Uday Kotak gets 1 year extension on IL&FS board

Last Updated: Wed, Oct 02, 2019 14:04 hrs
Uday Kotak, Managing Director of Kotak Mahindra Bank

New Delhi: The government on Tuesday extended banker Uday Kotak's term on the board of the crisis-hit IL&FS by one year, till October 2, 2020.

The Board, led by Kotak, was mandated to complete the resolution of the IL&FS and its group companies, which have a debt of over Rs 90,000 crore, through a fair and transparent process.

On October 1 last year, the government had removed the sitting board members and installed a new board headed by Uday Kotak after the group defaulted on its loans.

The Board has considered and several options of asset monetisation including group level (ILFS) monetisation, vertical and asset level resolution. As per the board it has identified resolution plans for all the 302 entities of the group.