LIVE: A year after bad-loan crisis, state-appointed IL&FS board takes stock
IL&FS had made a series of defaults in September 2018, triggering widespread concern of a bad debt crisis lurking in India's shadow-banking sector.
 "IL&FS")
IL&FS
The government-appointed board of Infrastructure Leasing & Financial Services (IL&FS) is speaking to the media, a year after it took over the debt-laden infrastructure financing and construction company.
IL&FS had made a series of defaults in September 2018, triggering widespread concern of a bad debt crisis lurking in India's shadow-banking sector.
Kotak Mahindra Bank Managing Director Uday Kotak was made the non-executive chairman of the IL&FS board and Vineet Nayyar, a former civil servant with a reputation for turning companies around, became the managing director and vice-chairman.
The board has been finding solutions to myriad problems — from IL&FS group having 348 entities to flagship Infrastructure Leasing & Financial Services Ltd (IL&FS) seeing 90 per cent of its loans going sour.
5:55 PM
302 IL&FS entities
Board has identified the resolution plan for all 302 IL&FS entities, says N Sivaraman, COO of IL&FS.
5:53 PM
'Innumerable problems still'
Still find ourselves faced with innumerable problems. Key objective was to achieve resolution to IL&FS Group; have brought in multiple partners to assist us to find a resolution, says Rajan
5:51 PM
Cash reserve of Rs 5,000 crore
Have built a cash reserve of Rs 5,000 crore, says CS Rajan, managing director of IL&FS
5:14 PM
Board's term extended by a year
Government extends by a year the term of the board it has appointed to oversee IL&FS.
5:13 PM
Government extends by a year the term of the board it has appointed to oversee IL&FS.
Topics : Bad loans IL&FS shadow banking
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First Published: Oct 01 2019 | 5:06 PM IST
