IL&FS rot needs to be stopped from spreading
6 years, 3 months ago

IL&FS rot needs to be stopped from spreading

Live Mint  

A tad late, but the message is finally reaching India’s regulators: Infrastructure lender IL&FS is not a business that can be allowed to fail without consequences. Some of the group’s finance companies are now missing repayments on short-term paper, even as the unlisted parent’s owners, including state-run Life Insurance Corp. of India, dawdle over an emergency infusion of funds. The bloodbath was sparked by the money market, where a mutual fund sold Dewan’s notes at a yield of 10.75 percent, compared with 8.6 percent for other corporate debt locally rated as AAA. DSP Mutual Fund, which is exposed to IL&FS’s securities, said its sale was a response to rising interest rates rather than a view on Dewan’s creditworthiness. But the poorly run state-owned banks still get 78 percent of sticky household deposits and have access to both interbank liquidity and the central bank’s emergency lines.

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History of this topic

Alternate investment funds: An industry at risk of death by a thousand circulars
1 week, 2 days ago

Alternate investment funds: An industry at risk of death by a thousand circulars

Live Mint  

Everybody loves a good fight; a clash of equals can be an engaging test of skills if fair play is assured. The Securities and Exchange Board of India had permitted AIFs to issue units as partly or fully paid, with RBI’s Form INVI allowing the same. Despite AIFs bringing in convertible currency funds, their $1.5 billion overseas investment allowance hasn’t …

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 …

How regulations have failed our fixed-income securities market
3 years, 3 months ago

How regulations have failed our fixed-income securities market

Live Mint  

The March 2020 redemption debacle will always be remembered as a moment of reckoning for India’s fixed- income mutual fund industry. Amid the denigration inflicted upon the industry, perhaps the greatest error of judgement pertained to the convenient omission of the fact that India lacks a credible secondary market for corporate debt securities. This means that the risk of holding …

Fresh crisis looms for NBFCs after fund shuts
4 years, 8 months ago

Fresh crisis looms for NBFCs after fund shuts

Live Mint  

India’s shadow lenders are facing fresh turmoil after asset manager Franklin Templeton shut funds late last month, prompting other large investors to dump the financiers’ debt. Three other gauges of the sector’s health compiled by Bloomberg showed no improvement last month, with a measure of shares of 20 financial firms and other companies staying depressed. Government measures To help cash-starved …

Debt funds less exposed to risky issuers after IL&FS fiasco: Morgan Stanley
4 years, 8 months ago

Debt funds less exposed to risky issuers after IL&FS fiasco: Morgan Stanley

The Hindu  

The recent events at Franklin Templeton Mutual Fund may have increased the risk of redemptions in debt funds, but a gradual reduction in exposure towards riskier issuers in the last year and a half could limit any further downside risks. According to Morgan Stanley, mutual funds have gradually moved towards better assets after the IL&FS crisis came to the fore …

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 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 …

Allow FPIs to directly purchase distressed loans from banks: RBI task force
5 years, 4 months ago

Allow FPIs to directly purchase distressed loans from banks: RBI task force

Live Mint  

Bengaluru: A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors to directly purchase distressed loans from banks. These moves are aimed at developing India's credit markets and come at a time when the country is facing …

DHFL demise imminent just like debt-ridden IL&FS: India’s regulators, raters failed to catch early signs of NBFC mess
5 years, 6 months ago

DHFL demise imminent just like debt-ridden IL&FS: India’s regulators, raters failed to catch early signs of NBFC mess

Firstpost  

In the case of both IL&FS and DHFL, rating agencies stepped in the last minute to call out the nature of stress in these firms and warn investors Dewan Housing Finance Ltd or DHFL—a well-known home loan lender in the country—fears that its days are numbered. DHFL’s near-death and the IL&FS crisis that preceded it exposes the weakness of India’s …

IL&FS fiasco: Sending ICRA executive on leave isn't enough; time regulator kicked off sweeping reforms for raters
5 years, 6 months ago

IL&FS fiasco: Sending ICRA executive on leave isn't enough; time regulator kicked off sweeping reforms for raters

Firstpost  

The international rating agency Moody’s Indian arm ICRA has done well to tick off its executive Naresh Takkar by sending him on leave pending an inquiry on the anonymous charge received by SEBI. The charge relates to top credit ratings given to IL&FS by a slew of credit rating agencies in India including ICRA. ICRA’s top brass must also be …

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,” …

Fund manager who predicted India credit crunch says pockets of risks remain
5 years, 6 months ago

Fund manager who predicted India credit crunch says pockets of risks remain

Live Mint  

A fund manager who predicted India’s credit crunch months before it got serious last year said that “pockets of risk” remain that could reignite investor concern. While the worst of the country’s liquidity shortage and soaring funding costs appears to have subsided for now, a string of corporate defaults suggests that those woes could come back, according to Suyash Choudhary, …

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. …

Reserve Bank's timely intervention could have helped detect crisis at IL&FS earlier, says SFIO
5 years, 7 months ago

Reserve Bank's timely intervention could have helped detect crisis at IL&FS earlier, says SFIO

Firstpost  

The Serious Fraud Investigation Office has said that Reserve Bank of India’s timely intervention could have helped detect crisis at Infrastructure Leasing & Financial Services earlier, a media report said. Launching a massive crackdown on perpetrators of the IL&FS scam, the SFIO has charged the erstwhile top management members of the group’s financial services subsidiary IFIN of forming a ‘coterie’ …

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
5 years, 8 months ago

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS

Firstpost  

Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS Mumbai: Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to …

Amid liquidity crisis, mutual funds preferred state bonds over central papers
5 years, 8 months ago

Amid liquidity crisis, mutual funds preferred state bonds over central papers

Live Mint  

Mumbai: A few months after the liquidity crisis erupted in September, mutual funds switched a chunk of their sovereign bond holdings from central government securities to state development loans, showed data from the Reserve Bank of India. According to the data, mutual funds held ₹36,851 crore worth government securities in December 2018, against ₹78,999 crore in September 2018, and ₹70,241 …

IL&FS Mutual Fund pays ₹314 crore to debt fund investors
5 years, 8 months ago

IL&FS Mutual Fund pays ₹314 crore to debt fund investors

Live Mint  

IL&FS Mutual Fund Tuesday paid ₹314 crore to investors in one of its infrastructure debt fund, making on-time redemption, according to a release. The money was paid to investors in IL&FS Mutual Fund's first debt fund series -- IL&FS Infrastructure Debt Fund Series 1-A -- that is due Tuesday. Two funds in the same series -- IL&FS Infrastructure Debt Fund …

Ousted IL&FS MD Hari Sankaran arrested for abuse of power by Serious Frauds Office: Sources
5 years, 9 months ago

Ousted IL&FS MD Hari Sankaran arrested for abuse of power by Serious Frauds Office: Sources

Hindustan Times  

Serious Fraud Investigation Office, the agency that investigates white-collar crimes, on Monday arrested Hari Sankaran, former vice chairman and the managing director of Infrastructure Leasing and Financial Services group for “abusing” his powers by granting loans to non-creditworthy entities, causing losses to the company and its creditors, government officials said. “Shri Hari Sankaran has been arrested on the grounds of …

ED finds nearly ₹10,000 crore worth of anomalies in IL&FS books
5 years, 10 months ago

ED finds nearly ₹10,000 crore worth of anomalies in IL&FS books

Live Mint  

Mumbai: The Enforcement Directorate, which is probing an alleged money laundering case at Infrastructure Leasing and Financial Services Ltd, suspects that at least ₹10,000 crore was used for purposes other than stated ones, according to two people with direct knowledge of the matter. “The Enforcement Directorate is already probing the role of former chairman of IL&FS, Ravi Parthasarathy, former vice-chairman …

Opinion: The next shadow-banking crisis in India
5 years, 11 months ago

Opinion: The next shadow-banking crisis in India

Live Mint  

Just a year ago, India’s third-largest mortgage lender was bragging about how it had shrunk its financing costs by replacing bank loans with market borrowings. Now, Dewan Housing Finance Corp. is confronting the fallout of that seemingly clever strategy, one that many of its peers face as well: a dangerously high exposure to India’s struggling developers. Like other Indian shadow …

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 …

SEBI approval for side-pocketing in mutual funds spells good news for old and new investors
6 years, 1 month ago

SEBI approval for side-pocketing in mutual funds spells good news for old and new investors

Firstpost  

Mutual fund houses in India are still licking their wounds from what has turned out to be in hindsight their embarrassing investments in Infrastructure Leasing & Financial Services Ltd which had been amiss in meeting its commitments to creditors and lenders after running up a whopping Rs 91,000 crore liabilities through a myriad of labyrinthine subsidiaries and associates. The mutual …

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 crisis fallout: Sebi tightens disclosure norms for credit rating agencies
6 years, 2 months ago

IL&FS crisis fallout: Sebi tightens disclosure norms for credit rating agencies

Live Mint  

Mumbai: India’s markets regulator has tightened disclosure norms for credit rating agencies after they failed to warn investors in time about the deteriorating credit profile of Infrastructure Leasing and Financial Services Ltd. Credit rating agencies would also need to disclose if the company is expecting additional funds to pare its debt along with the name of the entity that will …

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 …

IL&FS crisis impact: Corporates return to banks for loans
6 years, 2 months ago

IL&FS crisis impact: Corporates return to banks for loans

Live Mint  

Mumbai: The tide seems to have turned in favour of commercial banks: the liquidity crunch following the IL&FS crisis has pushed corporate borrowers away from the bond markets, back to banks. Gupta said that as rate transmission in the bond market is quicker than in bank lending rates, the former has gone up following interest rate hikes, while the latter …

Opinion | Kill IL&FS’ toxic culture by dismembering it
6 years, 2 months ago

Opinion | Kill IL&FS’ toxic culture by dismembering it

Live Mint  

The $12.8 billion bankruptcy of shadow lender Infrastructure Leasing & Financial Services Ltd. is starting to offer a glimmer of hope. The good news is that the new government-appointed board, which can resolve the insolvency without creditors swooping in on assets held across 347 IL&FS firms, has drawn up three sensible approaches. If IL&FS is sold in its present form, …

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 saga: What is the lowdown on bailout after default?
6 years, 3 months ago

IL&FS saga: What is the lowdown on bailout after default?

The Hindu  

It all started with a default in August on a ₹1,000 crore short-term loan extended by the Small Industries Development Bank of India that led to a trail of several defaults in following weeks. The crisis at the company may have become pronounced in the current financial year, but trouble had been brewing since 2016 when banks went slow on …

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 crisis: Reserve Bank welcomes government intervention, offers full help to new management
6 years, 3 months ago

IL&FS crisis: Reserve Bank welcomes government intervention, offers full help to new management

Firstpost  

RBI is looking at strengthening the guidelines to avoid situations of asset liability mismatches by non-bank lenders, especially infrastructure financing NBFCs dependent on short term liabilities like commercial papers Mumbai: The Reserve Bank Friday welcomed the government intervention in the IL&FS crisis as a “timely move” which has “helped stabilise the situation” at the infra lender, and offered full help …

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 …

IL&FS crisis a concern for investors abroad: Mobius
6 years, 3 months ago

IL&FS crisis a concern for investors abroad: Mobius

Live Mint  

Mumbai: The recent crisis at Infrastructure Leasing and Financial Services Ltd is a concern for investors in overseas markets, says veteran emerging markets investor Mark Mobius. In a phone interview from London, Mobius, 82, founding partner of Mobius Capital Partners Llp, believes the Indian rupee will eventually stabilize around 73 against the dollar. The problem with the infrastructure company —and …

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 …

IL&FS crisis: India should have learned from Walter Bagehot
6 years, 3 months ago

IL&FS crisis: India should have learned from Walter Bagehot

Live Mint  

Almost 150 years later, Walter Bagehot’s advice on how to deal with a liquidity crisis still rings true. When the sudden insolvency of IL&FS Group, an infrastructure lender, spread panic through India’s money and equity markets, the Reserve Bank of India had no qualms about acting on the first part of Bagehot’s prescription. Almost all of this money came from …

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 …

IL&FS fiasco singeing mutual fund investors: What happened to fund houses’ much-vaunted research capabilities?
6 years, 3 months ago

IL&FS fiasco singeing mutual fund investors: What happened to fund houses’ much-vaunted research capabilities?

Firstpost  

That IL&FS would default to its bondholders could have been easily ferreted out had the fund houses upped their ante on the back of their famed research capabilities. How did mutual fund houses invest in IL&FS in such a big way knowing pretty well that it suffered from a highly pronounced asset-liability mismatch? How did the mutual funds invest despite …

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