Nagaraju Maddirala, former secretary of the Department of Financial Services (DFS), has been appointed chairman and managing director (CMD) of Infrastructure Leasing & Financial Services (IL&FS) for two years. According to reports from Business Standard and The Economic Times, Nagaraju's appointment follows the end of Nand Kishore's tenure as CMD on September 30, 2026. The Ministry of Corporate Affairs confirmed his appointment in an official order dated October 12, 2026, with Kishore continuing as a director, as confirmed by the company. The Mumbai bench of the National Company Law Tribunal (NCLT) had appointed him as a director on October 1, 2026, with the subsequent MCA order formalising his designation as CMD. His tenure will run for two years from the date he assumes charge, rather than from the date of the order, as specified by the ministry.
Nagaraju retired from the Indian Administrative Service (IAS) on May 31, 2026, after more than three decades in public administration. As reported by Business Standard, a 1993-batch IAS officer of the Tripura cadre, he served as DFS secretary from August 2024 until his retirement, overseeing policy matters relating to banking, insurance, pensions and financial inclusion. His previous roles included serving in the Ministry of Coal as joint secretary and subsequently as additional secretary between 2020 and 2024. According to The Economic Times, Maddirala will receive a monthly remuneration of ₹5.5 lakh along with a company car and leased accommodation during his tenure. The appointment order was signed by Sunidhi Misra, Deputy Director in the ministry's Legal and Prosecution Division, with copies forwarded to Maddirala, the Directorate General of Corporate Affairs, the Regional Director (Western Region) in Mumbai, and the Registrar of Companies, Mumbai. His career spanned public finance, economic affairs, tribal welfare, healthcare, industrial development and financial services, along with an international assignment at the World Bank.
As of June 30, 2026, the IL&FS group had discharged ₹50,387 crore of debt against an estimated resolution target of ₹61,000 crore. According to Business Standard, this represents significant progress in the company's debt resolution efforts. The discharge amount represents a substantial portion of the total estimated resolution target, indicating the group's continued efforts to address its financial obligations. Maddirala's appointment comes as IL&FS continues its resolution and asset monetisation process following the debt crisis that brought the infrastructure financing group under significant financial and regulatory scrutiny. His administrative experience across economic affairs, public sector enterprises and financial services gives him a background relevant to the company's current circumstances.
IL&FS is currently under a government-appointed board due to previous financial issues, as confirmed by The Economic Times. The company has been under this oversight since October 2018, when the NCLT suspended its previous board following a petition by the Centre. A new board was subsequently appointed to oversee the debt-laden infrastructure financing company, with IL&FS registered as a Systemically Important Non-Deposit Accepting Core Investment Company. The latest appointment follows the Mumbai bench of the National Company Law Tribunal (NCLT) appointing Maddirala as a director on October 1, 2026 and the subsequent MCA order formalising his designation as CMD. The order establishes his leadership role and terms of appointment, while directing the company to complete necessary procedural requirements.
