Finance NCLT allows government to take control of IL&FS; Uday Kotak, ICICI Bank’s GC Chaturvedi named on new board Updated : October 02, 2018 05:05 AM IST The last time the government moved to take control of a company was during the Satyam scandal in 2009. A string of defaults by IL&FS in recent weeks have led to rating downgrades on the company and its subsidiaries that house some of its debt. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.