Money & Banking

Vineet Nayyar quits as Executive Vice-Chairman of IL&FS Group

Our Bureau Mumbai | Updated on October 19, 2020

Cites medical reasons

Vineet Nayyar has resigned as Executive Vice-Chairman of IL&FS Group citing medical reasons.

“The board of IL&FS Group today announced the resignation of Vineet Nayyar as the Executive Vice-Chairman of IL&FS Group. Mr Nayyar, has requested the board to relieve him of his duties as Executive Vice-Chairman of IL&FS with effect from October 31, 2020, on grounds of indifferent health,” said a statement from IL&FS.

CS Rajan, MD, IL&FS, has been asked by the board to discharge Nayyar’s responsibilities and, in consultation with senior management, put in place a revised organisational structure.

Nayyar was appointed the Executive Vice-Chairman and Managing Director of IL&FS on October 4, 2018, in the first meeting held by the new board immediately after its constitution by the Ministry of Corporate Affairs (MCA). He has been leading the IL&FS resolution, involving over 300 companies, for the last two years with the new board.

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

“ Nayyar’s vast experience in the corporate resolution with Satyam 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” said Rajan.

Published on October 19, 2020

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