Page 15 - Il&fs

Govt moves to re-open IL&FS group's balance sheets for suspected corruption

The Serious Fraud Investigation Office (SFIO) found details of alleged corruption, personal enrichment and other non-transparent deals in debt-ridden IL&FS.

NCLAT to hear plea over moratorium on loan recovery from IL&FS on Jan 28

The National Company Law Appellate Tribunal (NCLAT) Thursday said it would hear the plea over moratorium on dues recovery from IL&FS and group companies on January 28. A two-member bench headed by Justice S J Mukhopadhaya adjourned the matter after briefly hearing the submissions from IL&FS group and its lenders. The appellate tribunal has asked all parties including lenders to file their written submissions before it. Last month, lenders of IL&FS group opposed before the NCLAT the 90-day moratorium on loan recovery from the debt-laden group and its subsidiaries. On October 15, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government. The Ministry of Corporate Affairs had approached the appellate tribunal after the Mumbai bench of National Company Law Tribunal (NCLT) turned down its plea to grant 90-day moratorium. The NCLT on October 1 suspended the board of IL&FS on ...

IL&FS to sell stake in education, investment management subsidiaries

Board of the infra lender is selling the group's stake in IL&FS Education & Technology Services, along with other subsidiary businesses and IL&FS Investment Managers.

IL&FS group stocks climb up to 10% on divestment initiative to raise funds

Shares of IL&FS group companies surged up to 10 per cent Tuesday as it announced its plan to sell equity stakes in its road assets to raise funds. IL&FS Investment Managers was trading 9.86 per cent higher at Rs 7.02 at 1230 hours on BSE, IL&FS Transportation Networks Ltd (ITNL) rose 5 per cent to Rs 11.55 and IL&FS Engineering and Construction advanced as much as 4.98 per cent to Rs 14.13. However, the benchmark BSE Sensex was down 139 points at 36,137 during the same time. On Monday, Infrastructure Leasing & Financial Services (IL&FS) group, which sits on a debt pile of about Rs 90,000 crore, said it will sell equity stakes in its road assets to raise funds. The IL&FS board, acting on behalf of its relevant subsidiaries including ITNL, Monday initiated the process of exploring divestment of IL&FS group's equity stakes in road assets, the group said in a statement. This was done in order to ascertain market interest and to examine feasibility of ...

IL&FS starts process to explore divestment of its interest in road assets

The IL&FS Board along with the ITNL Board have decided to publicly solicit Expressions of Interest to assess the interest for a sale of its Stake(s) in the assets under this vertical

IL&FS group selling cars, furniture, electrical appliances to raise funds

IL&FS invited bids for lump sum sale of used furniture and white goods on 'as is where is' basis at its properties in Mumbai and Kolkata

IL&FS' car sale shows cash-strapped group never compromised on luxury

Between 2017-2018, group companies registered nine premium cars including BMWs and Mercedes-Benz models

FIR lodged against IL&FS Rail officials for siphoning off Rs 700 million

An FIR has been registered against officials of IL&FS Rail Ltd for allegedly siphoning off Rs 70 crore invested in it by another company, police said Friday. According to the economic offences wing (EOW) of Delhi Police, an FIR was lodged against officials of the company under various sections of the IPC for alleged offences of criminal conspiracy, using as genuine a forged document and forgery of a valuable security on a complaint by Ashish Begwani, Director of Enso Infrastructures (P) Ltd. Deputy Commissioner of Police (EOW) Varsha Sharma said Begwani has alleged in his complaint that in August 2010, he was approached by two officials of IL&FS Transportation Networks Ltd and he had invested Rs 170 crore in IL&FS Rail Ltd, a special purpose vehicle for Gurgaon Metro project, in order to take its 15 per cent shares. "However, over a period of time, complainant observed that the company is not performing profitably and funds are being misused," Sharma said. According to the

Ethiopian police take 3 IL&FS officials into custody over unpaid wages, tax

Even as five IL&FS employees continue to remain in captivity of unpaid staff in Ethiopia, the local police have taken into custody three Indian officials of the infrastructure company over non-payment of taxes and workers' salaries, a source said. Late last month, seven Indian workers of an IL&FS subsidiary - IL&FS Transportation Network (ITNL) - were taken hostage at three of its sites in Ethiopia's Oromia and Amhara states by unpaid local staff. The source said IL&FS had 15 Indian employees in Ethiopia, seven of whom were held captive by the local staff. Of the seven, two were released last week on medical ground. The three employees taken into custody after out of the eight employees who were not held captive, he said. Local workers are allegedly holding them in captivity in protest for not having paid salaries since the past two months. ITNL, through its wholly-owned subsidiary, Elsamex SA, has been executing road projects across three sites in Ethiopia. IL&FS .

IL&FS board rules out group-level resolution in progress report to NCLT

Board to look at measures aimed at reducing wage bill by 50%

Group-level resolution for crisis, debt unlikely: IL&FS board to NCLT

The board is engaging with financial and transaction advisors to assess the vertical and asset-level resolution options

Anxious Indian firms concerned about credit risk, buying shortest-term debt

The IL&FS stumbles were a reminder that money-market funds, which account for a fourth of Rs 23 trillion of industry assets, are also fraught with risk

Rattled nerves at India Inc lead to boom in overnight funds to Rs 123 bn

Assets with overnight funds soared to Rs 123 billion last month, from Rs 39 billion in September, as companies chose safety over returns

Crisis-hit IL&FS appoints ex-L&T executive N Sivaraman as group COO

Cash-strapped Infrastructure Leasing & Financial Services Ltd (IL&FS) on Monday appointed N. Sivaraman as its Chief Operating Officer.

Yields soften, but companies hold back bond plans over IL&FS overhang

Companies wait on their bond plans as credit spread refuses to come down

Employees of IL&FS held hostage by Ethiopian staff fear for safety

NEW DELHI (Reuters) - Employees of Indian company Infrastructure Leasing & Financial Services (IL&FS) taken hostage by local staff in Ethiopia fear for their safety, with some being confined to a company campus north of the African nation's capital Addis Ababa.

7 Indian IL&FS employees held hostage in Ethiopia over unpaid wages: Report

Indian workers have been detained since November 25 at three sites in Ethiopia's Oromia and Amhara states by unpaid local staff

RBI should be held accountable for IL&FS crisis: Arvind Subramanian

Terming the IL&FS crisis as a regulatory failure, former chief economic advisor to finance minister Arvind Subramanian has said the Reserve Bank should be held responsible for the crisis at one of the largest entities it has been regulating. In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes. "Now, with the recent shenanigans involving IL&FS being revealed, this failure seems to have encompassed not just commercial banks but also non-bank financial companies. For these failures, the RBI needs to be held accountable," he says in the book, published by Penguin Random House India. The book will be first launched in Mumbai on December 7 and then in Delhi on the 9th. Subramanian calls upon RBI to .

IL&FS Group begins process to sell its stake in renewable energy business

The IL&FS new board expects to complete the resolution process, in stages, over the next two-three quarters

Gujarat will buy crisis-hit IL&FS stake in GIFT City, says CM Vijay Rupani

Sources in the state government said once the government acquires the stake from IL&FS, it will look for a strategic investor who can take the project forward