G.N. Bajpai, one of the seven directors of the government-nominated board set up to rescue debt-laden Infrastructure Leasing and Financial Services Ltd (IL&FS), has stepped down, citing personal reasons. 

Bajpai’s decision to step down comes a day after the newly constituted board of IL&FS submitted its tentative revival plan to the National Company Law Tribunal (NCLT).

Bajpai stated in an interview, “I have said that I’m stepping down from the board of IL&FS because of personal reasons. The fact is that I cannot devote enough time (to IL&FS).”

The six-member IL&FS board is chaired by Uday Kotak, managing director and CEO of Kotak Mahindra Bank Ltd. The board includes ICICI Bank Ltd chairman G.C. Chaturvedi, former bureaucrats Malini Shankar, Vineet Nayyar, Nand Kishore, and C.S. Rajan.

Bajpai also added that he has been gradually cutting down much of his work with other companies and will continue to do so. In August, he had stepped down from the board of real estate firm Nitesh Estates after serving as independent director for more than eight years.

He is currently a non-executive director and chairman of Future Generali India Insurance Co. Ltd.

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