GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Parliamentary Panel to Take Stock of Debt-ridden IL&FS Group

On October 1, the government superseded the board of IL&FS after some of its group entities defaulted on debt payments which triggered concerns of a liquidity crisis in the financial market.

PTI

Updated:November 27, 2018, 7:07 PM IST
facebookTwittergoogleskypewhatsapp
Parliamentary Panel to Take Stock of Debt-ridden IL&FS Group
A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai March 25, 2015.
Loading...
New Delhi: The Parliamentary Standing Committee on Finance will take stock of the developments at crisis-hit IL&FS Group for three days from December 3, an official said Tuesday.

On October 1, the government superseded the board of IL&FS after some of its group entities defaulted on debt payments which triggered concerns of a liquidity crisis in the financial market.

The total debt of the group was pegged at Rs 94,215.6 crore as of October 8.

As part of efforts to rescue the group, the government appointed a new board with Uday Kotak as its executive chairman.

The panel will meet officials of IL&FS Group and other financial institutions during December 3-5 in Mumbai, the official said.

Earlier this month, Infrastructure Leasing & Financial Services (IL&FS) initiated the process to divest its stake in two of its subsidiaries. It has received over a dozen responses for its stake sale in IL&FS Securities Services (ISSL) and ISSL Settlement & Transaction Services (ISTSL).

In the resolution plan submitted to the National Company Law Tribunal (NCLT) on October 31, the company's board said it expected to complete the resolution process in stages, over the next two-three quarters.

The plan submitted to the NCLT also hinted at non-transparent and illegal transactions by the previous management in selling a group entity in June 2017.

Former Prime Minister Manmohan Singh is a member of the committee headed by senior Congress leader and former Union minister M Veerappa Moily.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,136.40 0.58
Zee Entertain 462.70 -7.80
Yes Bank 179.00 -1.10
Sun Pharma 433.45 2.97
ICICI Bank 362.25 1.06
Company Price Change %Gain
ICICI Bank 362.35 1.22
HDFC 1,949.25 -0.51
Infosys 676.35 -2.48
Sun Pharma 433.10 2.98
Yes Bank 178.90 -1.21
Top Gainers
Company Price Change %Gain
Sun Pharma 433.45 2.97
Bajaj Finance 2,532.20 2.34
Power Grid Corp 196.35 1.97
M&M 770.95 1.93
JSW Steel 305.45 1.87
Company Price Change %Gain
Sun Pharma 433.10 2.98
Power Grid Corp 195.85 1.74
M&M 770.80 1.62
Vedanta 208.90 1.58
Asian Paints 1,354.45 1.47
Top Losers
Company Price Change %Gain
Zee Entertain 462.70 -7.80
UPL 743.65 -3.18
Infosys 676.60 -2.56
Tech Mahindra 709.00 -1.49
Wipro 335.05 -1.34
Company Price Change %Gain
Infosys 676.35 -2.48
Wipro 335.40 -1.29
Yes Bank 178.90 -1.21
ITC 278.00 -0.75
HUL 1,841.10 -0.56

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results