The effort will be to disgorge around ₹450 crore, said a govt official on condition of anonymity. Photo: Aniruddha Chowdhury/MintNew Delhi: The government will move the National Company Law Tribunal (NCLT) to disgorge the assets of errant managers in the distressed Infrastructure Lease & Financial Services Ltd (IL&FS). Profiting by remuneration that is not in sync with the financial performance of IL&FS was not justifiable, said a government official on condition of anonymity. The Mumbai bench of NCLT on Monday allowed the government’s interim plea to restrain nine erstwhile top officials of IL&FS from disposing of their personal assets, Mint reported on Tuesday. The state-appointed board of IL&FS led by Uday Kotak is now exploring ways to turn around the company, mainly by way of asset sales.

Source: Mint December 07, 2018 09:11 UTC