The government has reshuffled the board of IL&FS Ltd, which is witnessing debt resolution process, with being board member C S Rajan being redesignated as theNon-Executive president.

Nand Kishore, who was serving as an administrative director, has been made the Managing Director, according to the company.

In the wake of fiscal misdoings coming to light, the commercial affairs ministry had supplanted the board of IL&FS in October 2018. The sprawling fiscal services group has 347 realities under it and resolution has taken place for 246 realities after the ministry- appointed board started the resolution process.

The term of noted banker Uday Kotak, who piloted the resolution process for nearly four times, as the IL&FS Ltd board’sNon-Executive president ended on April 2.

Now, the ministry has redesignated Rajan as theNon-Executive president and Kishore as the Managing Director. The rearmost movables with immediate effect are till March 2023.” We’ve been informed by the Ministry of Corporate Affairs of these changes,” an IL&FS prophet said on Tuesday.

Presently, the board has five members. Besides Rajan and Kishore, the directors are G C Chaturvedi, Malini Shankar and N Srinivasan. Chaturvedi will step down from the board on September 30.

before, the ministry had appointed Rajan as Chairman and Managing Director for six months with effect from April 3. In March, IL&FS said its new board and operation had addressed a total debt of Rs,000 crore.
” The group retained its overall resolution estimate at Rs,000 crore, representing 62 per cent of overall fund- grounded andnon-fund grounded debt of over Rs,000 crore as of October 2018. The debt addressed till date( Rs,000 crore) represents over 90 per cent of the overall estimated resolution value.
Resolution of the remaining Rs,000 crore debt will move into FY23,” it had said.