Govt restructures IL&FS Board; Uday Kotak to head Board
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Govt restructures IL&FS Board; Uday Kotak to head Board

Mumbai, Oct 1: The Mumbai bench of the National Company Law Tribunal (NCLT) on Monday allowed the Union Government to appoint its new Board of Directors with immediate effect.

The new Infrastructure Leasing and Financial Services (IL&FS) board will have Kotak Mahindra Bank managing director Uday Kotak as Non-Executive Chairman, Tech Mahindra boss Vineet Nayyar, former SEBI chief GN Bajpai, former ICICI Bank chairman GC Chaturvedi, former IAS officers Malini Shankar and Nanda Kishore.

The NCLT allowed the Government under section 241 read with 242 of the Companies Act, 2013 to order supersession of the present Board of Directors of the IL&FS and its substitution by the new ones.(UNI)