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Last Updated : Oct 30, 2018 10:01 PM IST | Source: PTI

K Ramachand resigns as director of IL&FS Engineering

His resignation is effective from October 29, the company said in a filing to exchanges.

 
 
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IL&FS Engineering Services said it's chairman, Karunakaran Ramchand, has resigned from the post of director of the company.

His resignation is effective from October 29, the company said in a filing to exchanges.

"This is to inform that Karunakaran Ramchand, chairman of the company, has submitted his resignation as director of the company effective from October 29, 2018, in accordance with the notice received by the company on October 30," it said.

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Notice of resignation of Ramchand from the directorship of the company will be placed in the next meeting of the board of directors for its noting, it added.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on various debt repayments recently due to liquidity crisis.

The company as of March 2018 owed over Rs 91,000 crore to banks and other creditors.

On October 1, the government superseded the board of IL&FS and appointed a new board, with banker Uday Kotak as its executive chairman.

The newly appointed seven-member board in its October 12 meeting appointed nominee directors for eight of the cash-strapped subsidiaries and initiated austerity measures for personnel and operating expenses.

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First Published on Oct 30, 2018 09:47 pm
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