Former Financial Services Secretary Nagaraju Maddirala has been appointed Chairman and Managing Director (CMD) of Infrastructure Leasing & Financial Services (IL&FS) for a two-year tenure, according to an official order by the Ministry of Corporate Affairs (MCA).
Key Details of the Appointment
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Tenure & Mandate: Appointed for two years starting from the date he takes charge, succeeding Nand Kishore, whose term ended on September 30.
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NCLT Approval: The Mumbai bench of the National Company Law Tribunal (NCLT) previously approved his induction onto the board as a director on October 1.
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Compensation Package: Maddirala will draw a monthly remuneration of ₹5.5 lakh, along with leased accommodation and a company car.
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Corporate Profile: IL&FS operates as a Systemically Important Non-Deposit Accepting Core Investment Company.
Background Context
The crisis-hit, debt-laden infrastructure lender has been operating under a government-appointed board since October 2018, when the NCLT superseded its previous management following a petition by the Union Government to resolve its massive financial liabilities and restructure operations.
