Wednesday, June 23

Vineet Nayyar: IL&FS Transportation: Vineet Nayyar, Rajan not yet appointed on board

MUMBAI: IL&FS Transportation Networks, a group company of the troubled IL&FS group, Thursday clarified to the exchanges that it has not appointed any new board members but has only received nominations for the same.

Exchanges had Wednesday sought clarifications from the company about a press statement issued on October 12 relating to new board appoints nominees on key subsidiaries companies.

“In connection with the nomination of directors on the board, we wish to inform that we have only received a nomination letter for appointment of Vineet Nayyar and CS Rajan as nominees directors on our board and that they are yet to be appointed,” IL&FS Transportation Networks informed BSE in a filing.

It can be noted that following a string of defaults, and the resultant market mayhem, the government earlier this month took over the company and appointed a new six-member board under noted banker Uday Kotak as the new chairman.

The company, which is majority owned by LIC and the Japanese Orix corporation with around 48 per cent stake, has 358 subsidiaries which together owe over Rs 91,000 crore to a number of banks and other financial institutions.

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