IL&FS' new board to hold maiden meet on Thursday, formulate turnaround plan

One of the focus areas for the board will be to find ways to raise cash by selling assets

The newly-constituted board of the crisis-ridden IL&FS is likely to hold its maiden meeting Thursday to thrash out a turnaround plan, according to government sources.   

The government seized the control of the debt-trapped company Monday in a Satyam Computer-style takeover and superseded its board and appointed a new one led by banker Uday Kotak. 

The other members of the board include former Sebi chairman GN Bajpai, ICICI Bank non-executive chairman GC Chaturvedi, IAS officer and the director general of shipping Malini Shankar, Vineet Nayyar, who turned around Satyam Computers for the government, and veteran auditor Nandkishore. 

The finance ministry official said the