IL&FS Engineering and Construction Company Ltd, formerly Maytas Infra Ltd has informed the BSE that its board of directors has seen a major restructure.

Its chairman, Mr Ravi Parthasarathy and its managing director, Mr Vikarm Kaushik has stepped down and Mr Ramchand Karunakaran has taken over as new chairman and Mr MD Khattar as CEO.

According to a notification to the stock exchanges, Mr Ved Jain and Mr Anil Kumar Agarwal have been appointed as additional directors of the company as Independent Directors. In fact, these two were Government nominee directors, but had recently stepped down. But they are back as directors following the recent board changes. These changes are effective from Monday.

Mr Ravi Parthasarathy who was instrumental in acquiring Maytas Infra Ltd, and later attracting investments from the Saudi BinLadin Group, has resigned from the board and stepped down as chairman of the company.

Mr Vimal Kishore Kaushik, who steered the company through the crucial phase of reconstruction, also resigned from the board and stepped down as Managing Director.

(Sourced from BL)