‘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 10 days ago, one of the two people cited above said on condition of anonymity. The order to supersede the IL&FS board was ultimately cleared by the Prime Minister’s Office after almost a month of deliberations, a government official familiar with the matter said on condition of anonymity. Fearing the crisis could snowball to affect the entire financial sector, the government on Monday took control of IL&FS by replacing its board with a new six-member one, including Kotak Mahindra Bank managing director Uday Kotak and former chairman of Securities and Exchange Board of India G.N. At least 10 days prior to the meeting between Sankaran and finance ministry officials, several departments of the finance ministry held regular meetings with IL&FS board members and the management.

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History of this topic

Enforcement Directorate initiates probe against IL&FS in money laundering case
1 year, 8 months ago

Enforcement Directorate initiates probe against IL&FS in money laundering case

India Today  

The Enforcement Directorate on Wednesday initiated action against IL&FS in connection with its money laundering probe into alleged financial irregularities at the infrastructure development and finance company. The probe agency initiated the investigation into the alleged financial irregularities at IL&FS on the basis of an FIR filed by the Economic Offences Wing, Delhi, and a complaint filed by the Serious …

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 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 …

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. …

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 …

NCLAT allows banks to declare defaulting IL&FS accounts as NPAs
5 years, 8 months ago

NCLAT allows banks to declare defaulting IL&FS accounts as NPAs

Live Mint  

The National Company Law Appellate Tribunal on Thursday allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments. However, the appellate tribunal has also clarified that although the banks would declare the IL&FS accounts as NPAs but can not initiate recovery process and debit money. The NCLAT had in …

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 …

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 …

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 …

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 …

NCLT reserves order over allowing former IL&FS directors access bank accounts
5 years, 11 months ago

NCLT reserves order over allowing former IL&FS directors access bank accounts

Live Mint  

Mumbai: Former directors of debt-laden Infrastructure Leasing and Financial Services Ltd have approached the National Company Law Tribunal to seek clarity over allowing them to operate their bank accounts. Saha, Hari Sankaran and Rupa Kapoor, wife of one of the directors Vibhav Kapoor among others sought the tribunal’s intervention to clarify that the restraining order on nine erstwhile top officials …

Government seeks to reopen IL&FS books
6 years ago

Government seeks to reopen IL&FS books

Live Mint  

Mumbai: The corporate affairs ministry on Friday approached the National Company Law Tribunal seeking to reopen the financial statements of Infrastructure Leasing and Financial Services Ltd and two of its units after two initial probes found evidence of financial mismanagement. The ministry’s decision to approach the tribunal comes after primary investigations by the Serious Fraud and Investigations Office and Institute …

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 …

NCLT restrains former IL&FS officials from selling assets
6 years, 1 month ago

NCLT restrains former IL&FS officials from selling assets

Live Mint  

Mumbai: The Mumbai bench of the National Company Law Tribunal on Monday allowed the government’s interim plea to restrain nine erstwhile top officials of Infrastructure Leasing and Financial Services Ltd from disposing of their personal assets. “The respondents are restrained from mortgaging, alienating, selling or creating any third party rights on their movable or immovable assets, which are fully or …

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 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: 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 …

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, …

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: 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, …

Sacked IL&FS directors face questions on diversion of funds, negligence
6 years, 3 months ago

Sacked IL&FS directors face questions on diversion of funds, negligence

Live Mint  

New Delhi: Sacked directors of Infrastructure Leasing and Financial Services Ltd will have to face questions on negligence, diversion of funds, failed risk management and misrepresentation of facts that are viewed seriously under the Companies Act. A statement issued on Monday by the corporate affairs ministry and its petition filed before the National Company Law Tribunal blamed the erstwhile directors …

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 …

Know what is the controversy surrounding IL&FS
6 years, 3 months ago

Know what is the controversy surrounding IL&FS

India Today  

The National Company Law Tribunal yesterday granted permission to the Centre to take over the board of debt-ridden Infrastructure Leasing and Financial Services. The Reserve Bank of India also met the shareholders of IL&FS on September 28 to discuss the revival and capital infusion plans for the company. Orix Corporation of Japan is also one of the largest shareholders of …

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 AGM: Company outlines three-pronged strategy to tackle financial crisis
6 years, 3 months ago

IL&FS AGM: Company outlines three-pronged strategy to tackle financial crisis

Live Mint  

Mumbai: The top management of IL&FS sought to reassure shareholders that the debt-laden company had a clear plan to tide over its immediate crisis, during its annual general meeting on Saturday. Three preference shareholders Mint spoke to after the meeting said the company’s management had assured them that the Rs 4500 crore proposed rights issue will be completed by the …

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 …

ADIA, Orix Corp in talks to jointly bail out IL&FS
6 years, 3 months ago

ADIA, Orix Corp in talks to jointly bail out IL&FS

Live Mint  

Mumbai: Abu Dhabi Investment Authority and Japan’s Orix Corp. are in talks to acquire a controlling stake in Infrastructure Leasing and Financial Services Ltd, two people aware of the development said. Email queries to Hari Sankaran, vice chairman and managing director, IL&FS, and to an Orix Corp. spokesperson remained unanswered until press time. Several assets—including several completed projects of IL&FS …

Were LIC, HDFC aware of brewing IL&FS crisis?
6 years, 3 months ago

Were LIC, HDFC aware of brewing IL&FS crisis?

Live Mint  

Mumbai/New Delhi: Housing Development Finance Corp. ’s nominee director abruptly stepped down from the board of Infrastructure Leasing and Financial Services Ltd in September 2017. In July, Life Insurance Corp. of India, IL&FS’s biggest shareholder, withdrew from a panel mandated to take the company public, without giving any reason. Surprisingly, HDFC has not nominated a director to the board of …

IL&FS crises deepens, financial services arm defaults on CP
6 years, 3 months ago

IL&FS crises deepens, financial services arm defaults on CP

Live Mint  

Mumbai: For the third time in a month, crippled infrastructure conglomerate IL&FS Financial Services Monday defaulted on interest payments on commercial papers. Last Friday, its managing director and chief executive Ramesh C Bawa and some key board members had resigned amid crisis in the IL&FS group for alleged defaults in loan payments and corporate governance issues. Earlier this month, it …

IL&FS independent of govt; capable of handling its issues: Economic affairs secretary Subhash Chandra Garg
6 years, 3 months ago

IL&FS independent of govt; capable of handling its issues: Economic affairs secretary Subhash Chandra Garg

Firstpost  

New Delhi: Infrastructure Leasing & Financial Services, which has defaulted on a series of interest payments, needs to resolve issues on its own, Economic Affairs Secretary Subhash Chandra Garg said. On 4 September, it came to light that IL&FS had defaulted on a short-term loan of Rs 1,000 crore from Sidbi, while a subsidiary has also defaulted on Rs 500 …

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 …

IL&FS plans fire sale of financial services unit
6 years, 3 months ago

IL&FS plans fire sale of financial services unit

Live Mint  

Mumbai/New Delhi: Infrastructure Leasing and Financial Services Ltd is planning to sell a majority stake in its financial services unit and additional assets worth ₹ 4,500 crore to pay down debts as the company rushes to meet its obligations and avoid bankruptcy. IL&FS has also asked the government to clear dues worth as much as ₹ 16,000 crore for work …

Shareholders put a rider ahead of IL&FS bailout talks
6 years, 3 months ago

Shareholders put a rider ahead of IL&FS bailout talks

Live Mint  

Mumabi: Key shareholders of cash-starved Infrastructure Leasing and Financial Services Ltd have asked the management to table a comprehensive turnaround and deleveraging plan, before talks of a potential bailout can be initiated, said two people directly aware of the development. “The decision of shareholders led by Life Insurance Corporation of India was conveyed to the IL&FS top management during the …

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