Financially troubled Infrastructure Leasing & Financial Services (IL&FS) has now appointed N. Sivaraman, formerly president and whole-time director with L&T Finance Holdings Ltd, as its new chief operating officer (COO). The responsibilities given to the incoming COO includes managing day to day operation and providing hands-on leadership and managing to the group's asset monetisation efforts. Sivaraman will be the part of a core operating team committee and will report to Vineet Nayyar who is the vice-chairman and managing director of IL&FS Group.
Sivaram is a veteran in the financial management of asset companies. He was associated with the construction behemoth Larsen and Toubro group for a period of 34 years. He is credited to have built L&T Finance Holdings from 2006 to 2016 and also played a critical role in the L&T -Grasim cement demerger.
In another major development, as per an interim order, the National Companies Law Tribunal (NCTL) has asked the nine directors including Ravi Parthasarathy and Hari Sankaran, Arun K Saha of the beleaguered firm to disclose details of their movable and immovable assets, bank account, and jointly held assets. The tribunal has granted a timeline of three weeks to the nine directors.
The government had earlier filed a petition in the NCTL and sought for the attachment of properties of additional directors of IL&FS including chief investment officer and chairman of welfare trust Vibhav Kapoor, MD IL&FS Transport Network K Ramachand, MD of IL&FS Financial Services R C Bawa, director and member of committee of ITNL Pradeep Puri, MD and CEO IL&FS Securities S Rengarajan and Executive director ITNL Mukund Sapre. The list also included Hari Sankaran vice-chairman, Ravi Parthasarathy Chairman, and Arun K Saha Joint MD and CEO.
The two-judge bench of V P Singh and Ravi Duraisamy said that "Taking in view of the interim report, we pass an order relating to respondent 2, 3, 9 313-318 to disclose their movable and immovable properties anywhere in India or the world in the way of an affidavit.''
In October, the government sacked the entire board of the IL&FS over allegations of mis-governance.