Banks can proceed against ex-IL&FS directors: NCLAT

NCLAT has permitted Canara Bank and Indian Bank to proceed against former IL&FS directors, excluding those on the new board since October 1, 2018, to declare them wilful defaulters. This protection extends to professional directors reappointed to the current IL&FS and its subsidiaries' boards. The banks are now allowed to apply to initiate proceedings against the specified former directors.

from Business News: Budget 2025, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TBixXrF