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    Uday Kotak-led team finds irregularities in IL&FS governance

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    Uday Kotak-led team finds irregularities in IL&FS governance

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    The new board of Infrastructure Leasing & Financial Services (IL&FS) led by Kotak Mahindra Bank vice-chairman Uday Kotak has detected anomalies in governance that may have pushed the company into a financial mess, sources privy to the developments told CNBC-TV18.

    The new board of Infrastructure Leasing & Financial Services (IL&FS) led by Kotak Mahindra Bank vice-chairman Uday Kotak has detected anomalies in governance that may have pushed the company into a financial mess, sources privy to the developments told CNBC-TV18.
    Meanwhile, Kotak has expressed his inability to submit a resolution plan by October 31st as directed by the National Company Law Tribunal (NCLT), but the board members have submitted a detailed assessment on what might have gone wrong at the company, said people familiar with the matter.
    IL&FS and its subsidiaries have defaulted on several debt repayments recently due to liquidity crisis. It needs an immediate capital infusion of Rs 3,000 crore and is also planning a Rs 4,500-crore rights issue.
    The company as of March 2018 owed over Rs 91,000 crore to banks and other creditors. On October 1, the government superseded the board of IL&FS and appointed a new board, with banker Kotak as its executive chairman.
    Besides Kotak, other members of the new board are former Sebi chairman G N Bajpai, ICICI Bank non-executive chairman G C Chaturvedi, IAS officer and the director general of shipping Malini Shankar, ex-IAS officer Vineet Nayyar, veteran auditor Nandkishore and C S Rajan, former chief secretary of Rajasthan.
    (With inputs from PTI)
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