IL&FS' new board to meet for second time on Friday to decide future plans

Kotak had said the resolution will take some time and the board's focus is to preserve the fair value of the assets and the enterprise to the maximum extent

The newly constituted board of Infrastructure Leasing and Financial Services (IL&FS), headed by veteran banker Uday Kotak, will meet for the second time Friday to decide on the further course of action plan for the cash-crunched company, a source said.

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.

"In tomorrow's meeting, the board will now be looking into various issues, including fund raising plan, for the company," said one of the source.

The firm needs an immediate capital infusion of Rs 3,000 crore and