IL&FS new board appoints Vineet Nayyar as vice-chairman and MD
The newly-constructed board has appointed Vineet Nayyar as the Vice-chairman and MD of the Infrastructure Leasing & Financial Services (IL&FS). The decision was taken in a marathon over 5-hours meeting held today to decide the fate of the institution that has 348 subsidiary companies. Nand Kishore has been appointed as the chairman of the audit committee and GC Chaturvedi will be the chairperson of the Remuneration Committee.
Newly-appointed Vice Chairman & MD of IL&FS, Vineet Nayyar said that they have no predetermined view on any person or any course of action. He said the board’s objective is to create an enabling environment. Vineet Nayyar and CP Gurnami were the key persons, who steered the scam-hit Satyam Computers out of the woods. Nayyar was the person, who in fact changed the meaning of Satyam, which was synonymous with fraud and forgery to a company that regained its glory even after being hit by a fatal blow.
Calling the scale of the crisis in IL&FS much bigger than Satyam, Uday Kotak, non executive chairman of IL&FS said: “Three to fours options are available in front of the board. Board will take the necessary steps to preserve the value of IL&FS.”
However, Kotak said unlike Satyam they have not found any evidence of felony so far.
“We are the legally-constituted board than the shareholder-led board. The Board will meet frequently to prepare a future road map,” Kotak said.