The Union of India, acting through the Ministry of Corporate Affairs, had initiated proceedings against IL&FS group, which includes IL&FS Financial Services Limited (IFIN). Pursuant to the said proceedings, the Hon’ble NCLT, Mumbai Bench has appointed new directors as recommended by the Union of India on the board of IL&FS and the said new board has been empowered to replace and appoint new directors on the board of subsidiary companies of IL&FS, which includes IFIN.
At present, the resolution process of IL&FS group entities (including IFIN) is being carried out in accordance with the Resolution Framework approved by the Hon’ble NCLAT on March 12, 2020.