IL&FS Engineering and Construction Company Ltd, formerly Maytas Infra Ltd, has informed the BSE that its board of directors has seen a major restructure.

Its Chairman, Mr Ravi Parthasarathy, and its Managing Director, Mr Vikarm Kaushik, has stepped down, and Mr Ramchand Karunakaran has taken over as new Chairman and Mr M.D. Khattar, Chief Executive Officer.

According to a notification to the stock exchanges, Mr Ved Jain and Mr Anil Kumar Agarwal have been appointed as additional directors of the company as Independent Directors. In fact, these two were Government nominee directors, but had recently stepped down. But they are back as directors following the recent board changes. These changes are effective from Monday.

Mr Ravi Parthasarathy, who was instrumental in acquiring Maytas Infra Ltd, and later attracting investments from the Saudi BinLadin Group, has resigned from the board and stepped down as chairman of the company.

Mr Vimal Kishore Kaushik, who steered the company through the crucial phase of reconstruction, also resigned from the board and stepped down as Managing Director.

Quarterly numbers

IL&FS Engineering and Construction Company Ltd has posted a loss of Rs 37.61 crore for the second quarter ended September 30, 2011, against a loss of Rs 52.68 crore for the corresponding quarter last year.

The company revenue for the second quarter was, however, up at Rs 257.94 crore against Rs 222.10 crore for the corresponding period last year.

During the September quarter, the Ministry of Corporate Affairs withdrew its nomination of Mr Anil Agarwal and Mr Ved Jain as its nominee directors.

These two were appointed along with others to steer the scam-hit Maytas Infra through the crucial transition period after the new management under IL&FS took over the reins.

During the review of the company financials, its auditors S.R. Batliboi & Associates have qualified certain provisions in the financial statement, including receivables from inter-corporate deposits.

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