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Vineet Nayyar Resigns As IL&FS Executive Vice Chairman

Vineet Nayyar Resigns As IL&FS Executive Vice Chairman

Vineet Nayyar recently resigned as the Executive Vice Chairman of IL&FS Group on medical grounds. He asked to be relieved from his duties with effect from October 31, 2020. The Board, in its meeting, accepted Nayyar’s resignation and granted him leave till then.

 

In the interim, the Board has asked C S Rajan, MD, IL&FS, to discharge Nayyar’s responsibilities and, in consultation with senior management, put in place a revised organizational structure.

 

Nayyar was appointed to his post on October 4, 2018 and had been leading the IL&FS resolution, involving over 300 companies, for the last two years with the new Board.

 

Uday Kotak, non-executive Chairman, IL&FS said in a press release, “Vineet brought with him unique insights and conviction with respect to our challenges over the last two years. I wish him speedy recovery.”

 

Rajan stated, “Nayyar’s vast experience in Corporate resolution . . . and his sharp understanding of Government functioning has provided the new Board with immense learnings at every stage of the complex IL&FS resolution process. We wish him good health and speedy recovery.”

 

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