The Centre extended the tenure of banker Uday Kotak as chairman of the scam-hit IL&FS till October 2, 2021. The Union government took over the entity in 2018. A spokesperson for IL& FS said, “This extension is a step towards fulfilling the duty entrusted on the new IL&FS board to resolve one of India’s largest financial sector challenges — comprising over 300 companies in the group.”
Meanwhile IL&FS has notified that subsidiary/associate companies set up by ITNL International Pte. Limited, (IIPL) Singapore in Dubai, UAE have filed an application before the Courts in Dubai for opening of insolvency/bankruptcy procedures.
While ITNL Infrastructure Developer LLC is a limited liability company registered and incorporated with the Department of Economic Development, Emirate of Dubai, in which IIPL Singapore is a 49% shareholder, ITNL International DMCC
is a limited liability company registered and incorporated with the Dubai Multi Commodities Centre, Emirate of Dubai, in which IIPL, Singapore is a 100% shareholder.