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 of Corporate Affairs recommending that the company court be approached for the “reconstitution” of the IL&FS board. Sharma, central bank Deputy Governor Viral Acharya, State Bank of India Chairman Rajnish Kumar and Central Bank of India Managing Director Pallav Mohapatra Sept. 27: Jaitley meets RBI officials including Governor Urjit Patel at his residence Sept. 28: Economic Affairs Secretary Subhash Garg meets shareholders of IL&FS, including LIC and SBI. Finance ministry officials start reaching out to potential board-member candidates Sept. 29: IL&FS hosts its annual general meeting and decides to raise 150 billion rupees from a non-convertible debt issue Sept. 30: Ministry of Finance writes to Ministry of Corporate Affairs recommending IL&FS’s board be ousted. Ministry asks India’s Serious Fraud Investigation Office to begin probe into IL&FS’s finances Oct. 1 A court in Mumbai approves the government’s petition to fire IL&FS’s board Oct. 3 Government inducts a seventh board member: Former bureaucrat C.S.

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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 …

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 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 …

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 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 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 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 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. …

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 …

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 …

How the Modi govt avoided an IL&FS repeat with Jet Airways
5 years, 9 months ago

How the Modi govt avoided an IL&FS repeat with Jet Airways

Live Mint  

New Delhi: Quick action on the Jet Airways crisis—emergency bank funding of ₹1,500 crore and the exit of chairman Naresh Goyal as part of a bailout plan—is the latest example of the government stepping in to prevent a high-profile corporate collapse. The Narendra Modi administration also leveraged its good relations with the United Arab Emirates to ensure that its carrier …

IL&FS board charges 14 former directors of money laundering, criminal intent; show cause notices issued
5 years, 10 months ago

IL&FS board charges 14 former directors of money laundering, criminal intent; show cause notices issued

Firstpost  

LIC is the single largest shareholder with over 25 percent stake in IL&FS and Japan’s Orix Corp owns a little over 23 percent. New Delhi: Tasked with cleaning up of mammoth financial mess at embattled IL&FS, its government-appointed board has charged 14 former directors of group firm IL&FS Financial Services Ltd of facilitating money laundering, sanctioning loans in violation of …

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 …

NCLAT wants IL&FS asset sales monitored by a former SC judge
6 years ago

NCLAT wants IL&FS asset sales monitored by a former SC judge

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Friday suggested that all further proceedings for the transfer of assets of debt-laden Infrastructure Leasing and Financial Services Ltd should take place under the supervision of a retired Supreme Court judge. “The appellate tribunal will suggest to the government and IL&FS to get the matter supervised by a retired Supreme Court …

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 …

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 frames new roadmap to address lenders queries
6 years, 2 months ago

IL&FS board frames new roadmap to address lenders queries

Live Mint  

New Delhi: The newly-formed board of IL&FS Tuesday informed the National Company Law Appellate Tribunal that it has drawn up a new roadmap to address concerns of lenders. Senior advocate Ramji Srinivasan appearing for IL&FS informed the two-member bench that the draft proposal has already been submitted before the Mumbai bench of the National Company Law Tribunal and sought its …

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 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 …

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, …

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 …

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 …

Opinion | IL&FS built a road to riches, for some
6 years, 3 months ago

Opinion | IL&FS built a road to riches, for some

Live Mint  

It was buried in plain sight, in footnote No. The IL&FS Employees’ Welfare Trust, which owns 12% of unlisted parent Infrastructure Leasing & Financial Services Ltd., benefited a small group of senior staff. The trust’s dealings were ignored by everyone, perhaps in the hope that the institutions that owned IL&FS — including India’s Life Insurance Corp., Japan’s Orix Corp. and …

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 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 …

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, …

‘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 …

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