New Delhi: The government has changed the composition of the board of IL&FS Ltd., which is going through a debt resolution procedure, and C S Rajan has been promoted to Non-Executive Chairman.
The company reports that Nand Kishore, who was an executive director, has been promoted to managing director.
The board of IL&FS was replaced in October 2018 by the corporate affairs ministry following revelations of financial wrongdoings. There are 347 entities in the vast financial services group, and 246 of them have been resolved since the ministry-appointed board began the process.
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On April 2, the tenure of renowned banker Uday Kotak, who oversaw the settlement procedure for nearly four years, came to an end.
Rajan has been the company’s chairman and managing director since since.
Rajan and Kishore have now been renamed by the ministry as Non-Executive Chairman and Managing Director, respectively. The most recent appointments will take effect immediately until March 2023. A representative for IL&FS stated on Tuesday, “We have been advised of these modifications by the Ministry of Corporate Affairs.”
The board now consists of five people. The directors are G C Chaturvedi, Malini Shankar, and N Srinivasan in addition to Rajan and Kishore. On September 30, Chaturvedi will resign from the board.
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Rajan was previously nominated by the ministry as Chairman and Managing Director for a period of six months beginning on April 3. IL&FS claimed in March that its 55,000 crore rupees worth of debt had been resolved by its new board and management.
“The group retained its overall resolution estimate at Rs 61,000 crore, representing 62 per cent of overall fund-based and non-fund based debt of over Rs 99,000 crore as of October 2018. The debt addressed till date (Rs 55,000 crore) represents over 90 per cent of the overall estimated resolution value.
“Resolution of the remaining Rs 6,000 crore debt will move into FY23,” it had said.
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