Nagaraju Maddirala appointed IL&FS chairman and managing director
In short
Nagaraju Maddirala was named IL&FS chairman and managing director on October 12. He replaces Nand Kishore and will get Rs 5.5 lakh a month plus a company car.
This matters because IL&FS is still under a government-appointed board after past financial trouble. The reporting does not say what changes Maddirala will make next.
What the reporting says
Nagaraju Maddirala was appointed chairman and managing director of IL&FS on October 12, succeeding Nand Kishore. The Ministry of Corporate Affairs confirmed the appointment, and the reporting says he will receive a monthly remuneration of Rs 5.5 lakh plus a company car. IL&FS remains under a government-appointed board because of earlier financial issues, while the reporting does not state any new operational changes.
Why it matters
Nagaraju Maddirala, a former financial services secretary, was appointed chairman and managing director of IL&FS on October 12, according to the reporting. His pay is stated as Rs 5.5 lakh a month plus a company car. The appointment follows Nand Kishore’s tenure and comes while IL&FS is still under a government-appointed board after earlier financial problems. No further turnaround plan or business target was stated.