Beena Parmar & Tarun Sharma

Moneycontrol News



More skeletons are popping out of the IL&FS balance sheet. Turns out that the group has 348 subsidiaries, more than twice the figure of 169 disclosed by the company previously. "There are 348 entities in the group, significantly larger than we expected. So it is big task," Chairman of the new board Uday Kotak told reporters on October 4. "The first objective is to work towards a comprehensive roadmap on the way forward…we have listed down about 3-4 alternatives available to us as the next steps." Close "Keep in mind, for us to be able to assess, obviously we will look at the larger companies first, to be able to have a view on a whole maze of 348 entities is something which is more than double of what was the earlier assessment of the number of entitites," Kotak added. related news Indigenously developed nuclear capable Prithvi-II missile testfired from ITR

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The emergence of additional IL&FS entities could pose further challenges for the board. "This came to our knowledge after the presentation given to us in today's meeting. The company's debt level may also increase after the addition of new companies," a board member said.