The ministry of corporate affairs secretary Injeti Srinivas on Tuesday said that most of the IL&FS subsidiaries in the second list of 100 domestic entities that are part of the debt-laden group are classified under ‘red’ – meaning they are unable to meet their payment obligations.
The ministry had earlier submitted a classification for 70 companies under green (22 companies), amber (10 companies) and red (38 companies). Of the remaining among the 348 subsidiaries, 133 are incorporated outside India, while some entities have been closed or divested or struck off or liquidated. “That’s just a process and the list should come out any time now. It is in an advanced stage. It is unlikely that in the remaining 100 companies there will be any green (who can pay their dues) company. So, there will be essentially red companies and some amber,” Srinivas told reporters. It has to now submit the classification list for the 100 domestic entities of IL&FS.
