IL& FS defaults again, RBI steps in

New Delhi, Sept. 27: IL& FS Financial Services said on Thursday that it has defaulted on seven fresh payment obligations worth ` 395.46 crore.

The company was unable to service its obligations in respect of bank loans ( including interest), term deposit and short term deposit, it said in a regulatory filing.

These defaults were in respect of five bank loans ( including interest) totalling ` 239.50 crore, term deposit obligation of ` 103.53 crore and short term deposit worth ` 52.43 crore.

Having already declared three defaults this month, the company has thus far not been able to service a total of 10 obligations.

On Monday, it had disclosed defaulting on interest payments on commercial papers.

Following this, the company has been barred from accessing the commercial papers market for up to six months from the date of repayment of this obligation.

According to sources, RBI will meet the large shareholders of IL& FS on Friday to discuss a turnaround plan for the crisisridden infra major.

LIC and Orix Corporation of Japan, which have 25.34 and 23.54 per cent stake in the company, respectively, are expected to attend the meeting to which minority shareholders, which include two state- run banks, and HDFC have not been called.

“The officials concerned will meet the large shareholders of IL& FS on Friday,” an RBI source said.

Meanwhile, the annual general meeting of the infra lender is scheduled for September 29.

SEBI HAS sought details from mutual funds about their exposure to all NBFCs and housing finance companies, amid concerns over liquidity in the system, according to sources.