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Financial and Financial Leasing Services (IL & FS), which are running out of debt, commissioned three advisors to evaluate and implement a rapid resolution plan.
"Arpwood Capital Pvt Ltd and JM Financial Consultants Pvt Ltd were selected as financial advisors and in transaction
IL & FS also confirmed the appointment of Alvarez & Marsal as restructuring consultants to the group. identified free trade agreements will serve as financial and transaction advisers, and will also carry out badessments of divestitures and monetizations.
"Alvarez & Marsal help the Board maintain strict liquidity controls on a daily basis and manage them, at all levels of the group, to develop a resolution plan and manage stakeholders with respect to regulation
Free Trade Agreements to advise the new IL & FS Board of Directors on the solutions for the resolution of the problem of IL & FS.h other advisers, if any.
The appointments were made by the new six-member board, headed by Kotak Mahindra's bank chief Uday Kotak, who was named chairman of the IL & FS group in September after a sudden takeover by the previous board.
Other members of the board include GN Vajpai, former head of SEBI, Girish Chandra Chaturvedi, chairman of ICICI Bank, Vineet Nayyar, former executive vice president of Tech Mahindra, and former bureaucrats Malini Shankar and Nanda Kishore.
In his first speech, after the takeover, Kotak stated that the group IL & FS has 348 entities, which is significantly larger than expected. He added that (the stimulus) was a difficult task.
At its meeting last week, the board of directors of IL & FS felt that it was "important to harmonize all badet monetization activities, including initiatives. ongoing, and to conduct them in a transparent and timely manner. for the more general purpose of optimizing the interests of different stakeholders, "the statement added.
The group is trying to solve a financial crisis with a total debt of 91,000 crores of income.
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