ADVERTISEMENT
IL&FS Has 348 Entities, More Complex Than Expected, Says Board
New IL&FS Board meets for the first time to discuss the future roadmap.
KEY HIGHLIGHTS
LIVE FEED
Latest First
- Oldest First
Watch Full Press Conference
Who's Who On The New Board
ADVERTISEMENT
Quantum of Debt Obligations
If you read the debt obligations, those were as of Mar. 31. Obviously this is a moving target, we are looking at all obligations and financing raised by the company which includes different kinds of debt—secured, unsecured, bonds, loans, commercial papers. There are also other instruments like preference capital which sits between debt and equity. There are off balance sheet liabilities as well. It is difficult to establish the complete liabilities of the company.Uday Kotak, Non Executive Chairman, IL&FS
Message To Stakeholders
To all stakeholders, we will do what is in the right interests of the different categories of stakeholders. We’ll try and bring clarity. And the core message is we are here to rebuild trust and do it in an open, fair, objective manner. This, on behalf of all the board members, I would like to assure.Uday Kotak, Non Executive Chairman, IL&FS
ADVERTISEMENT
'Will Take A Longer Time To Resolve Issues'
If the company had enough cash to pay its debts we would not be sitting here. Obviously we have a challenge. But after today’s meeting we have a sense of broadly what direction we need to go forward in.
We obviously understand that valuations may be different but we have a sense of the various alternatives that we can explore. But keep in mind for us to be able to assess a whole maze of 348 entities, more than double of what was the earlier assessment, it will take us a longer time.
We are evaluating options to ensure that the fair value of the asset and the enterprise is preserved to the maximum extent that we can do and find a fair resolution mechanism.Uday Kotak, Non Executive Chairman, IL&FS
'Committed To A Fair Assessment'
The board is committed to an objective process of making a fair assessment of the facts. We’ve heard the management’s views which we’ve absorbed. We have to ensure that we make an assessment that is objective, and after a fair process.Uday Kotak, Non Executive Chairman, IL&FS
ADVERTISEMENT
'Not Satyam Part 2'
Discussions With Shareholders?
Nand Kishore Appointed Chairman Of Audit Commitee
'Legal Challenges Will Be There'
Fresh Look At Everything: Uday Kotak
Nayyar On IL&FS' Senior Management
First Objective: Roadmap
Group Larger Than Expected
Vineet Nayyar Appointed Vice Chairman and MD
The Story So Far
Get live Stock market updates, Business news, Today’s latest news, Trending stories, and Videos on NDTV Profit.
ADVERTISEMENT