The Hindu Business Line
New operating committee for IL&FS
The new board of IL&FS has appointed CS Rajan as Managing Director of the ailing company to oversee the ongoing asset monetisation process. Rajan will be part of an operating committee, which will report to the board. N Sivaraman has been appointed Chief Operating Officer and Vineet Nayyar Executive Vice-Chairman
Uday Kotak, the Non-Executive Chairman of IL&FS, said the new commitee will oversee the functioning of the company and ensure that the asset sale progresses smoothly.
Giving out the progress made so far, Kotak said a solid team is managing the entire resolution process of IL&FS. In addition to whole-time board members, an operating committee has also been created
The new board has been tasked with disentangling a complex mess, including classifying around 169 domestic entities of the group into green, amber and red categories, said Kotak.
So far, around ₹1,000 crore has been recovered. Further, the committee will be coordinating with agencies such as SFIO and others to uncover the money trail. The process will be overseen by retired justice DK Jain.