Vineet Nayyar named IL&FS Managing Director after new board meets

Mumbai, Oct 4: Infrastructure Leasing and Financial Services (IL&FS has appointed Vineet Nayyar as its managing director, the company's new non-executive chairman Uday Kotak told reporters on Thursday.

Nand Kishore has been appointed as the chairman of the audit committee and GC Chaturvedi will be the chairperson of the Remuneration Committee.

The appointments are subject to approval from the National Company Law Tribunal (NCLT).

The government replaced the company's entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector.

In a rare move, the government superseded the board of IL&FS on Monday against the backdrop of debt defaults by some of its group entities that triggered fears of liquidity crunch. The control of the company was given to the six-member board headed by leading Indian banker Uday Kotak.

Finance Minister Arun Jaitley has said the government will take all measures to ensure that adequate liquidity is provided to non-banking financial companies or NBFCs, mutual fund houses, and small and medium enterprises or SMEs, after the stock and bond markets were rattled by the IL&FS crisis.