MUMBAI: The newly-constituted board of debt-laden Infrastructure Leasing & Financial Services (IL&FS) appointed Vineet Nayyar as its vice-chairman and managing director on Thursday.
“This is a very complex company, a financial markets intermediary and in a real world space,” IL&FS non-executive chairman Uday Kotak told reporters in Mumbai.
The task, he said, would be to build trust, ensure fair value for the assets and enterprises preserved. “There are three to four options before the board,” Kotak said, adding the task at hand was much larger than anticipated with the total number of entities under IL&FS to be looked at doubling to 348.
Nayyar, a key figure who revived the scam-tainted Satyam Computers, said both the cases are as different as chalk and cheese. “Satyam was a simple case of felony … Here the complexity is much larger. There is no evidence of any form of felony.” Putting IL&FS back on feet would require efforts at multiple levels, he added.
The board, including its seventh member C S Rajan, addressed the media after a five-hour deliberation at the IL&FS headquarters. While the board members would not get into the details of the immediate plan of action, Kotak said it is committed to meet frequently and stick to the October 31 deadline for presenting a road map prescribed by the National Company Law Tribunal (NCLT).
The board also reconstituted core committees and appointed committee heads as per legal requirements, Kotak said.Nand Kishore was appointed as chairman of the audit committee and G C Chaturvedi as head of the remuneration committee. G N Bajpai is head of the stakeholder committee, and Malini Shankar will lead the CSR committee.
On Monday, the Corporate Affairs ministry moved the NCLT to sack the entire board of IL&FS and appoint new board members. A SFIO investigation was also launched to look into the account, audit and affairs of the company.