The ministry of corporate affairs (MCA) on Tuesday nominated G Mahalingam and Deepak Mohanty with effect from October 15, 2022, to the board of IL&FS Ltd, which is undergoing a debt resolution process.

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The appointment of these two non-executive directors has been approved by both MCA and National Company Law Tribunal (NCLT).

With this induction, the existing board of IL&FS now comprises 6 members namely CS Rajan (non-executive chairman), Nand Kishore (managing director), Dr Malini Shankar (director), N Srinivasan (director), Deepak Mohanty (director) and G Mahalingam (director).

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Mahalingam has served as executive director of RBI and a whole-time member of the Securities and Exchange Board of India (SEBI). He is MSc in Statistics and Operations Research from IIT Kanpur and an MBA in International Banking and Finance from Birmingham Business School.

Mohanty has served as executive director of RBI and a whole-time member of the Pension Funds Regulatory and Development Authority (PFRDA). He graduated with a Bachelor's degree in Economics with Honors from Ravenshaw College, Cuttack, in 1979, before going to Jawaharlal Nehru University for his Master's degree. He also holds a Master's degree in Economics from Yale University.

IL&FS had recently announced a few changes in its board composition wherein Rajan was redesignated as non-executive chairman (earlier CMD) while Kishore was re-designated as managing director (earlier executive director). GC Chaturvedi, the director, resigned from the board with effect from September 30, 2022.

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Earlier, in March IL&FS said it has addressed a debt resolution of Rs 55,000 crore, or nearly 55 percent of the debt, after the group became a defaulter, and the government superseded its board in October 2018.