Corporate Affairs ministry readying detailed report on IL&FS ahead of NCLT hearing on Oct 31

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New Delhi, Oct 9: The ministry of corporate affairs (MCA) is working on a comprehensive report that will spell out the details of the actual status of and misrepresentation of facts surrounding the debt-laden Infrastructure Leasing & Financial Services (IL&FS).
The report will be prepared by the end of the month as the National Company Law Tribunal (NCLT) will next hear the matter on October 31, sources told Moneycontrol.
Ahead of the next board meet on October 12, the newly constituted board headed by veteran banker Uday Kotak is also expected to meet MCA secretary Injeti Srinivas in New Delhi on Wednesday.
The board held its first meeting on October 4 in Mumbai and listed down three-four alternatives to fix the debt-mess surrounding IL&FS.
While a statement from the finance ministry last week mentioned that the infrastructure development and financing company has 169 group companies, as of 2017-2018, including subsidiaries, joint venture companies and associate entities, Kotak said that it turned out that the group has 348 subsidiaries, more than twice the figure of 169 that the company had disclosed.
“There are 348 entities in the group, significantly larger than we expected. So, it is big task…the first objective is to work towards a comprehensive roadmap on the way forward…we have listed down about three-four alternatives available to us as the next steps,” chairman of board Uday Kotak had said last week.