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In the meantime, the authorities working to resolve the crisis, IL & FS, Secretary for Corporate Affairs, Injeti Srinivas, said that non-bank financial companies, especially house finance companies, were facing liquidity problems, but that there was "no crisis".
He also stressed that there is a need for introspective business models that are being made in the NBFC sector and adopt a sustainable model.
The IL & FS crisis, triggered by debt delays by some group companies, has raised concerns over liquidity in the system, while the corporate affairs ministry last month replaced the board of the holding committee as part of a major effort to maintain the situation.
Responding to questions about the state of liquidity, Srinivas said that basically in the NBFC segment this issue is more pronounced than houses to finance houses that are facing liquidity problems.
"I'm not going to indulge in individual names, it's a segmental problem … this is a large entity part of that segment. At a macro level, some measures have been taken.
"This situation should be facilitated, but at the same time … the way business is managed by this sector, they will have to study and adopt a sustainable model that takes into account sources of funds, allocate them … by minimizing this mismatch, "he said.
He answered the question of whether the ministry in the report pointed to concerns over the liquidity crisis faced by three leading housing finance companies – DHFL, Indiabulls Housing Finance and PNB Housing Finance.
Bearing in mind that liquidity challenges are more pronounced in some companies, Srinivas said that it is a NBFC sector that requires general relief and takes adequate steps at the macro level.
"So I do not see any crisis, it will be addressed in the short term. In the medium and long term, in which way you finance and expand everything, the development approach will have to be considered," he said.
The government is taking steps to solve the liquidity problem in the overall financial system and RBI has inflicted liquidity through bonds buying in the past few weeks.
Srinivas said that there was progress in the field of investigation of the Fraud Investigation Service (SFIO) in the case of IL & FS.
"There are more than 300 companies and there are many problems, and SFIO is researching, taking a deposit of key personnel," he added.
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