The newly appointed board of infrastructure conglomerate IL&FS held its second meeting on Friday where it initiated austerity measures for personnel and operating expenses.

The seven-member board, headed by veteran banker Uday Kotak, also appointed nominee directors for eight of IL&FS' subsidiaries and held detailed deliberations in relation to the road map ahead.

“The board initiated several austerity measures related to personnel and operating expenses,” IL&FS said in a statement after the Friday’s meeting. It, however, did not provide details on the austerity measures that had been kicked off.

The board nominated directors to eight subsidiaries of IL&FS from among the present members.

These included former Sebi chairman G.N. Bajpai, ICICI Bank non-executive chairman G.C. Chaturvedi, IAS officer and director general of shipping Malini Shankar, Tech Mahindra vice-chairman Vineet Nayyar, veteran auditor Nandkishore and C.S. Rajan, former chief secretary of Rajasthan.

The nominations were made on the basis of the recommendations by the nominations and remuneration committee.

Accordingly, it appointed Nayyar, Nandkishore and Shankar as nominee directors to IL&FS Financial Services. The new nominees for IL&FS Transportation Networks are Nayyar and Rajan. While Nandkishore will be the nominee director at IL&FS Environmental Infrastructure & Services and IL&FS Technologies, new nominee directors for IL&FS Energy Development are Chaturvedi and Nayyar. The board also appointed Shankar as the nominee director for Tamil Nadu Water Investment Company.

Pursuant to the recommendations of the audit committee, which is headed by Nandkishore, the board said that it would require a full audit of the standalone and consolidated accounts as on September 30, 2018. It also approved the formation of a core operating committee under Nayyar, who is also the vice-chairman and managing director of IL&FS.

It may be recalled that early this month, the government had superseded the board of IL&FS and appointed a new board, with Kotak as its executive chairman.

The board is required to give a road map for the company by October 31 to the Mumbai bench of the NCLT.