The India government has applied for takeover of troubled non bank finance.

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      The Indian government is taking over the troubled Infrastructure Leasing and Financial Services Limited (IL&FS), according to two television stations. The move is rare for the Indian government, highlighting the seriousness of the financing and construction giant's problems.
CNBC TV 18 and ET NOW reported Monday that the government filed a petition with the National Court of Justice to dismiss the company's board of directors. IL&FS's recent default shook India's financial markets.
Government intervention may undermine IL&FS's restructuring plan. The company announced on Sunday that shareholders approved a plan to raise funds through issuing bonds and stocks.
In recent weeks, a series of IL&FS default incidents led to the downgrading of the company and its subsidiaries. The rapid loss of its reputation has raised concerns about a possible crisis in India's non-bank financial services sector, prompting the government to apply for intervention.
ET NOW said that the government may also consider replacing the management of the company.


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