Uday Kotak is stepping down from his position as non-executive chairman of IL&FS three-and-a-half years after the government and regulators asked him to steer the infrastructure financing giant out of a colossal mess.
Kotak, who has often been asked to play the role of a trouble shooter in badly managed companies, is leaving with more than half the job done.
In a statement issued on Tuesday, IL&FS said the government-appointed board led by Kotak had resolved debt worth over Rs 55,000 crore out of a total outstanding amount of Rs 99,000 crore.
Kotak is set to step down on April 2. The Union government has appointed C.S. Rajan as chairman and managing director of IL&FS and he will take charge for a period of six months from April 3.
