22.5 C
Jalandhar
Monday, October 18, 2021

ਵਾਹਿਗੁਰੂ

spot_img
yes punjab punjabi redirection

kissan

ajaib ghar

sarkari naukri

bijli

madadgaar

sports club

kisan sarkari naukri

muavja

Markfed Sept to Nov

mrsptu

Innocent

Govt gives another 6 months to Uday Kotak at IL&FS to complete resolution

- Advertisement -

New Delhi, Sep 22, 2021- The government has again extended the term of Uday Kotak as non-executive chairman of Infrastructure Leasing and Financial Services (IL&FS) to maintain continuity in the resolution plan being operatives for the indebted group.

As per a notification by the department of financial services, Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank would continue being the non-executive chairman on the board of IL&FS for another period of six months until April 2, 2022.

Kotak’s tenure at IL&FS has already been given several extensions (about three since 2018) as the government believes that he will guide the company out of the current mess by completing the successful resolution of all stressed assets.

The Banking Regulation Act, 1949 prohibits a banking company to be managed by an individual who is a director of any other company. However, the provision does not apply for a temporary period not exceeding three months or such further period not exceeding nine months if allowed by the Reserve Bank of India (RBI).

The fresh six month extension for Kotak comes on the recommendations of the Reserve Bank of India (RBI). The apex bank had earlier also given the recommendation to continue with Kotak at the helm of IL&FS during its restructuring. Already, the IL&FS management under Kotak has resolved a substantial portion of the Rs 90,000 crore debt. The resolution strategy also involves selling several assets of IL&FS.

C.S. Rajan, MD, IL&FS said : “The IL&FS is privileged to enjoy the continued leadership of Mr Kotak for another 6 months. I am confident that under his guidance the IL&FS would accomplish the resolution targets set.” (Agency)

Subscribe to YesPunjab Telegram Channel & receive important news updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,369FansLike
112,611FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Indian Population

In the light of the population explosion debate – by Nirendra Dev

Mizoram has made news -- not necessarily for the wrong reasons but certainly for quite unexpected reasons. North-Eastern India generally makes news due to...
Terrorists Shadow

Tackling the resurgence of jihad in Kashmir – by Amjad Ayub Mirza

With three encounters taking place in less than 24 hours between October 10 and 11, terrorist insurgency has effectively resurged in the Kashmir Valley....
DSGMC Logo

Present Peculiar Scenario of DSGMC post 2021 Elections – by Inder Mohan Singh

The management of the historical Gurdwaras of Delhi came into the hands of local Sikh electorate after enforcement of ‘Delhi Sikh Gurdwaras Act 1971...

SPORTS

Health & Fitness

wearable device uses sweat to monitor glucose level

New wearable device uses sweat to monitor glucose levels

New York, Oct 17, 2021- Dread pricking your fingers every morning to monitor your glucose levels? Take heart, US scientists have developed the prototype of a first-of-its-kind wearable glucose monitoring device that uses sweat on skin instead of needles.A team from the Pennsylvania State University constructed the device first with laser-induced graphene (LIG) -- a material consisting of atom-thick...

Gadgets & Tech