Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace
Following the crisis at IL&FS late last year that raised concerns over liquidity in the system, the corporate affairs ministry had superseded its board.
Uday Kotak said it was the new management's job to to act in favour of arious stakeholders and ensure it is done fairly
The debt-laden IL&FS said on Saturday it is working on a detailed restructuring plan and will appoint Alvarez & Marshal to formulate a turnaround strategy.
In a letter to its employees, IL&FS had claimed that if funds worth Rs 16,000 crore stuck with concession authorities were released on time, it would not have landed in this mess.