RESTORING ORDER: NEW BOARD TO MEET SOON

NEW DELHI: The new board of Infrastructure Leasing & Financial Services (IL&FS) will meet soon to decide on the agenda ahead, Malini Shankar, one of the new directors, told ET.

Another official said a key priority will be to restore order at the entity and regain investors’ trust so that IL&FS can raise funds quickly to bridge the liquidity gap and prevent further defaults.
“The board has to first meet… It will meet and decide on the agenda,” Shankar said.
Monday evening to apprise him of the action plan ahead.

The government is keen that this systemically important entity is put back on track soon. The board was sacked, and a new one put in place on Monday. The Mumbai bench of the National Company Law Tribunal (NCLT) also said that the superseded board members should not represent the company in any form with immediate effect.

“The new board is tasked with the responsibility of preparing a robust and time-bound resolution plan,” an official statement said. The board is expected to meet later this week for the first time.

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