INSUBCONTINENT EXCLUSIVE:
The ILFS board will meet frequently and take all necessary steps to revive the company, said Uday KotakInfrastructure Leasing Financial
Services (ILFS), a debt-burdened infrastructure financing and construction company, has appointed Vineet Nayyar as its managing director,
the company's new non-executive chairman Uday Kotak told reporters on Thursday.The government replaced the company's entire board on
Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader
risk in the country's financial sector.The new board will meet frequently and take all necessary steps to revive the company, said Mr
Kotak, who is also the managing director of Kotak Mahindra Bank.Mr Nayyar is the executive vice chairman of Tech Mahindra, which helped
revive failed computer services company Satyam, also following government intervention
