More IL&FS defaults in store as subsidiaries face cash crunch
6 years, 1 month ago

More IL&FS defaults in store as subsidiaries face cash crunch

Live Mint  

Mumbai: More defaults by stressed financier Infrastructure Leasing and Financial Services and its subsidiaries are a distinct possibility as several entities within the group are facing operational cash gaps till 31 March, according to the latest progress report from the company. In the Second Report on Progress and Way Forward, submitted to the National Company Law Tribunal in Mumbai on Monday, the new IL&FS board said Alvarez and Marsal is developing a 13-week cash flow forecast to optimize cash flow and is reviewing the existing capital structure of entities within the IL&FS group, assessing incremental funding requirements for capex /working capital at the relevant entity level, classifying entities based on debt serviceability and viability. It is also assisting in identifying entities suitable for monetization and identifying encumbrances created on assets of various entities within the IL&FS group and approvals for divestment at holding company level. The board is also implementing cost-cutting measures including salary rationalization, letting go of superannuated consultants, and discontinuation of certain businesses and verticals, which will save IL&FS about ₹ 100 crore annually. IL&FS will also terminate lease rentals on guest houses used by group firms, which will save it ₹ 5.6 crore annually and close offices in various locations, saving another ₹ 4.9 crore.

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History of this topic

IL&FS says aims to resolve nearly 60% of debt despite pandemic delays
4 years, 5 months ago

IL&FS says aims to resolve nearly 60% of debt despite pandemic delays

Live Mint  

Infrastructure Leasing & Financial Services said on Monday it expected to resolve about 57% of its near trillion rupee debt pile even as the pandemic delayed the resolution process in some of the group companies. About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% …

IL&FS to address major portion of outstanding debt by July, says Uday Kotak
5 years ago

IL&FS to address major portion of outstanding debt by July, says Uday Kotak

Live Mint  

IL&FS Group is working towards addressing a 'significant portion' of the outstanding debt of ₹94,000 crore by July 2020, its chairman Uday Kotak said on Tuesday. "He said the group has received binding bid for Chinese road asset that will resolve nearly ₹1,600 crore debt and additional ₹980 crore towards equity value for the shareholding entity. The group has sold …

IL & FS records over Rs 22,000 crore loss in 2019
5 years, 1 month ago

IL & FS records over Rs 22,000 crore loss in 2019

India TV News  

Crisis-ridden IL&FS on Wednesday reported a net standalone loss of Rs 22,527 crore for the financial year 2018-19, compared to a net profit of Rs 333 crore during the previous year. The company posted total revenue of Rs 824 crore during the period under review, as against Rs 1,734 crore in the previous year, it said. As on March 31, …

IL&FS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom
5 years, 3 months ago

IL&FS approaches NCLAT seeking release of Rs 145 cr held by Gujarat discom

India TV News  

Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued a notice to the Gujarat Urja Vikas Nigam over the IL&FS plea. According to senior advocate Ramji Srinivasan appearing for IL&FS, the …

IL&FS group firms to sell 494 acres land to pare debt
5 years, 3 months ago

IL&FS group firms to sell 494 acres land to pare debt

Live Mint  

Cash-strapped IL&FS along with its two arms has decided to sell a total of 494 acre land parcels in three states in a bid to generate capital and pare debt. IL&FS, IL&FS Township & Urban Assets and IL&FS Engineering and Construction Co currently hold 9%, 40% and 31% stakes, respectively in Hill County Properties Ltd, IL&FS group said in a …

IL&FS receives bids of Rs 13,000 crore for 10 road assets
5 years, 4 months ago

IL&FS receives bids of Rs 13,000 crore for 10 road assets

India TV News  

Crisis-ridden infrastructure financing major IL&FS has received binding financial offers totalling nearly Rs 13,000 crore for 10 of its domestic road assets. In addition to this, the IL&FS Group entities continue to hold rights to receive claims with gross value of over Rs 1,900 crore filed with various concession authorities in respect of these assets. "The combined value of bids …

Top management of insolvent IL&FS rewarded themselves as best performer
5 years, 5 months ago

Top management of insolvent IL&FS rewarded themselves as best performer

India Today  

When IL&FS and its subsidiaries were in crisis, top bosses of India's largest infra group, led by Ravi Parthasarathy, rewarded themselves as best performer. The top management also milked the fatty dividend and hefty sitting fee from the bogus profit booked by IL&FS financial services, a subsidiary of the shadow bank, finds India Today's Data Intelligence Unit. A Serious Fraud …

IL&FS asks bourses to avoid coercive actions over quarterly results
5 years, 6 months ago

IL&FS asks bourses to avoid coercive actions over quarterly results

India TV News  

Infrastructure Leasing and Financial Services Ltd Engineering and Construction Company urged the exchanges on Wednesday to avoid coercive action against it for failing to declare its quarterly results. The company in a regulatory filing said it will be "challenging" for the management to prepare the financial statements owing to the proposed divestment and restructuring of its group companies, among other …

IL&FS board extends deadline for claims submission to 20 June after NCLAT order
5 years, 7 months ago

IL&FS board extends deadline for claims submission to 20 June after NCLAT order

Firstpost  

IL&FS said the new board initiated a comprehensive claims management process for 70 group entities through the launch of pan-India public notices on 22 May New Delhi: The board of IL&FS has extended the deadline for submission of claims to June 20 following an order passed by the National Company Law Appellate Tribunal. In a release on Monday, IL&FS said …

IL&FS fraud case: Whistle-blower sought to uncover scam in 2017, but management covered it up
5 years, 7 months ago

IL&FS fraud case: Whistle-blower sought to uncover scam in 2017, but management covered it up

Firstpost  

The scam at IL&FS came to light last year after several group entities defaulted on repayments due to severe liquidity problems. New Delhi: The long-running fraudulent activities at crisis-ridden IL&FS could have come to light much earlier in 2017, but for a cover-up job done by the top management in connivance with the independent directors on a whistleblower complaint, an …

Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group companies: Govt
5 years, 7 months ago

Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group companies: Govt

Firstpost  

The board of IL&FS, which has to repay over Rs 90,000 crore to lenders, has decided to adopt an “asset level resolution” with regard to various group companies and entities. New Delhi: The resolution process for 10 profitable IL&FS group companies, having total debt of Rs 11,564 crore, is underway, the government informed the National Company Law Appellate Tribunal said …

IL&FS group to receive first set of bids under asset monetisation process tomorrow
5 years, 9 months ago

IL&FS group to receive first set of bids under asset monetisation process tomorrow

Firstpost  

IL&FS group, which is sitting on the debt of about ₹94,000 crore debt, had decided to sell assets in various verticals New Delhi: Cash-strapped IL&FS group will receive first set of bids under asset monetisation process on Monday as part of resolution process, according to sources. IL&FS board will later consider bids for 8,000 crore renewable energy business that was …

Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace
5 years, 11 months ago

Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace

Firstpost  

Following the crisis at IL&FS late last year that raised concerns over liquidity in the system, the corporate affairs ministry had superseded its board. New Delhi: The government will soon approach the Reserve Bank of India seeking a special dispensation for deferment of provisioning requirements for bank loans extended to some IL&FS group firms amid ongoing efforts to monetise assets …

30 suitors line up for IL&FS road asset sale
6 years ago

30 suitors line up for IL&FS road asset sale

Live Mint  

Mumbai: Infrastructure Leasing and Financial Services Ltd has received over 30 expressions of interest for its road assets, which are being scrutinised, the infrastructure financier said on Wednesday in a press note. The road assets, classified under IL&FS’s domestic roads vertical and include the engineering, procurement and construction and operation and maintenance businesses, were put on sale as part of …

IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr
6 years ago

IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr

Firstpost  

The crippled infra lender is selling the group’s stake in IL&FS Education & Technology Services, along with other subsidiary businesses and IIML along with all its associated fund management platforms. Mumbai: Debt-laden Infrastructure Leasing & Financial Services Group on Thursday said that it has initiated a process to sell its stake in education business and in the alternative investment management …

IL&FS group cos' shares climb up to 10% on divestment initiative to raise funds
6 years ago

IL&FS group cos' shares climb up to 10% on divestment initiative to raise funds

Firstpost  

New Delh: Shares of IL&FS group companies surged up to 10 percent on Tuesday as it announced its plan to sell equity stakes in its road assets to raise funds. On Monday, Infrastructure Leasing & Financial Services group, which sits on a debt pile of about Rs 90,000 crore, said it will sell equity stakes in its road assets to …

NCLT Seeks Details Of Personal Assets Of Former IL&FS Executives
6 years, 1 month ago

NCLT Seeks Details Of Personal Assets Of Former IL&FS Executives

The Quint  

Three of the nine named by the Serious Frauds Investigation Office in a report prepared on 30 November were accused by the government of mismanagement at IL&FS. They are Ravi Parthasarathy, former chairman who resigned in July; Hari Sankaran, former vice-chairman and managing director; and Arun K Saha, joint managing director and chief executive officer. The other six named by …

IL&FS crisis: Group-level resolution for Rs 91,000 cr debt unlikely, Uday Kotak-led board tells NCLT
6 years, 1 month ago

IL&FS crisis: Group-level resolution for Rs 91,000 cr debt unlikely, Uday Kotak-led board tells NCLT

Firstpost  

“Based on an outreach conducted by the FTA, the initial assessment seems to indicate that currently, the group-level resolution option is unlikely to materialise,” the IL&FS board said in its second report on progress and way forward submitted to the NCLT. Mumbai: The Uday Kotak-led board of Infrastructure Leasing and Financial Services had informed the National Company Law Tribunal on …

Single solution for IL&FS crisis, debt not possible, NCLT told
6 years, 1 month ago

Single solution for IL&FS crisis, debt not possible, NCLT told

Live Mint  

Mumbai: In its latest status report to the National Company Law Tribunal, the new board of Infrastructure Leasing and Financial Services has said that finding a single solution for the IL&FS crisis and its ₹ 91,000 crore of debt is not possible. The only options left, the IL&FS board said, was hiving off and selling entire business verticals to willing …

A dozen suitors for IL&FS stake sale in two subsidiaries
6 years, 1 month ago

A dozen suitors for IL&FS stake sale in two subsidiaries

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services has received more than a dozen expressions of interest for acquiring the troubled financier’s stakes in subsidiaries IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd, the company said in a press release. “IL&FS has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution …

IL&FS crisis: 10 group firms to be up for sale
6 years, 1 month ago

IL&FS crisis: 10 group firms to be up for sale

Live Mint  

New Delhi: Eight to 10 subsidiaries of Infrastructure Leasing and Financial Services Ltd will be up for sale shortly as its state-appointed board of directors explores a turnaround scheme involving the sale of group companies. The planned sale indicates IL&FS is now going full steam in monetising key group entities, which are not able to service debt as part of …

IL&FS board invites buyers for stake in two of its subsidiaries
6 years, 2 months ago

IL&FS board invites buyers for stake in two of its subsidiaries

Live Mint  

Mumbai: The government-appointed board of Infrastructure Leasing and Financial Services Ltd has started the process to sell some of its assets to help pare the company’s debt. IL&FS will solicit expressions of interest in two assets engaged in the securities services business—IL&FS Securities Services Ltd, a clearing member in equity and other derivatives; and ISSL Settlement & Transaction Services Ltd, …

IL&FS crisis puts credit rating firms on SFIO radar
6 years, 2 months ago

IL&FS crisis puts credit rating firms on SFIO radar

Live Mint  

New Delhi: The Serious Fraud Investigation Office is looking into methods used by credit rating agencies as part of its probe into a series of defaults by Infrastructure Leasing and Financial Services Ltd. “SFIO is looking into the issue from the specific angle of how comprehensive they are,” Injeti Srinivas, secretary, ministry of corporate affairs, said on the sidelines of …

Govt outlines three options for IL&FS revival
6 years, 2 months ago

Govt outlines three options for IL&FS revival

Live Mint  

Mumbai: The government has submitted a broad revival plan for Infrastructure Leasing and Financial Services Ltd where it is considering three options, including resolution at the group level, sale of business verticals, or the sale of individual assets. “The new board’s current assessment is that the resolution options could broadly involve significant capital infusion, divestments, and debt restructurings at an …

IL&FS board to moot sale of assets
6 years, 2 months ago

IL&FS board to moot sale of assets

Live Mint  

New Delhi: The tentative turnaround scheme for Infrastructure Leasing & Financial Services Ltd that its state-appointed board of directors will present to the Mumbai bench of the National Company Law Tribunal on Wednesday will focus on quick disposal of certain assets for which there are takers and leave projects that are servicing debt untouched. “The idea is to reach for …

Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis
6 years, 2 months ago

Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis

Firstpost  

The government, in a rare move, took control of IL&FS this month after the company defaulted on some of its debt, triggering fears of contagion across India’s financial system. New Delhi: The government is considering putting Infrastructure Leasing and Financial Service Ltd up for sale or divesting some of its assets as it seeks to end the company’s debt crisis, …

Government weighs outright sale of crisis-hit IL&FS
6 years, 2 months ago

Government weighs outright sale of crisis-hit IL&FS

Live Mint  

New Delhi: India is examining options including an outright sale of Infrastructure Leasing and Financial Services Ltd, a person with knowledge of the matter said, as the government tries to stem defaults at the lender with $12.6 billion of debt. IL&FS hasn’t stopped missing payments even after the government sacked the lender’s board and pledged to stem defaults. The lender’s …

IL&FS Transportation Networks to divest stake in some road projects to ease liquidity crunch
6 years, 2 months ago

IL&FS Transportation Networks to divest stake in some road projects to ease liquidity crunch

Firstpost  

IL&FS and its subsidiaries have defaulted on several debt repayments recently due to a liquidity crisis. New Delhi: IL&FS Transportation Networks, a group company of Infrastructure Leasing and Financial Services, on Thursday said it proposes to divest its stake in certain road projects to ease liquidity concerns. According to a regulatory filing, the board considered the proposal for divestment of …

IL&FS revival plan could include stake sales: Report
6 years, 2 months ago

IL&FS revival plan could include stake sales: Report

Live Mint  

New Delhi/Mumbai: The new board of debt-laden Infrastructure Leasing and Financial Services will come up with a revival plan for the lender that could include selling stakes in some of its businesses, an Indian government official said. Malik declined to comment.NextMAds The official said state-controlled Life Insurance Corp of India, which holds a 25.34% stake in IL&FS, could pump more …

Cash-strapped IL&FS wants government to bail it out
6 years, 2 months ago

Cash-strapped IL&FS wants government to bail it out

Live Mint  

Mumbai: The Union government may have to bailout cash-strapped Infrastructure Leasing and Financial Services, if latest discussions between the group’s board and the government are any indication, according to three people familiar with the development. IL&FS’s plan to raise ₹ 4,500 crore through a rights issue that closed on Friday devolved, the second of the three people cited earlier said …

IL&FS: Emerging India's very own robber baron'
6 years, 3 months ago

IL&FS: Emerging India's very own robber baron'

Deccan Chronicle  

India is deservedly an “emerging market”. Just like in China, where public entities boost private profits, the Life Insurance Corporation of India, a public sector insurer, with assets in excess of Rs 25 trillion, chose to become IL&FS’ equity investor with a 25.3 per cent share. In it’s heyday, IL&FS was a private company with chutzpah — the darling of …

IL&FS misses more debt payments
6 years, 3 months ago

IL&FS misses more debt payments

Live Mint  

Mumbai/Singapore: Infrastructure Leasing & Financial Services Ltd. is missing more debt obligations, even as the Indian government pledged to prevent further defaults, underscoring the challenges its new board faces in fixing the firm’s mounting debt problems. “This amount is peanuts in the big picture, that’s how bad the situation is at the group,” said Rajiv Kochhar, chief executive officer of …

The untold tale behind government’s shock takeover of IL&FS
6 years, 3 months ago

The untold tale behind government’s shock takeover of IL&FS

Live Mint  

Mumbai: With the future stability of the Indian financial system on the line, executives running a giant infrastructure lender gathered at the company’s glassy, modernist headquarters in Mumbai and hammered out an ambitious restructuring plan last Saturday to manage a $12.6 billion debt burden after a string of defaults. Jaitley’s team on Sunday sent a confidential note to the Ministry …

Govt’s rescue of IL&FS may spell major losses for lenders
6 years, 3 months ago

Govt’s rescue of IL&FS may spell major losses for lenders

Live Mint  

New Delhi/Mumbai: The government’s move to take control of debt-laden Infrastructure Leasing and Financial Services will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters. But IL&FS had compromised on corporate governance and risk management norms, the government told the National Company Law Tribunal on Monday as it explained why it intended …

Contagion no longer the biggest problem in IL&FS saga
6 years, 3 months ago

Contagion no longer the biggest problem in IL&FS saga

Live Mint  

Mumbai/Hong Kong: The government’s shock seizure of a troubled shadow bank on Monday means contagion’s off the table. The government’s move on IL&FS is “a step in the right direction and will calm investor nerves to some extent,’ said Lakshmi Iyer, chief investment officer of debt at Mumbai-based Kotak Mahindra Asset Management Co. In terms of ending the contagion risk …

‘We are in dire straits, please help us,’ a desperate IL&FS urged govt
6 years, 3 months ago

‘We are in dire straits, please help us,’ a desperate IL&FS urged govt

Live Mint  

Mumbai: Directors and top executives of Infrastructure Leasing and Financial Services Ltd desperately pleaded with government officials and the central bank for an urgent bailout just days before the centre moved in to seize control of the debt-laden financier, two people with direct knowledge of the matter said. please help us,” Hari Sankaran told finance ministry officials as recently as …

IL&FS asset sale plan hangs in the balance
6 years, 3 months ago

IL&FS asset sale plan hangs in the balance

Live Mint  

Mumbai: The government’s move to supersede the board of Infrastructure Leasing and Financial Services Ltd and order a probe has clouded the view as to when the debt-laden lender would be able to proceed with its capital-raising, restructuring and asset monetization plans. IL&FS had already received concrete offers for several of its assets, which include road projects housed under group …

Govt orders serious fraud probe agency to investigate IL&FS, units
6 years, 3 months ago

Govt orders serious fraud probe agency to investigate IL&FS, units

Live Mint  

Mumbai/New Delhi: The Union government Monday ordered an investigation by the Serious Fraud Investigation Office into Infrastructure Leasing & Financial Services and its subsidiaries, as serial debt defaults by the infrastructure lender damaged confidence and send shockwaves through the financial system. A report from the corporate affairs ministry’s Mumbai regional director has “clearly brought out serious corporate related deficiencies in …

The road ahead for new IL&FS board
6 years, 3 months ago

The road ahead for new IL&FS board

Live Mint  

While IL&FS’s shareholders approved the fundraising resolutions, they did not commit to subscribe to its rights issue. On Monday, stocks of all listed IL&FS subsidiaries hit the upper circuit after the government’s decision restored some much-needed confidence. Even with no plan in sight, the supersession of the IL&FS board lends a certainty to the group’s future that the AGM outcome …

Govt pledges liquidity support to IL&FS group
6 years, 3 months ago

Govt pledges liquidity support to IL&FS group

Live Mint  

New Delhi: After moving the National Company Law Tribunal to replace the board of distressed investment firm Infrastructure Leasing & Financial Services Ltd. with a state appointed one, the government on Monday said the company would be provided liquidity support while a turnaround plan was executed. “The government stands fully committed to ensure that needed liquidity is arranged for IL&FS …

IL&FS to raise ₹15000 crore, hike borrowing limit to ₹35000 crore
6 years, 3 months ago

IL&FS to raise ₹15000 crore, hike borrowing limit to ₹35000 crore

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services Ltd, whose recent debt defaults sparked concern about contagion in the financial markets, secured a lifeline after shareholders approved its plans to raise money through debt and equity. Stockholders green-lit IL&FS’s plans to raise as much as ₹ 15,000 crore through a non-convertible debt issue, hike the firm’s borrowing limit by 40% to ₹ …

LIC, SBI, Orix to subscribe to ₹4500 crore IL&FS rights issue
6 years, 3 months ago

LIC, SBI, Orix to subscribe to ₹4500 crore IL&FS rights issue

Live Mint  

Mumbai: In a major breather to debt-laden Infrastructure Leasing & Finance Services, its largest shareholders Life Insurance Corp and Orix Corp, and State Bank of India, on Saturday announced they would subscribe to the proposed ₹ 4,500 crore rights issue of the company. According to reports, the Reserve Bank of India met large shareholders of IL&FS on Friday to decide …

IL&FS crisis: Take a knife to India’s busted Macquarie clone
6 years, 3 months ago

IL&FS crisis: Take a knife to India’s busted Macquarie clone

Live Mint  

When even a 24-year-old Indian entrepreneur has no difficulty raising $1 billion in a day from global investors, it’s easy to forget that it wasn’t always like this. The $25 million that IL&FS arranged in 1997 via floating-rate notes — guaranteed by USAID and sold to Bear Sterns & Co. — illustrates the chutzpah that sank the firm. Let New …

Cash-strapped IL&FS Financial Services declares 7 fresh defaults of Rs 395 cr
6 years, 3 months ago

Cash-strapped IL&FS Financial Services declares 7 fresh defaults of Rs 395 cr

Firstpost  

New Delhi: IL&FS Financial Services Thursday said it has defaulted on seven fresh payment obligations worth Rs 395.46 crore. These defaults were in respect of five bank loans totalling Rs 239.50 crore, term deposit obligation of Rs 103.53 crore and short-term deposit worth Rs 52. These defaults were in respect of five bank loans totalling Rs 239.50 crore, term deposit …

IL&FS Financial Services declares fresh defaults of ₹395 crore
6 years, 3 months ago

IL&FS Financial Services declares fresh defaults of ₹395 crore

Live Mint  

New Delhi: IL&FS Financial Services on Thursday said it has defaulted on seven fresh payment obligations worth ₹ 395.46 crore. These defaults were in respect of five bank loans totalling ₹ 239.50 crore, term deposit obligation of ₹ 103.53 crore and short term deposit worth ₹ 52.43 crore. In bank loan repayments, it defaulted on ₹ 100.60 crore and ₹ …

IL&FS crisis: Eight charts present financials, other details of cash-strapped infrastructure conglomerate
6 years, 3 months ago

IL&FS crisis: Eight charts present financials, other details of cash-strapped infrastructure conglomerate

Firstpost  

The IL&FS has come under the scanner of multiple regulators, including SEBI, for alleged defaults related to financial disclosures and corporate governance. IL&FS, which is credited for building the longest tunnel in the country, is sitting on a debt pile of around Rs 91,000 crore with IL&FS alone having nearly Rs 35,000 crore, IL&FS Financial Services Rs 17,000 crore, and …

IL&FS, 40 of its subsidiaries move National Company Law Tribunal seeking to restructure debt
6 years, 3 months ago

IL&FS, 40 of its subsidiaries move National Company Law Tribunal seeking to restructure debt

Firstpost  

In a letter to its employees, IL&FS had claimed that if funds worth Rs 16,000 crore stuck with concession authorities were released on time, it would not have landed in this mess. Infrastructure Leasing & Financial Services Limited, an Indian infrastructure development and finance company, which has defaulted on a series of interest payments, has along with its subsidiaries moved …

Rise and fall of IL&FS: A bailout is a blunder; India's debt trapped infra financiers are walking on a minefield
6 years, 3 months ago

Rise and fall of IL&FS: A bailout is a blunder; India's debt trapped infra financiers are walking on a minefield

Firstpost  

Whatever the final outcome, IL&FS will never be the same institution again. Regulators – the Reserve Bank of India and the Securities & Exchange Board of India – and the State Bank of India have made reassuring noises about the ‘temporary’ nature of its liquidity problems, and asset managers at some large mutual funds have suggested that there’s nothing to …

IL&FS efforts to sell assets clouded by past failed attempts
6 years, 3 months ago

IL&FS efforts to sell assets clouded by past failed attempts

Live Mint  

Mumbai/New Delhi: Infrastructure Leasing and Financial Services Ltd’s bid to sell three of its units in the past two years to pare debt were stymied because of valuation mismatches and bureaucratic red tape, calling into question the group’s ongoing efforts to dispose of some of its biggest assets to meet immediate payment obligations and avoid bankruptcy. Over the past two …

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