A month after his appointment as a director on the board of crisis-ridden Infrastructure Leasing and Financial Services, GN Bajpai has resigned from the board, citing personal reasons.
Bajpai, who was a former Chairman of Sebi and LIC, resigned with effect from October 30, IL&FS said in a regulatory filing. Bajpai was one of the seven directors appointed on the firm’s board by the government after it superseded the old board on October 1. “The company has been intimated by the Ministry of Corporate Affairs vide its letter dated October 30, 2018, that due to personal reasons, GN Bajpai, director of IL&FS, has resigned from the board of directors of the company with effect from October 30, 2018,” the firm said in the filing. Meanwhile, IL&FS Transportation said it has defaulted on interest payment worth Rs 2.29 crore on non-convertible debentures, due Thursday. It also said its independent director, Neeru Singh, has resigned as member of its board.