IL&FS Financial Services MD & CEO Ramesh Bawa, independent directors quit

Non-executive director Vibhav Kapoor has also resigned; Kaushik Modak names new CEO

Heads have started rolling at the crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) group. Ramesh Bawa, managing director and chief executive of IL&FS Financial Services (IFIN), has resigned, the group informed the stock exchanges on Friday, adding that he did not cite any reason. IFIN Executive Director Kaushik Modak will replace Bawa as CEO, market sources said. Four independent directors Renu Challu, Shubhalakshmi Panse, Uday Ved and S S Kohli and executive director Vibhav Kapoor have also resigned from the board.

The board had eight directors — four group representatives, including MD & CEO, and four independent directors. Now, only two