A quarter of the beleaguered group's debt has been taken care of
The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to give any interim relief to auditing firms Deloitte Haskins & Sells LLP and B S R Associates LLP with regard to a ban imposed on them in the IL&FS case. The NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter, a three-member bench headed by Chairperson Justice S J Mukhopadhaya said. The NCLAT, however, said that the NCLT will not pass any final order till its next hearing on September 20. Listing the matter for September 20, the NCLAT also issued a notice to the Ministry of Corporate Affairs to file its reply within two weeks. The NCLAT was hearing appeals filed by Deloitte and BSR against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 9, rejected their pleas of challenging its jurisdiction to ban them from the business for five years for their omissions and commissions in the IL&FS Group scam. The
The prosecution complaint was filed in a special court of the Prevention of Money Laundering Act, charging former senior management personnel of IL&FS along with Aircel founder C Sivasankaran
he audit is part of the fifth progress report on the resolution of IL&FS and its group companies
MCA names SBI, HDFC Bank, PNB, ICICI Bank among others, says they violated appellate tribunal moratorium
The corporate affairs ministry Thursday proposed to NCLT four auditing firms to restate the accounts of the crippled Infrastructure Leasing & Financial Services (IL&FS) and some of its subsidiaries to verify fraudulent transactions. The move comes even as the ministry awaits the NCLT view on banning Deloitte, Haskins & Sells and BSR Associates, which were the statutory auditors of these companies before going belly up. While Deloitte quit in FY18, BSR, which is an affiliate of KPMG, did so only in June 2019. The ministry had moved the NCLT in June seeking a ban on them, which has been questioned by these auditors on the powers of NLCT order a ban after an SFIO probe had established corruption and fraud in these companies. Though the names were disclosed publicly, ministry sources told PTI that the ministry Thursday proposed the Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & ...
In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases. This comes even as the NCLT is yet to pronounce its verdict on the ministry plea seeking to ban these auditors for their omissions and commissions in the case for five years. The ministry counsel said he wants their accounts frozen as an interim measure till the tribunal delivers on its demand to ban these auditors for five years. Seeking to restrain their activities by freezing their accounts, ministry counsel Sanjay Shorey said the tribunal can allow these individuals to withdraw a certain amount say Rs 1 -2 lakh every month based on their requirement like it had done in case of IL&FS former directors. He explained that the move is based on the fact that the ministry doesn't have the powers ..
IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payments of Rs 26.02 crore due on interest of non-convertible debentures (NCDs) because of insufficient funds. The interest due and payable on July 21, 2019... was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges. IL&FS Transportation Networks said it had defaulted in payments of interest amount of debentures of Rs 14.62 crore and Rs 11.40 crore. Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments over the past few months due to insufficient funds. The group's total debt stood at over Rs 90,000 crore as of October 2018.
From tickets for a Real Madrid football match and hefty discounts on a luxurious villa to a Fitbit watch and shirts, a probe into the high-profile IL&FS scam has found numerous cases of favours and gifts extended by the erstwhile top management to senior officials of rating agencies and their family members. While the continuing probe has already led to CEOs of two rating agencies having been sent on leave by their respective boards, fresh details have emerged about suspected attempts by the former top management personnel of IL&FS Group to influence the rating agencies and their top officers for high credit ratings. The new board of IL&FS, which was appointed by the government after massive defaults by the group to the tune of over Rs 90,000 crore and suspected wrong-doings by the former top management, had mandated Grant Thornton to carry out a forensic audit. In an interim forensic audit report on role of credit rating agencies engaged by the erstwhile management, Grant
Earlier this month, the local unit of Moody's Investors Service sent its managing director on leave amid an inquiry into a controversial rating decision
IL&FS in its board meeting on Saturday appointed global professional services firm Alvarez & Marsal to prepare a comprehensive restructuring plan for the group.
Domestic rating agency Icra Monday junked the short-term and long-term borrowing programmes worth over Rs 12,000 crore by the already crippled IL&FS group and one of its arm, and removed the entire group entities from its rating watch with developing implications. The infrastructure development and finance group has been facing liquidity issues for some time and has defaulted on a Rs 1,000 crore debt from Sidbi earlier this month. Again, on September 14, it defaulted on a Rs 105-core CP redemption and the next day, it defaulted on Rs 80-corre inter-corporate deposits (ICDs). This is the second successive downgrading to junk status by Icra in a fortnight. The group is sitting over a debt pile of over Rs 91,000 crore. Icra downgraded IL&FS' the borrowing plan of Rs 8,075 crore to 'D' Monday. This include an NCD issue of Rs 5,225, a commercial paper programme of Rs 2,500 crore and long term loans of Rs 350 crore. These have been removed from rating watch as ...
Aims to divest 25 projects in a span of 12-18 months