory orders (Section stop his SUV for checking in in judicial custody, in a latest cops are concerned with the $+",- . spate of incidents involving 144) in East and Northeast Gomti Nagar Extension area in development a voice of dissent output and they had no expo- O Ashootouts and murder Delhi, anticipating law and the early hours of Saturday. has seemingly started to set in sure to the troubles we face shook the national Capital on order problems. The State Government among the rank and file of the while discharging duty. & & Monday and its adjoining areas The order prohibits assem- announced 25 lakh for the Uttar Pradesh Police with sev- Whenever we share the same in matter of just 24 hours. bly of five or more people, family and 5 lakh each for the eral constables and Sub we are snubbed by them.” '( While a 31-year-old private holding of any public meeting, education of Tiwari’s daughters. Inspectors expressing support They said, “Prashant was )( tutor was shot dead by two use of amplifier, loudspeaker Another 5 lakh was also given for the accused constables and denied permission to present "$*!* ) unidentified assailants in and similar instruments. his side of the story in the 1* Northwest Delhi’s Mahendra The Delhi Traffic Police in episode and it is against the nat- 2 Park over an alleged illicit rela- its advisory asked commuters ural justice. Even those charged 1 tionship on Monday morn- old-girl and a local BJP leader’s has claimed that this might to avoid Ghaziabad, Hapur, in criminal cases have the right ing, a 34-year-old man was shot security officer were injured.