Nagaraju Maddirala has been appointed Chairman and Managing Director of IL&FS for two years. The Ministry of Corporate Affairs confirmed his appointment on October 12. He replaces Nand Kishore, who finished his term on September 30. Maddirala will get a monthly salary of Rs 5.5 lakh and a company car.
Synopsis
Nagaraju Maddirala, previously a financial services secretary, has been appointed Chairman and Managing Director of IL&FS. His appointment was confirmed by the Ministry of Corporate Affairs on October 12 following Nand Kishore's tenure. Maddirala will receive a monthly remuneration of Rs 5.5 lakh along with a company car. IL&FS is currently under a government-appointed board due to previous financial issues.
Former financial services secretary Nagaraju Maddirala has been appointed Chairman and Managing Director of Infrastructure Leasing & Financial Services (IL&FS) for two years, according to an official order.
Maddirala, a retired financial services secretary is replacing Nand Kishore whose tenure ended on September 30.
The Ministry of Corporate Affairs confirmed his appointment in an order dated October 12. Previously, on October 1, the Mumbai bench of the National Company Law Tribunal (NCLT) had appointed him as a director on the company's board.
As stated in the order, Maddirala will serve as Chairman and Managing Director for two years from the date he takes charge. He will receive a monthly remuneration of Rs 5.5 lakh, and a company car and leased accommodation in addition.
IL&FS is registered as a Systemically Important Non-Deposit Accepting Core Investment Company.
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The company has been under a government-appointed board since October 2018, when the NCLT suspended its previous board following a petition by the Centre. A new board was subsequently appointed to oversee the debt-laden infrastructure financing company.
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