CS Rajan Named New MD of IL&FS

New Delhi [India], Apr 3 (ANI): Infrastructure Leasing & Financial Services Limited (IL&FS) on Wednesday announced the appointment of CS Rajan as the Managing Director of the firm, with immediate effect.In addition to Rajan's appointment, the firm announced that Vineet Nayyar has been re-designated as the Executive Vice Chairman of the firm from April 3.The decisions were taken at the Board meeting on Wednesday chaired by Uday Kotak. The meeting had been called to analyse the status of the firm and prepare the six-month report card since the formation of the Centre-appointed board members."The new board was faced with complexities and not a situation where we could step in and go about the business," Kotak said at a media briefing.Kotak mentioned that going forward, there will be a reasonable approach to resolving credit, failing to do which significant challenges will rise in the future.IL&FS currently has Rs 99,354 crore debt. All projects have cost overruns and have been funded out of external credit, officials said at the briefing. They also assured that an orderly resolution will add value to the creditors rather than destroy value.Earlier this week, the Serious Fraud Investigation Office (SFIO) arrested former IL&FS chairman Hari Sankaran in connection with the ongoing investigation into the affairs of the company and its group entities.Sources said Sankaran was arrested on grounds of abusing his powers in IL&FS through his fraudulent conduct and in granting loans to entities which were not creditworthy or have been declared non-performing assets and caused wrongful loss to the company and its creditors.Sankaran is in the SFIO custody till April 4. (ANI)

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