IL&FS | The Asian Age

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CARE said Mokashi would be on leave until the company had examined an anonymous complaint against him sent to SEBI. (Photo: File | PTI)

CARE Ratings sends CEO Rajesh Mokashi on leave pending inquiry

The agency appointed T N Arun Kumar, currently executive director of ratings, as interim CEO.

18 Jul 2019 12:37 PM

Binding term sheet has been signed with secured lenders of three entities -- Moradabad Bareilly Expressway Ltd, Jharkhand Road Projects and West Gujarat Expressway Ltd.

Three IL&FS group entities enter into pact with secured lenders

The lenders of three group entities have a debt burden of Rs 5,071 crore.

15 Jul 2019 7:44 PM

IndiGo co-founder and billionaire Rakesh Gangwal's 'paan ki dukaan' (betel shop) jibe seems to have caught the imagination of even co-founder Rahul Bhatia's camp. (Representational Image)

From paan ki dukaan to paper formalities, epithets galore for corp gov lapses

'Coterie' and personal 'fiefdoms' were among the interesting usages by SFIO in its report on irregularities at IL&FS.

14 Jul 2019 4:40 PM

Action against Takkar has been taken "pending enquiry into the concerns raised in an anonymous representation, that was forwarded to the company by the Securities and Exchange Board of India (SEBI)", Icra said.

Icra shares tumble over 5 pc after company sends MD and CEO on forced leave

The scrip dropped 5.23 per cent to close at Rs 3,050.10 on BSE. During day, it tanked 8.83 per cent to Rs 2,934.

02 Jul 2019 4:52 PM

A series of defaults last year by a financing firm, Infrastructure Leasing and Financial Services (IL&FS), led to the government taking over its operations.

Failure at a big Indian non-bank lender could cause large damage: RBI

The central bank issued the warning in its latest Financial Stability Report, released on Thursday night.

28 Jun 2019 3:43 PM

Grant Thornton, affiliates not to take up non-attest work from listed audit clients

Grant Thornton in India carries out audit assignments through its affiliate Walker Chandiok & Co LLP.

13 Jun 2019 7:19 PM

Sebi's move comes against the backdrop of rising instances of debt defaults and concerns over the role of credit rating agencies in assessing the possible risks.

Sebi tightens disclosure norms for credit rating agencies

Credit rating agencies have also come under the scanner in the IL&FS case.

13 Jun 2019 6:44 PM

The investigation by the government's white-collar crime probe agency SFIO has already unearthed connivance of auditors and independent directors with the then top management of IFIN.

Ex-CEO of IL&FS arm helped Fitch official buy villa, says probe report

In a statement on Wednesday, a Fitch Group spokesperson said it is probing the matter.

12 Jun 2019 7:07 PM

Based on e mail data, the probe found that Sivasankaran arranged hospitality for at least three executives -- Ravi Parthsarathy, Vibhav Kapoor and Hari Sankaran.

What ex-IL&FS top brass got for loans? Foreign trips, private jets and chopper rides

Sivasankaran had personal relationship with Ravi Parthasarathy and Hari Sankaran, according to the chargesheet.

07 Jun 2019 5:53 PM

The Supreme Court on Tuesday permitted the ministry of corporate affairs to re-open and recast the accounts of crisis ridden IL&FS for last five years.

Supreme Court: MCA may re-open IL&FS accounts for last 5 years

The MCA can proceed with the opening of the accounts and recasting of the accounts of last five years.

05 Jun 2019 6:00 AM

As the probe of IL&FS fraud, committed likely by its in-house top honchos, is taking an aggressive turn, the Ministry of Corporate Affairs-led investigating agency Serious Fraud Investigation Office (SFIO) is mulling interim attachment of all movable and immovable assets of auditors, independent directors and other top officials.

SFIO may attach assets of IL&FS honchos, auditors

The SFIO's first charge-sheet came on IFIN, the first subsidiary of IL&FS, which is proved to be a gateway to this huge fraud.

03 Jun 2019 2:55 AM

The audit report said that former managing director of IL&FS Financial Services (IFIN) Ramesh Bawa did not disclose his investments in AAA Info-system and AAAB Infra-structure, though it was mandatory for all company directors to disclose their investments in other firms as per the Company’s Act.

Audit finds 107 cases of shady lending at IL&FS

The Enforce-ment Directorate (ED) may now take the cognisance of the report for further action.

16 May 2019 6:33 AM

The total penalty imposed on the non-compliant companies is little over Rs 8.84 crore, according to NSE data.

NSE fines 250 companies for non-compliance with listing regulations

The move is in accordance with Sebi's circular that had put in place a standard operating procedure to check non-compliance.

15 May 2019 4:48 PM

"There is an imminent crisis in the NBFC sector. There is a credit squeeze, over-leveraging, excessive concentration, massive mismatch between assets and liabilities, coupled with some misadventures by some very large entities, which is a perfect recipe for disaster," Injeti Srinivas said.

Imminent crisis in NBFC sector: Corporate Affairs Secy

The financial system has been grappling with multiple woes in the wake of the turmoil at IL&FS group.

12 May 2019 5:09 PM

Corporate Affairs Secretary Injeti Srinivas said exposure worth Rs 12,000 crore would be settled by July end.

RBI follows tribunal dictat on IL&FS loans

RBI allowed banks to treat exposure to IL&FS and its group entities as non-performing assets following the NCLAT order.

09 May 2019 2:24 AM

IL&FS has a collective debt of around Rs 94,000 crore.

Insurers have to provide for IL&FS, RCap exposure

IRDAI chief says NPAs have to be recognised like banks do.

04 May 2019 2:03 AM

The RBI moved the review petition on March 19 and a decision is pending now as the tribunal had sought corporate affairs ministry's views to the RBI demand.

RBI asks banks to disclose IL&FS provisions in Q4 accounts

RBI has asked banks to disclose the IL&FS and group entities exposure in the notes to accounts in a standard proforma.

25 Apr 2019 9:02 AM

Gail's offer of approximately Rs 4,800 cr for 100 pc enterprise value contemplates no hair-cut to the debt of the SPVs, aggregating to nearly Rs 3,700 cr.

GAIL emerges as highest bidder for IL&FS wind power plants

The bidding process to these assets having 12 sites spread across seven states was launched in November last year.

23 Apr 2019 9:32 AM

RBI has moved the NCLAT seeking modification of its order that restrained banks from declaring accounts of IL&FS and its group companies as NPAs.

Banks have to mark IL&FS accounts as NPAs after default: RBI to NCLAT

NCLAT also took on record the information provided by IL&FS about the four amber listed group companies.

17 Apr 2019 8:53 AM

IL&FS Transportation Networks said principal amount of the defaulted debentures is Rs 20.80 crore and interest is Rs 11.62 lakh.

IL&FS Transportation Networks defaults on NCD payments due to insufficient funds

The group's total debt stood at over Rs 90,000 crore as of October 2018.

22 Mar 2019 1:26 PM

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Dilip Cherian