Page 18 - Il&fs

Newsmaker: Why Hari Sankaran, ex Vice Chairman & MD of IL&FS, is in a mess

Sankaran had joined IL&FS as its chief economist in 1990

IL&FS crisis: Charges are vague, no mismanagement, says Hari Sankaran

The former vice chairman lays his response to the government in an affidavit blaming macro-environment

IL&FS mess could turn into a big contagion, says SBI Pension Funds MD & CEO

'There is not enough depth in the market. You might be able to sell a few corporate bonds, but not beyond that,' said Kumar Sharadindu

Auditors flag IL&FS Engineering's loans to subsidiaries, customer dues

Says there is uncertainty over recovery of advances/dues from subsidiaries, customers

More embarrassment for crippled IL&FS as Ind-Ra downgrades its MF schemes

Crippled IL&FS group faced Tuesday more embarrassments after India Ratings downgraded its various mutual fund schemes and placed them on a rating watch negative (RWN). The agency downgraded three series-1, three series- 2 and two series -3 mutual fund schemes of the group, "due to the deterioration in the underlying portfolio quality of the schemes due to its exposure to IL&FS group entities. The RWN reflects absence of clarity on the resolution of the above referred assets in the portfolio due to the poor financial profile of the sponsor group, which IL&FS, it said. All IL&FS IDF schemes generally have an exposure of around 23.55 per cent in group companies --IL&FS Solar Power and IL&FS Wind Energy, whose credit profile has weakened. IL&FS and its group companies are facing liquidity crisis and had defaulted on debt repayments. The rating agency said the ratings do not factor in the expectation of the default risk for the scheme itself, as a

As IL&FS undergoes restructuring, Saudi-based ICD puts $1bn fund on hold

(Reuters) - The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) said on Monday it had halted plans for a $1 billion fund with Infrastructure Leasing and Financial Services Group (IL&FS) while the Indian firm undergoes a restructuring.

IL&FS Employees' Welfare Trust: The link that paved way to riches for some

The trust's dealings were ignored by everyone, perhaps in the hope that the institutions that owned IL&FS had adequate board oversight of founder Ravi Parthasarathy and his people

IL&FS crisis: SFIO may probe irregularities in inter-corporate deposits

IL&FS has in aggregate Rs 38.5 billion of unsecured loans, with commercial paper accounting for the biggest chunk at Rs 20 billion

Beyond private vs public: The first principles

The IL&FS imbroglio will put the ideologues on both the right and left in an odd position. After a financial debacle involving public ownership, the right is quick to blame ownership as the reason

IL&FS crisis: NCLT reserves order on govt's plea seeking 90 days moratorium

Such litigation challenges will impinge on the company's newly reconstituted board of directors from taking decisions

IL&FS board initiates austerity measures, appoints directors to 8 main arms

New board initiates austerity measures to rationalise operating and personnel expenses across all group entities and not just the holding company

IL&FS board appoints nominee directors for arms, starts austerity measures

The newly-constituted board, headed by veteran banker Uday Kotak, met for the second time on Friday

Power alters a CEO's brain

Power affects all, though in India, professionals can exercise power only with the promoter's support

IL&FS' new board to meet for second time on Friday to decide future plans

Kotak had said the resolution will take some time and the board's focus is to preserve the fair value of the assets and the enterprise to the maximum extent

IL&FS books, riddled with irregularities, sent to audit regulator NFRA

The new management at the beleaguered infrastructure finance company has also started moving on cleaning up the mess

Govt ready to relax norms for IL&FS' Zojila tunnel project in J&K

Firm was lowest bidder for Rs 48.99-bn tunnel, aimed at providing all-weather connectivity between Kashmir and Ladakh

IL&FS crisis: ICAI issues notice to audit firms, seeks explanation

Chartered accountants' apex body ICAI has sought explanation from audit firms that carried out statutory audit works of crisis-hit IL&FS group in the past few years. The crisis at diversified IL&FS, following loan defaults by some group entities, has raised concerns about liquidity crunch in the financial system. Against this backdrop, the government seized control of the IL&FS board earlier this month. The Institute of Chartered Accountants of India (ICAI) Wednesday said it has issued notices to audit firms that conducted statutory audit works of IL&FS group in the past few years. However, specific details were not disclosed. In the recent past, there has been news reports regarding diversion of loan money in IL&FS and its subsidiary companies, the ICAI said in a statement. "The Disciplinary Directorate of the ICAI, upon coming across such news report has suo moto taken cognisance of the matter and pro-actively issued notices to the statutory auditors on October ..

SFIO narrows on five IL&FS firms for fund diversion, mismanagement

The 5 firms constitute for more than 50% of the entire group's revenue and may have diverted funds in projects that were worth Rs 300 bn

Ex-Goldman banker looks to fill lending gap in India after IL&FS crisis

Interest rates have shot up and a cash shortage has worsened after defaults by Infrastructure Leasing & Financial Services Ltd. That's provided an opening for alternative lenders

Here's how the IL&FS crisis spread to NBFC stocks in Indian markets

With over 348 subsidiaries, IL&FS is said to have funnelled money, raised either from the debt market or banks, to these subsidiaries as a form of equity investment