Mumbai: The latest news to rock India's financial sector is the departure of at least six management heads from the board of Infrastructure Leasing and Financial Services.
IL&FS, that has been grappling over irregularities in pay-outs of debts, reported that Ramesh Bawa, it's Managing Director and CEO was resigning from the board.
The leasing finance company confirmed the development in a regulatory filing on Saturday.
Further news reports also reported that four independent directors, and a non-executive director were stepping down from their positions.
Renu Challu, Surinder Singh Kohli, Shubhalakshmi Panse, Uday Ved, and Vibhav Kapoor, a news-report identified had stepped down as Independent Directors.
Meanwhile, an emergency board meet has been called up, and Kaushik Modak, an incumbent executive Director is expected to head the top post.
Matters for IL&FS are appearing complicated with consolidated debt reported in the range of Rs 88,000- 91,000 crores. In a sudden turn of events for IL&FS, credit rating agencies knocked off their debts from rating processes.
Rating agency ICRA put IL&FS' Rs 12,000 crore debt plan as "junk".