Heads have started rolling at Infrastructure Leasing & Financial Services (IL&FS) group. Managing Director and chief executive of IL&FS Financial Services (IFIN), Ramesh Bawa has resigned. Executive Director of IFIN Kaushik Modak will replace Bawa as CEO, sources said. At least four independent directors Renu Challu, Shubhalakshmi Panse, Uday Ved and S S Kohli and executive director Vibhav Kapoor have also resigned from the board.

Now, only two group directors, Hari Sankaran and Arun Saha, remain.

IFIN, a subsidiary of IL&FS, was put up for sale three weeks ago, but has failed to find any takers as prospective investors are worried over its high bad loans.