The government will take over IL&FS after defaults by the infrastructure group triggered fears of a contagion in the financial markets.

GN Bajpai Resigns From IL&FS Board

Debt-ridden Infrastructure Leasing & Financial Services Ltd. on Thursday said that GN Bajpai has resigned from the company's newly-appointed board, citing personal reasons.

His resignation will be effective Oct. 30.

Bajpai, a former chairman of the Securities and Exchange Board of India, was one of the seven directors appointed on the board by the government. This was following an order by the National Company Law Tribunal to supersede previous board.

After Bajpai’s exit, the members remaining on board include banker Uday Kotak, who is the chairman, ICICI Bank executive chairman GC Chaturvedi, IAS officer Malini Shankar, Mahindra Group’s Vineet Nayyar, veteran auditor Nand Kishore and CS Rajan, a former chief secretary of Rajasthan.

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