S B Mathur, former chairman of Life Insurance Corp. is likely to take over as chairman of cash starved IL&FS as the board looks to restructure and recapitalize the company in crisis.
“A decision has been taken to elect Mr Mathur as the chairman of the board,” said a source close to the development. “Other crucial issues were discussed around raising capital and selling stake in around 25 projects. The decisions around this will be taken on the annual general meeting held on September 29.”
Hemant Bhargava will continue as nominee director of LIC. Hari Sankaran will continue as vice chairman and managing director. Read more
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