IL&FS Transportation names Shaivali Parekh as its new CFO

IL&FS Transportation Networks, a subsidiary of IL&FS Group, has announced the appointment of Shaivali Parekh as its new Chief Financial Officer (CFO).

IL&FS TransportationThe decision on the appointment was taken during the board meeting, the company informed in a regulatory filing.

“The board of directors will sit for a meeting today. It has appointed Shaivali Parekh as Chief Financial Officer (CFO)…effective December 13, 2018,” the filing said.

The cited that delay caused due to the National Company Law Tribunal (NCLT) insolvency proceeding has impeded the filing of September quarter financial results with the stock exchanges. It informed that it will soon declare quarterly numbers.

According to the listing guidelines of the BSE and NSE, companies are required to file the results on a quarterly basis within 45 days from the end of the quarter.

On October 1, the Mumbai bench of the NCLT had suspended the board of IL&FS on government’s plea and had directed reconstitution of the board by appointing seven directors two days later.

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