MUMBAI : The Infrastructure and Financial Services Leasing (IL&FS) group announced on Monday Vineet Nayyar’s resignation as executive vice president.
Nayyar, who resigned due to health problems, asked the board of directors led by Uday Kotak to relieve him of his duties as of October 31, which the board accepted.
The board has asked CS Rajan, MD, IL&FS, to fulfill Nayyar’s responsibilities in the interim and, in consultation with senior management, establish a revised organizational structure.
“Vineet brought with it unique knowledge and convictions regarding our challenges over the past two years. I wish him a speedy recovery, “said Uday Kotak, IL&FS Non-Executive Chairman.” Mr. Nayyar’s vast experience in corporate resolution with Satyam and his in-depth knowledge of how government works has provided the new board with immense learnings at every stage of the complex. IL&FS resolution process. We wish him good health and a speedy recovery, “said Rajan.
Mint reported in July that two years after the new board of directors took over the bankrupt IL&FS group, only 18% of the group’s outstanding debt over ₹1 trillion had been solved. The board established a new resolution timeline and said it will be able to resolve ₹Rs 50,590 crore of outstanding debt for March 2021 and above ₹6,650 crore in fiscal year 22.
.
