IL&FS board initiates austerity measures, appoints directors to 8 main arms

New board initiates austerity measures to rationalise operating and personnel expenses across all group entities and not just the holding company

The government-appointed board of directors of Infrastructure Leasing & Financial Services (IL&FS) on Friday ordered a full audit of all group companies, nominated directors to key subsidiaries, and initiated austerity measures.

While the board had detailed deliberations on the cash-strapped group’s road map, it took immediate steps such as ordering the audit of standalone and consolidated accounts of the company and subsidiaries as of September 30, 2018, based on the recommendations of the audit committee of the board.

The board has also initiated austerity measures in relation to personnel and operating expenses, according to the company. 

Sources told Business Standard that the board