Vineet Nayyar resigns as executive VC of IL&FS Group over health issues

Vineet Nayyar has resigned from the board of IL&FS Group as executive vice chairman citing health issues, the company said in a statement.

The board has accepted his resignation with effect from October 31, and granted him leave till then.
 

"In the interim, C S Rajan, MD, IL&FS, has been asked by the board to discharge Nayyar’s responsibilities and, in consultation with senior management, put in place a revised organisational structure," IL&FS said in a statement.
 

Nayyar was appointed the executive vice chairman and managing director of IL&FS on October 4, 2018 in the first meeting held by the new board immediately after its constitution by the Ministry of Corporate Affairs. He oversaw the resolution of IL&FS and its 300 companies, for the last two years. Nayyar had also overseen the resolution of Satyam after a scam by the founder Ramalinga Raju.