INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The two foreign shareholders in Infrastructure Leasing Financial Services Ltd have reached out to the Indian government to seek
more details of the troubles at the debt-laden company, worried about their investments.
Orix Corporation of Japan and Abu Dhabi Investment
Authority, which hold 23.54 per cent and 12.56 per cent stakes in ILFS, respectively, have approached both the ministry of finance and the
An email sent to Orix did not elicit any response till the time of filing this story.
The government official said that since there is no
change in the status of the nominee directors on the board of ILFS, there is no cause for concern for the two foreign investors.
ADIA, which
Fund last year.
Orix operates businesses in the operations, financial services and investment spaces
Its business activities span industries such as energy, private equity, infrastructure, automotive, ship and aircraft, real estate and
retail financial services.
Life Insurance Corporation of India, State Bank of India, ADIA and Central Bank of India have one nominee
director each on the board, with Orix represented by two nominee directors.
The government sacked the ILFS board on Monday and appointed six
credibility.
The government has made former directors Hari Sankaran, Arun K Saha, SB Mathur, RC Bhargava, Michael Pinto, Jaithirth Rao, Rina
Kamath respondents in the case, as well as MM Wagle, Varsha Sawant and Ravi Parthasarathy.
Sankaran was vice chairman and managing director,
Saha was joint MD and CEO, Wagle was CFO and Sawant was company secretary
Mathur, Bhargava, Pinto, Rao and Kamath were independent directors.
