MUMBAI: Government has extended Uday Kotak’s term as non-executive director on the board of beleaguered IL&FS by one year till Oct 2, 2020.The government had sacked the board of IL&FS on October 1, 2018 and installed a board headed by Uday Kotak after the group became a serial defaulter on its loans. The group owes nearly Rs. 1 lakh crores to various creditors including pension funds which have invested in its debt based on top credit rating.
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