https://www.taxtmi.com/news?id=20583 The government applied to the Tribunal under section 241 read with 242 of the Companies Act to supersede the existing Board and appoint a new Board, citing repeated defaults, severe liquidity gap, misrepresentation of financial position, excessive leveraging and resultant systemic risk. Board replacement is presented as the necessary first step to restore market confidence and permit orderly measures-time bound asset sales, receivable realisation, liability restructuring, fresh capital infusion and temporary liquidity support-alongside investigatory steps including an SFIO probe. en-us Mon, 01 Oct 2018 18:07:29 +0530 Mon, 01 Oct 2018 18:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=20583 The government applied to the Tribunal under section 241 read with 242 of the Companies Act to supersede the existing Board and appoint a new Board, citing repeated defaults, severe liquidity gap, misrepresentation of financial position, excessive leveraging and resultant systemic risk. Board replacement is presented as the necessary first step to restore market confidence and permit orderly measures-time bound asset sales, receivable realisation, liability restructuring, fresh capital infusion and temporary liquidity support-alongside investigatory steps including an SFIO probe. News - Mon, 01 Oct 2018 18:07:29 +0530 https://www.taxtmi.com/news?id=20583