IL&FS Board for quick asset resolution

MUMBAI: At the IL&FS Board meeting held on June 28 here, the board of the beleaguered company decided to pursue its divestment and asset resolution programme full throttle. The key decisions were as follows:

(1) IL&FS Board reviewed progress on the divestment of all domestic and overseas assets outlined in its Resolution framework.

(2) IL&FS Board has decided to constitute a six-member empowered committee – including four Directors Vineet Nayyar, C.S. Rajan, Bijay Kumar, N. Srinivasan, and COO N. Sivaraman — to discuss and finalize the asset-wise framework of resolution with lenders.

The Committee will be fully empowered to take necessary steps to enhance enterprise value of assets under divestment.

It is formed in view of positive response received from financial institutions to the framework outlined, by Prudent Norms for resolution of stressed assets issued by the Reserve Bank of India on June 7 earlier this year.

(3) The Board also decided to allow the bidders for Toll road assets to jointly monitor traffic data and assess revenue stream.

(4) The Board noted that the Stake sale in seven Wind energy SPVs is in final stage – after Orix has conveyed its decision to match Gail’s offer.