INSUBCONTINENT EXCLUSIVE:
Debt defaults by certain group entities of ILFS have triggered fears of liquidity crisis in markets.NEW DELHI: The government is monitoring
the situation of debt-ridden ILFS and would take appropriate action to ensure that there is no undue impact on the financial system,
Economic Affairs Secretary S C Garg said Friday
Debt defaults by certain group entities of diversified ILFS have triggered fears of liquidity crisis in the financial markets and the RBI
government is monitoring the situation of ILFS, Garg said it is a large company within the infrastructure space and there is a lot of
important, significant entity
The government would take appropriate measures to see that there is no undue impact on what happens in ILFS
cent stake in the company.Other shareholders include Abu Dhabi Investment Authority (12.5 per cent stake), ILFS Employees Welfare Trust (12
per cent), HDFC (9.02 per cent), Central Bank of India (7.67 per cent) and SBI (6.42 per cent)
These are the shareholding figures at the end of March.Earlier this week, ILFS Financial Services defaulted on interest payment and fixed
on a debt pile of over Rs 90,000 crore.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is
published from a syndicated feed.)
