The RBI on Friday met the large shareholders of debt-laden Infrastructure Leasing & Finance Services (IL&FS) to decide on the revival and the capital infusion plans for the company, sources said.

Deputy governors N.S. Vishwanathan and M.K. Jain have met the representatives of the LIC and Orix Corporation of Japan, the two largest shareholders, which own

25.34 and 23.54 per cent stake in the company, respectively, sources said, but refused to share the contours of the meeting.

The Abu Dhabi Investment Authority, HDFC, Central Bank of India and the SBI hold 12.56 per cent, 9.02 per cent, 7.67 per cent and 6.42 per cent, respectively in the cash-strapped company.

The RBI had earlier called all the shareholders of the group for the meeting, but later whittled it down to two of the large shareholders.

The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27. It has over Rs 91,000 crore in debt at the consolidated level.

The company needs an immediate capital infusion of Rs 3,000 crore and is planning a Rs 4,500-crore rights issue.

On Thursday, IL&FS Financial Services defaulted on bank loans, including interest of Rs 284.5 crore to five banks.

The government is monitoring the situation of debt-ridden IL&FS and would take appropriate action to ensure that there is no undue impact on the financial system, economic affairs secretary S.C. Garg said Friday. PTI