In order to wrap up inactive entities, the IL&FS board will initiate voluntary liquidation of 15 small group companies soon, a senior official with knowledge of the matter said. The board aims to recover around Rs 15 crore from the liquidation of these companies, wherein the IL&FS group is a majority shareholder, the official said. A plea is likely to be filed soon with the ministry of corporate affairs (MCA) for the liquidation of these companies, including Khambhat Port, the official said.
In a board meeting held on June 7, the government-appointed board of IL&FS approved undertaking voluntary or summary liquidation of 15 group companies engaged in sectors including roads, airport and port services and solar power, the official said. IL&FS group holds above 75% stake in all of these companies.
