The Hindu Business Line

New operating committee for IL&FS

- VENKATESH GANESH

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.

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