IL&FS has not explained the reason for Mr Bawa's resignation. (Reuters)
IL&FS Investment Managers, a unit of Infrastructure Leasing & Financial Services (IL&FS), which announced debt defaults this week, said today that its managing director Ramesh Bawa had resigned.
IL&FS has revealed a series of delays and defaults on its debt obligations and inter-corporate deposits in recent days and ICRA cut the rating on its 52.25 billion rupees ($719.50 million) non-convertible debentures to 'BB' or "under watch for developing actions."
The company did not explain the reason for Mr Bawa's resignation.
Another unit, IL&FS Transportation Networks, today separately said it moved its chief financial officer, Dilip Bhatia, to the position of chief strategy officer, in order to focus on divestment of assets and other strategic initiatives.
Mr Bhatia will relinquish his responsibilities as CFO with immediate effect and the company will look for a suitable replacement in due course, it said in a regulatory filing.
On Friday, IL&FS Financial Services, another unit of the IL&FS group, said its managing director and chief executive had resigned.
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