S B Mathur, former chairman of Life Insurance
Corporation (LIC), will be the new chairman of Infrastructure Leasing &
Financial Services (IL&FS), which is facing a liquidity crisis. He will
replace Hemant Bhargava, LIC’s managing director, who was also serving as
non-executive chairman at IL&FS since July. The decision was taken at a
meeting of the IL&FS board on Saturday.
Bhargava stepped down from the
IL&FS board to avoid conflict of interest in view of his responsibility as
the incharge of investment at the state-owned insurance company, sources said.
He had come on the IL&FS board after Ravi Parthasarathy quit as chairman on
health grounds.Â
 LIC is the largest
shareholder in IL&FS, the group holding entity, with a 25.34 per cent stake
as on March 31, 2018.
The IL&FS board had a meeting
on September 7, but it was adjourned to September 15 to allow all directors to
participate in the ongoing deliberations on ways to restore normalcy in the
company. The board members were to discuss equity infusion, fundraising and
asset divestment plan.
Ex-LIC chief S B Mathur to head IL&FS board
By IndianMandarins - 2018-09-16 10:50:06
S B Mathur, former chairman of Life Insurance
Corporation (LIC), will be the new chairman of Infrastructure Leasing &
Financial Services (IL&FS), which is facing a liquidity crisis. He will
replace Hemant Bhargava, LIC’s managing director, who was also serving as
non-executive chairman at IL&FS since July. The decision was taken at a
meeting of the IL&FS board on Saturday.
Bhargava stepped down from the IL&FS board to avoid conflict of interest in view of his responsibility as the incharge of investment at the state-owned insurance company, sources said. He had come on the IL&FS board after Ravi Parthasarathy quit as chairman on health grounds.Â
 LIC is the largest shareholder in IL&FS, the group holding entity, with a 25.34 per cent stake as on March 31, 2018.
The IL&FS board had a meeting on September 7, but it was adjourned to September 15 to allow all directors to participate in the ongoing deliberations on ways to restore normalcy in the company. The board members were to discuss equity infusion, fundraising and asset divestment plan.
