Uday Kotak named IL&FS non-exec chairman; Vineet Nayyar is Vice chair & MD

The new IL&FS board was made aware that there are 348 entities under the group. This underscores the task at hand,' Uday Kotak said. It was also said that IL&FS and Satyam cases are chalk and cheese

In a press conference in Mumbai today, Kotak Mahindra Bank Managing Director and CEO, Uday Kotak announced he has been appointed as non-executive chairman of IL&FS. Vineet Nayyar of Tech Mahindra has been named Vice-chairman and managing director.

The appointments are subject to approval from the National Company Law Tribunal (NCLT)

Stating that each of those appointed as IL&FS directors was humbled by the responsibility placed by the government on them, Kotak confirmed that the board will meet frequently to meet the directives of the NCLT.

What Kotak said:

• The board was briefed in detail by legal advisers
• IL&FS management gave a presentation on the company
• With a view to preserve value of the company, the board will take the necessary steps
• Board was told that there are 348 entities under the group. This underscores the task at hand
• The board assessed ground realities and the way forward
• The board will follow directions of NCLT, will make a fair assessment of banks 
• The board will meet very frequently. 
• IL&FS board to meet shareholders at an appropriate time
• IL&FS system more complex than Satyam