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Sunday, 2 December 2018

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Two employees of IL&FS Group held captive were finally released on Saturday

Two employees of IL&FS Group held captive were finally released on Saturday



Harish Bandi and Bhaskar Reddy, two Indians who were held hostage by the local employees of Joint Venture of IL & FS Group, resentful of not being paid salaries in Ethiopia were released on Saturday.

After the company assured the payment of outstanding salaries to local employees in the next few days, both the employees of the company have been released. The company is engaged in a road construction work in Ethiopia.
Indian officials and local IL & FS Transportation Network Ltd (ITNL) are in touch with Ethiopian officials to release another Indian employee named Neeraj Raghuvanshi, who has been held captive in the Nekemte Bure Lot 1 camp.

It is notable that the IL & FS unit of the troubled IL & FS group has failed to pay the interest of Rs 2.28 crore on two non-convertible debentures (NCDs) in the past. In the information sent to the stock exchanges, the company said that interest payment on both NCDs was to be done on November 26. Both the bonds were issued on August 25.

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