IL&FS Group executive vice-chairman Vineet Nayyar resigns on medical grounds

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) Group on Monday announced the resignation of Vineet Nayyar, its executive vice chairman.

Nayyar has requested the IL&FS board to relieve him of his duties with effect from October 31, 2020, on grounds of indifferent health, the group said in a release.

"The Board, in its meeting held here today, has accepted Nayyar's resignation with effect from October 31, 2020, and granted him leave till then, on medical grounds," the release said.

In the interim, the group's managing director, C S Rajan, has been asked by the board to discharge Nayyar's responsibilities. He, in consultation with senior management, will put in place a revised organizational structure, the release said.

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).

Commenting on the resignation, the group's non-executive chairman Uday Kotak said, "Vineet brought with him unique insights and conviction with respect to our challenges over the last two years. I wish him speedy recovery." In June this year, the group's chief operating officer, N Sivaraman, had decided to part ways with the group.

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