Page 10 - Il&fs

Govt selects 4 auditors to check if IL&FS made fraudulent transactions

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 & ...

NCLAT agrees to hear IL&FS auditors appealing against govt charges

Interim order of NCLT staying impleadment of auditors to continue till August 19, says NCLAT.

Rating agencies: Derated and now berated

The onus is on the CRAs to come out clean or face the wrath of the markets and live in shame

RBI dismissed IL&FS suggestion for more funds for infra holding companies

Facing liquidity issues, ITNL decided to merge companies to show a bigger balance sheet

IL&FS Transportation Networks defaults on Rs 26 crore NCD interest payment

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.

How credit rating agencies played ball with IL&FS senior management

Emails cited by Grant Thornton show huge manipulation

Real Madrid tickets to Fitbit shirts: Gifts by IL&FS for favourable ratings

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

IL&FS senior management asked ICRA for 'desired ratings': ED probe

ICRA is also believed to have told the ED that it had no knowledge about the restrictions imposed by the RBI

IL&FS conducts forensic audit of group firms' rating agencies in 10 years

Crisis-hit IL&FS Thursday said it has completed the first phase of forensic audit of credit rating agencies that were engaged by its group entities in the last 10 years. Grant Thornton, which was appointed by the IL&FS board to carry out the forensic audit, has submitted its report. "The audit evaluates the role of the credit rating agencies in rating various debt instruments and facilitating excessive borrowings from money markets across Group companies that eventually led to defaults," a release said. The mandate is to audit the role of the credit rating agencies and ascertain whether there were any possible wrong-doings in rating IL&FS group companies during 2008-2018 period. According to the release, several e-mails between the erstwhile management and the representatives of credit rating agencies during the specified period have been analysed. CARE, ICRA, India Ratings and Brickwork were the main rating agencies for group companies ITNL, IFIN and IL&FS during the .

A $677 billion fund manager spots buy opportunity amid India sell-off

Aberdeen Standard Investments Ltd manages $676.8 billion as of end-March, globally

Ex-IL&FS chief Bawa's wife, daughter move NCLT to defreeze bank accounts

Hearing both the sides, NCLT reserved its order without mentioning the date for next hearing

IL&FS puts Rs 2,880 acre land parcels in Kutch for sale to monetise assets

In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale. The company has invited expressions of interest from interested parties for selling the land parcels owned by three subsidiaries of IL&FS Group in the state. The three subsidiaries-- Avash Logistic Park, Sealand Ports and Gujarat Integrated Maritime Complex-- collectively own these 2,880 acres of non-contiguous landbank spread across Mota Layja, Godhra, Bayath, Undoth, Ratadiya, Nana Layja and Kathda villages in the Kutch district. Property consultant Jones Lang LaSalle is assisting the group for potential transactions. The IL&FS group owes close to Rs 1 trillion to over 40 banks and financial institutions, and was sent to bankruptcy court last October after a string of defaults by a few of its 348 subsidiaries and the resultant credit downgrades. In newspaper ...

IL&FS impact: Govt considers rating reforms to separate review, approval

Rating agencies that had rated the debt instruments of IL&FS, which went bust, are facing government heat

SAT sets July 17 deadline for Sebi in Allied Financial case

Regulator to hear all parties involved in plea by IL&FS Securities seeking annulment of trades

ED summons chief rating officers of ICRA and CARE in IL&FS probe

The officers have been asked to appear before the agency on Thursday in its Mumbai office

IL&FS board sets up sub-committee to oversee disinvestment process

Debt-ridden IL&FS has decided to constitute a sub-committee to oversee the process of divestment of its assets in light of the Reserve Bank of India's June 7 circular which has laid guidelines for resolution of bad loans. The decision to form a sub-panel was taken in its board meeting held on June 28, Infrastructure Leasing & Financial Services Ltd (IL&FS) said in a statement. During the meeting, IL&FS board reviewed the progress on divestment of all domestic and foreign assets outlined in its resolution framework. The board has decided to constitute a six-member empowered committee, including four directors Vineet Nayyar, C S Rajan and Bijay Kumar to discuss and finalise the asset-wise framework of resolution with lenders. The board decided to empower the panel to take necessary steps to enhance enterprise value of assets under divestment. "This committee is formed in view of positive response received from financial institutions to the framework outlined, by Prudent .

Deloitte, KPMG question NCLT's jurisdiction to impose ban sought by govt

Ministry of Corporate Affairs wants the companies banned for five years for their role in auditing IL&FS Financial Services' accounts.

Probe alleges 22 audit violations by Deloitte, KPMG arm in IL&FS unit

Auditors deny charges as probe says they 'miserably failed to fulfill the duty entrusted to them'

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

As per the investigation report, IFIN and other entities from the IL&FS group continued to enjoy high ratings from various rating agencies, including due to window-dressing of the company's books

IL&FS case: After auditors, credit rating agencies face govt heat

MCA may invoke Section 447 of Companies Act to slap penalty and suspend some of the rating agencies