Govt extends Uday Kotak's term as IL&FS non-exec chairman by 6 months

The government has extended the term of Uday Kotak as the non-executive chairman of Infrastructure Leasing and Financial Services (IL&FS) by another six months.  

Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank would continue being the non-executive director on the board of IL&FS until April 2, 2022, according to a notification by Department of Financial Services (DFS). His tenure—that has seen several extensions since he was appointed by the government to head the shadow lender—was supposed to expire on October 2. 

The Banking Regulation Act, 1949 prohibits a banking company to be managed