The newly constituted board of Infrastructure Leasing and Financial
Services (IL&FS), headed by veteran banker Uday Kotak, will meet for the
second time on Friday to decide on the further course of action plan for the
cash-crunched company, a source said. The company as of March 2018 owed over Rs
91,000 crore to a banks and other creditors. On October 1, the government superseded the board of IL&FS and
appointed a six-member board with Kotak as the executive chairman. As per the
NCLT order, the board is required to give a roadmap for the company by October
31. In the maiden meeting held on October 4, the six-member board undertook
an initial assessment of the ground reality of the company and discussed the
way forward. The firm needs an immediate capital infusion of Rs 3,000 crore and is
also planning a Rs 4,500-crore rights issue. Kotak had recently hinted that the
crisis was much more complex than earlier thought as the number of its
subsidiaries and associates have more than doubled to 348. The other members of the board include former Sebi chairman GN Bajpai,
ICICI Bank non-executive chairman GC Chaturvedi, IAS officer and the DG,
Shipping Malini V Shankar, Vineet Nayyar and veteran auditor Nandkishore.
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IL&FS' new board to formulate a new roadmap soon
By IndianMandarins - 2018-10-12 10:12:27
The newly constituted board of Infrastructure Leasing and Financial
Services (IL&FS), headed by veteran banker Uday Kotak, will meet for the
second time on Friday to decide on the further course of action plan for the
cash-crunched company, a source said. The company as of March 2018 owed over Rs
91,000 crore to a banks and other creditors.
On October 1, the government superseded the board of IL&FS and appointed a six-member board with Kotak as the executive chairman. As per the NCLT order, the board is required to give a roadmap for the company by October 31.
In the maiden meeting held on October 4, the six-member board undertook an initial assessment of the ground reality of the company and discussed the way forward.
The firm needs an immediate capital infusion of Rs 3,000 crore and is also planning a Rs 4,500-crore rights issue. Kotak had recently hinted that the crisis was much more complex than earlier thought as the number of its subsidiaries and associates have more than doubled to 348.
The other members of the board include former Sebi chairman GN Bajpai, ICICI Bank non-executive chairman GC Chaturvedi, IAS officer and the DG, Shipping Malini V Shankar, Vineet Nayyar and veteran auditor Nandkishore.
