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The government has extended the term of veteran banker Uday Kotak as non executive Chairman of Infrastructure Leasing and Financial Services Ltd (IL&FS) for another six months till April 2, 2022.
“….whereas the Central Government, on the recommendations of the Reserve Bank of India, has considered it necessary to grant said exemption to Kotak Mahindra Bank Limited for a further period of six months with effect from the 3rd day of October, 2021,” said a notification by the Department of Financial Services.
Also see: IL&FS floats EoI for selling 100% stake in wind farm project
Kotak, who is Managing Director and CEO of Kotak Mahindra Bank, was appointed by the government to head the Board of troubled IL&FS in 2018 and has since been given various extensions.
CS Rajan, MD, IL& FS said, “The IL&FS is privileged to enjoy the continued leadership of Uday Kotak for another six months. I am confident that under his guidance IL&FS will accomplish the resolution targets set.”
On September 21, Kotak had tweeted that Evergrande seems like China’s Lehman moment and reminds him of IL&FS.
“Indian Government acted swiftly. Provided calm to financial markets. The Government appointed board estimates 61 per cent recovery at IL&FS,” he wrote.
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