Parliamentary panel to take stock of debt-ridden IL&FS Group


Parliamentary panel to take stock of debt-ridden IL&FS Group

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 on November 27.

On October 1, the government superseded the board of IL&FS after some of its group entities defaulted on debt payments which triggered concerns of a liquidity crisis in the financial market.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

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