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IL&FS Transportation Networks Ltd, a company of the crisis-hit IL&FS group, on Friday announced re-designation of Dilip Bhatia as its chief executive officer. “The board of directors has re-designated Bhatia as chief executive officer of the company effective April 4,” IL&FS Transportation Networks Ltd (ITNL) said in a filing to BSE.
Bhatia, it said, continues to be key managerial personnel of the company. “Bhatia was appointed as chief executive officer-officiating of the company effective November 15, 2018,” the filing said.
Last month, ITNL said it has defaulted on a payment of Rs 20.91 crore due on principal and interest of non-convertible debentures (NCDs) because of insufficient funds. The principal amount and interest due and payable on March 18, 2019, was not paid to the debenture holders due to insufficient funds, the company had said in a filing to stock exchanges.
Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds. The group’s total debt stood at over Rs 90,000 crore as of October 2018. In December last year, the IL&FS group announced a sale of equity stakes in its road assets to raise funds and initiated the process of exploring divestment of IL&FS group’s equity stakes in road assets.
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