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 borrowing from banks and financial institutions is ₹ 63,000 crore on a consolidated basis, according to the balance sheet for year ended March 2018, the official said. Its investors include Life Insurance Corporation of India, India’s largest life insurer; State Bank of India, its largest bank; and Housing Development Finance Corp. Ltd, its largest mortgage lender.

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History of this topic

Stocks to Watch: SBI, Coal India, Future Retail, Eicher Motors, telcos
2 years, 11 months ago

Stocks to Watch: SBI, Coal India, Future Retail, Eicher Motors, telcos

Live Mint  

NEW DELHI: Here are the top 10 stocks that could be in focus on Monday: State Bank of India: The country's largest lender expects to recover around ₹8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal ending 31 March. Future Retail: Lenders to Future group have agreed to halt the sale of Future Retail Ltd’s …

Govt mulls allowing FDI in Life Insurance Corporation of India ahead of IPO
3 years, 4 months ago

Govt mulls allowing FDI in Life Insurance Corporation of India ahead of IPO

India TV News  

The government is considering allowing foreign direct investment in Life Insurance Corporation of India ahead of the mega initial public offering. These bankers will include Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Bank Ltd, ICICI Securities Ltd and IIFL Securities Ltd. Other bankers that made a presentation on Wednesday are JM Financial Ltd, Kotak Mahindra Capital Co Ltd, SBI …

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 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 …

SC stays payment of ₹380 crore by IL&FS subsidiary
5 years, 6 months ago

SC stays payment of ₹380 crore by IL&FS subsidiary

Live Mint  

New Delhi: The Supreme Court on Wednesday directed IL&FS Securities Services Ltd to approach the appropriate court against a payment commitment of ₹380 crore because of fraudulent trades by Allied Financial Services Private Limited, a stock broker with whom IL&FS Securities Services Ltd had signed a clearing agreement. “Extension of the time of payment won't create havoc in the market,” …

IL&FS scam: Two former executives of crisis-hit lending firm sent to ED custody till 25 June
5 years, 6 months ago

IL&FS scam: Two former executives of crisis-hit lending firm sent to ED custody till 25 June

Firstpost  

Two former IL&FS executives arrested by the Enforcement Directorate for their alleged roles money laundering for the crisis-hit lending firm, were on Thursday remanded to six-day custody of the central agency Mumbai: Two former IL&FS executives arrested by the Enforcement Directorate for their alleged roles money laundering for the crisis-hit lending firm, were on Thursday remanded to six-day custody of …

IL&FS case: Independent directors, rating agencies, auditors under Sebi lens
5 years, 6 months ago

IL&FS case: Independent directors, rating agencies, auditors under Sebi lens

Live Mint  

New Delhi: A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator Sebi for their role in the alleged fraud at the group. The matter is being probed by multiple agencies, including the Serious Fraud Investigation Office, which has also …

IL&FS may file contempt case against nine banks for unauthorised withdrawals of about Rs 800 cr from firm's escrow accounts
5 years, 7 months ago

IL&FS may file contempt case against nine banks for unauthorised withdrawals of about Rs 800 cr from firm's escrow accounts

Firstpost  

The banks made “unauthorised auto-deduction from IL&FS escrow accounts” in the last six months towards debt recovery The board of debt-laden IL&FS is likely to file a contempt case against nine large banks including State Bank of India, Bank of Baroda, HDFC Bank for unauthorised withdrawals of about Rs 800 crore from the firm’s escrow accounts, a media report said. …

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 …

No lender can unilaterally tag accounts of IL&FS, group firms as NPAs: NCLAT
5 years, 10 months ago

No lender can unilaterally tag accounts of IL&FS, group firms as NPAs: NCLAT

Live Mint  

No bank or financial institution can declare the accounts of debt-ridden Infrastructure Leasing & Financial Services and its group companies as non-performing assets without National Company Law Appellate Tribunal’s permission, the appellate tribunal said on Monday. “No IL&FS or its subsidiaries’ account to be declared NPA by any financial institution without approval from NCLAT,” the appellate tribunal said. During the …

Banks stare at a massive Rs 30,000 crore loan write-off: Why IL&FS is yet to meet its Vijay Mallya moment
5 years, 10 months ago

Banks stare at a massive Rs 30,000 crore loan write-off: Why IL&FS is yet to meet its Vijay Mallya moment

Firstpost  

The apparent reason why individual responsibility has not been fixed in case of IL&FS is it was promoted by a clutch of public sector insurance companies A Moneycontrol report on Tuesday said that banks are staring at a distinct possibility of having to write off a massive amount owed by a single entity or group—Rs 30,000 crore to IL&FS and …

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 …

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 …

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 …

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 …

IndusInd Bank calls off deal to acquire IL&FS Securities Services
6 years, 2 months ago

IndusInd Bank calls off deal to acquire IL&FS Securities Services

Live Mint  

New Delhi: Private sector lender IndusInd Bank Tuesday said its agreement to fully acquire IL&FS Securities Services Ltd has been terminated due to non fulfilment of conditions.In June this year IndusInd Bank had signed a share purchase agreement with Infrastructure Leasing and Financial Services Ltd to acquire its securities services subsidiary. “The share purchase agreement stands terminated as all the …

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: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos
6 years, 2 months ago

IL&FS crisis: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos

Firstpost  

The new IL&FS board pegged the total debt of the group by over Rs 3,000 crore at Rs 94,215.6 crore as of 8 October Mumbai: The Uday Kotak-led government appointed board of crippled infra lender Infrastructure Leasing and Financial Services group on Wednesday informed government and National Company Law Tribunal that it expects to complete the resolution process in stages …

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, …

Regulatory watch on businesses tightened post IL&FS failure
6 years, 2 months ago

Regulatory watch on businesses tightened post IL&FS failure

Live Mint  

The government is planning to link up the databases of various tax and regulatory authorities to spot signs of growing stress before they blow up like in the case of Infrastructure Finance and Leasing Services Ltd, a government official said. According to the plan, the databases of income tax department, goods and services tax Network, Central Board of Indirect Taxes …

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 …

NCLAT stays proceedings against IL&FS, 348 subsidiaries in 'larger public interest, economy'
6 years, 2 months ago

NCLAT stays proceedings against IL&FS, 348 subsidiaries in 'larger public interest, economy'

Firstpost  

The NCLAT also directed to implead the top five lenders of IL&FS and asked to submit their replies over the government’s plea seeking 90 days moratorium. Mukhopadhaya stayed all the proceedings “taking into consideration the nature of the case, larger public interest and economy of the nation and interest of IL&FS and 348 group companies”. “In addition to providing much-needed …

House panel to find out why infra giant IL&FS collapsed
6 years, 3 months ago

House panel to find out why infra giant IL&FS collapsed

Hindustan Times  

Parliament’s standing committee on finance will review the IL&FS case that triggered widespread panic in the Indian stock markets after it defaulted on payments. IL&FS had accumulated a whopping $12.6 billion debt burden after a string of defaults, prompting the Centre to move quickly, amid a rapid fall in the sector’s stock prices, to take control of the infrastructure lending …

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 …

Not stepping down from Maruti board over IL&FS crisis, says R.C. Bhargava
6 years, 3 months ago

Not stepping down from Maruti board over IL&FS crisis, says R.C. Bhargava

Live Mint  

New Delhi: Maruti Suzuki Chairman R.C. Bhargava, ex-director of crisis-hit IL&FS, Thursday ruled out resigning from the board of the auto major, stating as per the law a director needs to step down only when “something is established against” him. He also said at least for the last three to four years, the management and the board of IL&FS had …

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 …

IL&FS crisis: Govt seizes control of debt-trapped firm; these are 15 members of board that were dismissed
6 years, 3 months ago

IL&FS crisis: Govt seizes control of debt-trapped firm; these are 15 members of board that were dismissed

Firstpost  

The government on Monday seized control of debt-trapped Infrastructure Leasing and Financial Services, superseding its board with one led by India’s richest banker Uday Kotak, and vowed to stop further loan defaults. The Mumbai-bench of National Company Law Tribunal approved six directors, including Kotak Mahindra Bank MD Uday Kotak, former SEBI chairman GN Bajpai and ICICI Bank chairman GC Chaturvedi, …

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 uses blueprint from 2009 Satyam case in IL&FS rescue plan
6 years, 3 months ago

Govt uses blueprint from 2009 Satyam case in IL&FS rescue plan

Live Mint  

India Inc.’s original mea culpa was almost a decade back, when on 7 January 2009 Ramalinga Raju, the billionaire promoter of Satyam Computers, then India’s fourth largest information technology outsourcing services firm, wrote a letter to India’s markets regulator confessing to a $1.4 billion fraud. So, IL&FS needs to resolve its issues on its own and I think it is …

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 takeover done, government focus now on financials
6 years, 3 months ago

IL&FS takeover done, government focus now on financials

Live Mint  

Mumbai: The potential for systemic disruption and an incipient financial sector meltdown has forced the government to seize control of Infrastructure Leasing and Financial Services and its units by superseding the current board. The government said in its release that the supersession of the IL&FS board and its replacement by a new board are the necessary first steps towards restoring …

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 …

Beleaguered IL&FS faces day of reckoning with AGM tomorrow
6 years, 3 months ago

Beleaguered IL&FS faces day of reckoning with AGM tomorrow

Live Mint  

For beleaguered Infrastructure Leasing and Financial Services, 29 September will be the day of reckoning. In a stock exchange filing on Thursday, IL&FS said that it will be unable to pay dividend to equity shareholders because the company had defaulted on payment of interest on non-convertible debentures. In August, the IL&FS board had approved a rights issue of 30 crore …

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 ₹ …

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