Mumbai: IL&FS has appointed N. Sivaraman, formerly president and whole-time director with L&T Finance Holdings Ltd, as its new chief operating officer (COO), the company said on Monday. Sivaraman will be responsible for day-to-day operations and will provide hands-on leadership and oversight to the group’s asset monetisation efforts, the release said.
He will be a part of the core operating committee and will report to Vineet Nayyar, vice-chairman and managing director at IL&FS Group.
Sivaraman was with the construction major Larsen and Toubro group for 34 years. He build L&T Finance Holdings from 2006 to 2016 and oversaw the L&T -Grasim cement demerger.
The announcement came on a day when the corporate affairs ministry filed its interim report on IL&FS at the Mumbai bench of the National Company Law Tribunal (NCLT), naming former top executives Vibhav Kapoor, K. Ramchand, R.C. Bawa, and S.Rengarajan. The report is part of an ongoing investigation by the Serious Fraud Investigation Office (SFIO).
IL&FS has accumulated debt of ₹ 91,000 crore which the group’s lenders fear it will be unable to pay. In October, the government took over control of IL&FS and appointed seasoned banker Uday Kotak as the chairman of a new board of directors.