Home Market Here are 15 members of IL&FS board that were sacked by govt

Here are 15 members of IL&FS board that were sacked by govt

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Oct 02, 2018, 07.38 PM IST

The board was replaced with a new six-member panel headed by Uday Kotak.

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NEW DELHI: The government on Monday dissolved the 15-member board of debt-ridden Infrastructure Leasing & Financial Services (IL&FS) in a move to revamp investor confidence scalded by the firms defaults and fears of a credit freeze.

The board was replaced with a new six-member panel headed by Managing Director of Kotak Mahindra Bank Uday Kotak. He will be joined by ICICI chairman GC Chaturvedi, former vice-chairman of Tech Mahindra Vineet Nayyar, former Sebi chairman GN Bajpai and bureaucrats Malini Shankar and Nand Kishore.

The central governments petition before the National Company Law Tribunal (NCLT) was accepted by the court on Monday afternoon and the new board will meet on or before October 8. The government argued that IL&FS existing board be suspended after a series of defaults by the company led to meltdown of confidence in financial markets. Shares of non-banking financial services companies fell sharply in September on worries that the contagion from IL&FS will spread to the rest of the banking sector, EconomicTimes reported.

Heres is a list of 15 members that were sacked by the government:

  1. Sunil Behari Mathur – Non-Executive Chairman, IL&FS (Independent Director)
  2. Hari Sankaran – Vice Chairman & Managing Director, IL&FS
  3. Arun K Saha – Joint Managing Director & CEO, IL&FS
  4. Praveen Kumar Molri – Nominee Director, Life Insurance Corporation Of India
  5. Kiyoshi Fushitani – Nominee Director, Orix Corporation, Japan
  6. Harukazu Yamaguchi – Nominee Director, Orix Corporation, Japan
  7. Sanjeev Doshi – Nominee Director, Abu Dhabi Investment Authority (AIDA)
  8. Bijendra Kumar Singhal – Nominee Director, Central Bank Of India
  9. Chalasani Venkat Nageswar – Nominee Director, State Bank Of India
  10. Ravindra Chandra Bhargava – Independent Director
  11. Michael Pinto – Independent Director
  12. Jaithirth Rao – Independent Director
  13. Rina Kamath – Independent Director
  14. Kiyokazu IshinabeAlternate Director To K Fushitani
  15. Ikuo Nakamura – Alternate Director To H Yamaguchi

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