Nayyar was appointed the executive vice-chairman in 2018 and has been leading the IL&FS resolution.
The board of private lender IL&FS has announced the resignation of its Executive Vice-Chairman Vineet Nayyar on October 19.
Reports suggest that he had requested the board to relieve him of his duties with effect from October 31, 2020, due to poor health.
During this interim, CS Rajan, MD, IL&FS, has been asked to discharge Nayyar’s responsibilities. Rajan has also put in place a revised organisational structure for the private lender.
Nayyar was appointed the executive vice-chairman in 2018 and has been leading the IL&FS resolution. This involved over 300 companies, for the last two years with the new board.
Wishing Nayyar a speedy recovery, Uday Kotak, non-executive chairman of IL&FS said that Nayyar brought with him unique insights and conviction."Nayyar’s vast experience in the corporate resolution with Satyam and his sharp understanding of government functioning have provided the new board with immense learnings at every stage of the complex IL&FS resolution process. We wish him good health and speedy recovery,” Rajan stated in a press release.