Vineet Nayyar has resigned as executive vice chairman of Infrastructure Leasing & Financial Services (IL&FS) on medical grounds. CS Rajan, managing director (MD) of IL&FS will take over the responsibilities of Mr Nayyar, the group says in a release.
The matter was discussed in IL&FS' board meeting on Monday, where the resignation of Mr Nayyar was accepted.
Uday Kotak, non-executive Chairman, IL&FS, says, “Vineet brought with him unique insights and conviction with respect to our challenges over the last two years. I wish him speedy recovery."
In October 2018, the new board of IL&FS headed by Mr Kotak was constituted. However, within a month, GN Bajpai, the member on the newly appointed board at IL&FS resigned citing personal reasons. Mr Bajpai was former chairman of SEBI.