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The appointment of GN Bajpai to the new IL & FS board of directors had been scrutinized, with consulting firms voting on the merits of his appointment. Photo: Mint
Mumbai / New Delhi: GN Bajpai, one of seven government-appointed board directors to provide financial and infrastructure leasing services (IL & FS), resigned for personal reasons. A day after the newly formed board of IL & FS submitted its draft stimulus package to the National Company Law Tribunal (NCLT).
The Board of Directors of IL & FS, consisting of six members, is chaired by Uday Kotak, Managing Director and CEO of Kotak Mahindra Bank Ltd. includes GC Chaturvedi, chairman of ICICI Bank Ltd, former bureaucrats Malini Shankar, Vineet Nayyar, Nand Kishore and CS Rajan.
"I said that I withdrew from the board of directors of IL & FS for personal reasons. California Bajpai said in an interview.
Regarding why he accepted the position of Independent Director a month earlier, Bajpai said: "All board members spend considerable time every day in the business of IL & FS. I can not devote much time and so I decided to resign. "
" I have gradually reduced much of my work to other companies and I will continue to do so, "said Bajpai, wishing to retire.
Bajpai is currently a non-executive director and Chairman of Future Generali India Insurance Co. Ltd.
In August, he retired from the Board of Directors of Nitesh Estates Real Estate Company after serving as independent director for more than eight years.
On October 4, Mint announced that Bajpai's choice on the government-appointed board of directors responsible for saving the IL & FS had been examined, with power of attorney
On October 1, the government dissolved the IL & FS board of directors and appointed a new one.
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