Mumbai: Infrastructure Leasing & Financial Services Ltd on Thursday informed the BSE that the company has been intimated by the Ministry of Corporate Affairs, through its letter dated 30 October 2018, that G.N. Bajpai has resigned from the company’s board due to personal reasons with immediate effect.
The new IL&FS board also includes Kotak Mahindra Bank managing director Uday Kotak, ICICI Bank chairman GC Chaturvedi and former bureaucrats Malini Shankar, Vineet Nayyar, Nand Kishore and C.S. Rajan.
The new board on Wednesday submitted a plan to revive IL&FS to the National Company Law Tribunal (NCLT), paving the way to a potential resolution of the group’s future.
The government this month took control of IL&FS after it defaulted on some of its debt, triggering fears of contagion across India’s financial system. “It is a dream and hope blueprint for revival,” Sanjay Shorey, Director for Legal Prosecution in the Ministry of Corporate Affairs (MCA), told the tribunal.
Shorey said the new board of IL&FS was looking at strategies, including an outright sale of the entire IL&FS group and sales of its subsidiaries or assets, among other things.
The company later said in a statement after the tribunal hearing that the options could broadly involve significant capital infusion, divestments and debt restructuring at ILFS group, its subsidiaries and asset sales.
The NCLT told the MCA that the holding company will have to make all its 346 subsidiaries part of the resolution roadmap within 15 days.
The new board will follow due processes in the finalisation and implementation of the plans and expects to complete the process, in stages and parts, in the next six to nine months subject to market and economic conditions, IL&FS said.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.