INSUBCONTINENT EXCLUSIVE:
debt-ridden Infrastructure Leasing and Financial Services Ltd (ILFS), its state-appointed board will soon put on sale another 8 to 10
subsidiaries, an official said on Saturday
"I understand that expressions of interest (EoIs) for another 8 to 10 companies will be shortly called," Company Affairs Secretary Injeti
Srinivas said on the sidelines of a conference on insolvency and bankruptcy law hosted by industry body FICCI.The infrastructure finance
company, whose board was superseded by the government early last month after it defaulted on payment dues triggering liquidity concerns, had
invited EoIs for two of its units last week in its attempt to turn around ILFS.The two subsidiary units put on sale are ILFS Securities
Services Ltd, a clearing member in equity and other derivatives, and ISSL Settlement and Transaction Services Ltd, which provides clearing
services in commodities derivatives segment."Two weeks back, they (ILFS) had called for expressions of interest for their securities firms
-- commodity securities and equity
There has been an overwhelming response to that and I think almost all major banks and financial institutions have shown interest
group companies, Srinivas said ILFS is expected to monetise its subsidiaries and meet its payment obligations."We are well in the process of
trying to have sale of subsidiaries as going concerns and will ensure maximum possible realisation and then they will meet repayment
obligations," he said.On November 5, Srinivas had said the government, which submitted its report to the National Company Law Tribunal
(NCLT) outlining its plans for a turnaround, may go in for a combination of three options it had - sale of ILFS as a group, separate sale of
