One of the first things to be settled by this board would be on what to do with its subsidiaries.
The govt has also ordered an investigation by the SFIOffice into the affairs of the group.
The newly-constituted board of Infrastructure Leasing & Financial Services Ltd is likely to meet Thursday and decide the fate of the institution — whether it remains a lender or an asset building company, amid limited access to documents since the Serious Frauds Investigation Office is said to have seized many documents, restricting access for the board immediately.
One of the first things to be settled by this board would be on what to do with its numerous subsidiaries with complicated holding structures and a web of dealings with various entities, mainly state government bodies, said sources who did not want to be identified.
"It will meet on Thursday to discuss a road map as the company needs funds immediately,'' said a person familiar with the matter. "It may again be LIC and state-run banks which would be their first port of call.'' The six-member board led by Uday Kotak has to meet and present a plan before October 8 to the National Company Law Tribunal which will next hear the matter on October 31.