The Board members will now head these subsidiary committees, a release from the company said after its second Board meeting in Mumbai on Friday.
The newly constituted Board of the beleaguered Infrastructure Leasing and Financial Services Ltd (IL&FS) said they have replaced the existing nominee directors in eight of its subsidiary companies. The Board members will now head these subsidiary committees, a release from the company said after its second Board meeting in Mumbai on Friday.
"Based on the recommendation of the Nomination & Remuneration Committee, the nominee directors of its subsidiaries have been replaced by members of the newly constituted Board led by Uday Kotak," the company said.
A number of austerity measures to cut the expenses to revive the fortunes of the company related to personnel and operating expenses at the company will also be taken by the board, the company said in the release on Friday.
The Board also approved the formation of a core operating committee under the vice chairman and managing director Vineet Nayyar.
The company added in the release that the audit committee has recommended for a full audit of the standalone and consolidated accounts as on September 30 2018.
After its first meeting on October 4, the newly constituted IL&FS Board led by veteran banker Kotak said it would consider all available options to revive the firm. Kotak has said that the new Board's scrutiny had revealed that IL&FS has a maze of 348 entities much higher than the earlier estimate of 169 companies. This meant that the debt could far exceed the Rs 91,000 crore as on March 31, 2018. The committee also said the company has off-balance sheet exposure and also contingent liabilities.
Apart from Kotak, the other members of the Board include former Sebi chairman GN Bajpai, ICICI Bank non-executive chairman GC Chaturvedi, IAS officer and the director general of shipping Malini Shankar, Vineet Nayyar and veteran auditor Nand Kishore.
Austerity Steps
The board initiated austerity measures in relation to personnel and operating expenses.
It will rationalise operating, personnel expenses across all group entities.
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