IL&FS: MCA Appoints Nand Kishore as MD; CS Rajan Becomes Non-executive Chairman
Moneylife Digital Team 27 September 2022
The ministry of corporate affairs (MCA) appointed Nand Kishore as managing director (MD) of crisis-hit Infrastructure Leasing and Finance Ltd (IL&FS), while incumbent MD CS Rajan has been made non-executive chairman. After the end of the term of Uday Kotak on 2 April 2022, Mr Rajan was appointed chairman for six months. 
 
ICICI Bank's non-executive chairman Girish Chandra (GC) Chaturvedi also resigned from the board of IL&FS. In 2018, the Union government appointed a former officer from the Indian Administrative Service (IAS) to the board of the crisis-hit company.
 
Nand Kishore, a 1981 batch IAS officer, was appointed to the board of IL&FS in 2018 and was appointed executive director in December 2020. Mr Rajan, a 1978 batch IAS officer, was appointed as MD of IL&FS in April 2019. When Mr Kotak's term ended, Mr Rajan was appointed as CMD. 
 
The new changes are effective immediately till March 2023. IL&FS says MCA has informed it about the changes.
 
In the last week of March, Mr Kotak told the media that the IL&FS group had addressed a debt of about Rs55,000 crore, or 90% of its original estimate of Rs61,000 crore. The group also maintained its earlier estimate of resolving debt of Rs61,000 crore, representing a resolution of 62% of the overall—fund-based and non-fund based—debt of over Rs99,000 crore as of October 2018. 
 
In a release, IL&FS had said the resolution of the remaining Rs6,000 crore debt will move into FY22-23. "Of the 347 entities under IL&FS Group as of October 2018, a total of 246 entities stand resolved leaving 101 entities to be resolved in the next financial year."
 
IL&FS was incorporated in 1987 with the objective of promoting infrastructure projects in the country. IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corp Ltd (HDFC) and Unit Trust of India (now SUUTI).
 
You may want to read our coverage on IL&FS here
Comments
r_ashok41
2 months ago
where are we on the resolution for the NCD invested retailers
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