Centre 'fully committed' to ensure liquidity support to IL&FS, says FinMin

Turning the group around will require a combination of asset sales and fresh fund infusions by investors and lenders

The Indian government, which seized control of debt-laden financier Infrastructure Leasing & Financial Services Ltd., has pledged to ensure the beleaguered lender has the money to prevent further defaults.

Superseding the board of IL&FS, which has defaulted on more than five of its obligations, was essential to restore the confidence of the financial markets, according to a statement by the finance ministry on Monday. The ministry said there have been “serious complaints” about some IL&FS group companies and an investigation by the federal Serious Fraud Investigation Office has been ordered.

Government officials on Monday ousted IL&FS’s management and instituted a new six-member