The central government has extended the tenure of banker Uday Kotak as the non-executive board member and chairman of the debt-ridden Infrastructure Leasing and Financial Services Limited (IL&FS) for a period of six months till April 2, 2022.
His present term through various extensions is scheduled to expire on October 2, 2021.
Now, on the recommendations of the Reserve Bank of India, the Centre has extended Kotak's term from October 3, 2021 to up to April 2, 2022 in order to facilitate the debt resolution process of the scam-hit firm.
Uday Kotak is the Managing Director and Chief Executive Officer of Kotak Mahindra Bank Limited.
( With inputs from ANI )
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