Course correction

IL&FS resolution has lessons

On April 2, the troubled Infrastructure Leasing and Financial Services Limited (IL&FS) will see a major transition of power. After more than three years, the government appointed non-executive chairman, banker Uday Kotak, will exit his role. His replacement, as chosen by the Union ministry of corporate affairs, is former officer of the Indian Administrative Service C S Rajan, who has been managing director of the group since April 2019. Mr Rajan’s last post in government was as chief secretary of Rajasthan, and he retired in 2016 after which he served on the state chief minister’s advisory council. The handover of