Page 11 - Il&fs

IL&FS case: IFIN ex-CEO helped rating agency official buy villa at discount

Investigations into the high-profile IL&FS fraud has showed that the then CEO of the group's financial services arm IFIN helped a senior director of a leading rating agency buy a duplex villa worth crores at a discount when an important circuitous transaction with a defaulter borrower was underway in 2012-13. The probe 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 (IL&FS Financial Services Ltd) in defrauding the company. IFIN and several other group companies have been found to have indulged in multiple circuitous transactions involving several illegalities including fast disbursals to some borrowers despite their bad track record in servicing existing loans and also delayed recoveries. As per the investigation report, which is part of the first chargesheet filed by the Serious Fraud Investigation Office (SFIO), IFIN and other entities from the IL&FS ...

Govt moves NCLT to debar Deloitte, BSR for role in IL&FS auditing

The corporate affairs ministry Monday filed fresh applications at NCLT to debar Deloitte Haskins & Sells and BSR Associates, an arm of EY-- who are the auditors of IL&FS Financial Services from auditing for five years and also to appoint a new auditor for the crippled firm. IL&FS Financial Services is of the 348 subsidiaries of the crippled IL&FS group, which owes more than Rs 95,000 crore to the lenders. The group got into trouble after many of its subsidiaries began to default since last September and on October 1 that year, the government had suspended its board and taken over the company. The ministry moved its applications through its senior counsel Sanjay Shorey. The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR as respondents as they were the signatories of the audit reports of the company. Shorey said the ministry made them the respondents as they as the auditors are required to certify the books of its

IL&FS effect: How relationship between regulator and regulated will change

Three key regulators - RBI, Sebi and MCA - are out to change their equation with those regulated

Deloitte was aware of loan evergreening in IL&FS Financial Services: SFIO

SFIO report questions the inaction of the auditor, holds up emails showing knowledge of evergreening of cases; former Deloitte CEO rubbishes claims

Mumbai court admits SFIO complaint against IL&FS Financial Services

The court will take cognizance of the matter and issue notices to the accused named in the complaint. The matter has been posted for hearing on June 18

SC allows SFIO to reopen and recast IL&FS accounts for last five years

The MCA plea before the top court sought reopening, recasting FY13-18 accounts to get a fair picture of IL&FS' financial position

ED summons senior executives of Deloitte in IL&FS money laundering case

According to enforcement sleuths, audit firms and auditors are likely to be called for probe soon

IL&FS scam: Here is the list of key players and allegations they are facing

Here is the list of key players and the allegations they are facing. None of them is convicted by the court

IL&FS fallout: From CARE to Icra, here're the lessons for rating agencies

It is time to rethink about their working style, oversight and remuneration

Probe reveals how IL&FS bosses showed fictitious profits for salary hikes

The former directors of IL&FS, who were also on the board of IFIN, drew a commission and sitting fees on the basis of these fictitious profits

IL&FS group companies labeled green allowed to start servicing debt

NCLAT says if amber companies do not turn the corner by July 12 it could ask for proportionate payment to its lenders.

Committee considers pro-rata debt servicing for IL&FS 'amber' firms

Outstanding loans of the IL&FS group are about Rs 60,000 crore, while its overall debt is over Rs 91,000 crore

IL&FS money laundering case: ED widens probe, carries out fresh raids

According to an ED official, the probe agency is gathering evidence with respect to serious anomalies, multiple irregular transactions, and money involved

IL&FS crisis may lead to consolidation in NBFC sector: Fitch Ratings

The report comes against the backdrop of the Reserve Bank of India's decision to create a specialised cadre to supervise and regulate the financial sector, including banks and NBFCs

Debt-ridden IL&FS initiates claims management process for 70 group entities

Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has initiated claims management process for 70 group entities. The claims process is being run to crystallise the financial and operational liabilities of the group to facilitate distribution of proceeds from the resolution process, it said. "The new board of IL&FS, as part of the overall resolution process for the group, has initiated a comprehensive claims management process for 70 group entities," the company said in a statement. The company's fund-based outstanding debt was Rs 94,216 crore as of October 8, 2018. As part of the resolution process, the board has already initiated sale of a number of group assets which would help in addressing a significant portion of the group's debt. The company has appointed Grant Thornton India as the claims management advisor for overseeing and executing the process. Distribution would be in accordance with the proposed resolution framework filed with the ..

Move National Securities Clearing Corp for trade annulment: SAT tells IL&FS

IL&FS Securities moved the tribunal after Sebi rejected its plea to modify the February order passed against Allied and other entities.

India Inc stares at Rs 9,000-crore hit on IL&FS debt in private PF, pension

Loss in principal and interest income by these funds have to be made good by companies

ICRA looking into IL&FS rating issue, hires external experts for assistance

ICRA is working on addressing issues pertaining to credit rating of crisis-hit IL&FS and its subsidiaries and has sought help from external experts in the matter. "The company is in the process of addressing certain matters related to credit rating assigned to one of its customer and its subsidiaries, and an anonymous representation," ICRA said in a regulatory filing on quarterly earnings announced Thursday. In an investor communication in December, ICRA had informed about receiving a notice from market regulator Sebi for conduct of adjudication proceedings in relation credit ratings assigned to Infrastructure Leasing & Financial Services (IL&FS) and one of its subsidiaries -- IL&FS Financial Services. "These proceedings are under...Sebi Act, 1992, which deals with potential imposition of monetary penalty," it said in the investor communication presented on December 19, 2018. The crisis-ridden infrastructure conglomerate, once a pioneer of public-private partnership, ..

RBI pulls out circular asking banks to reveal their IL&FS exposure

Group entities of IL&FS began to default because of asset liability mismatch in the second quarter of 2018-19

RBI withdraws circular asking banks to declare their IL&FS exposure

The April 24-circular has said banks and financial institutions must mention the total amount of exposure that are non-performing assets (NPAs) to the IL&FS