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Indian shadow bank IL&FS revamps board after ex-chief's arrest

Debt-laden group seeks turnaround from defaults that rocked bond market

IL&FS's Mumbai headquarters. The infrastructure lender has struggled to extricate itself from a web of debts.   © Reuters

MUMBAI -- Troubled Indian shadow bank Infrastructure Leasing & Financial Services revamped its board Wednesday as part of an ongoing resolution plan for the business, which is saddled with debt totaling 993.54 billion rupees ($14.5 billion).

IL&FS appointed board member Vineet Nayyar as executive vice chairman and former civil servant Chandra Sekhar Rajan as managing director, effective immediately.

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