Uday Kotak, the new group chairman of IL&FS, has roped in trusted lieutenant TV Raghunath, former head of corporate and investment banking at Kotak Mahindra Bank, to help IL&FS’ new board sort out the tricky situation at the debt-laden infrastructure group.
Raghunath will be a part of a core operating committee which is being headed by Vineet Nayyar, the new vice-chairman and MD of IL&FS.
Raghunath was head of corporate and investment banking at Kotak Mahindra Bank since 2015 but is no longer employed at the bank; he remains associated with the bank as an adviser. According to information available on Bloomberg’s website, he has more than two decades of experience in various management disciplines, especially financial advisory services. He is a specialist in restructuring, valuations, deal structuring, joint ventures and India entry services. He is a strategy expert and was previously also head of group strategy at Kotak Mahindra Group.
Both IL&FS and Kotak Mahindra Bank did not respond to emails till the time of going to press.
According to sources, the new leadership is trying to understand what the IL&FS Group, with its more-than-expected 348 subsidiaries, joint ventures and associates, is all about.
FE reported on October 10, according to government sources, that IL&FS’ new board is to commission a forensic audit to get clarity on the company’s operations and the true status of its financial statements.
The government is in the process of appointing independent professional entities to conduct the audit.