Page 3 - Il&fs

IL&FS InvIT gets first road asset, acquires Moradabad-Bareilly Expressway

IL&FS Transportation Networks Ltd, in a stock exchange filing, said the company has received the final consideration in the form of 59.04 million units of Rs 100 each issued by the InvIT

Banks lost Rs 2.85 trn due to loan default of 13 firms, alleges UBFU

: Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In press release, UFBU's Convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the centre's alleged move to privatise PSBs. According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 4,86,800 crore and it was resolved at Rs 1,61,820 crore resulting in a loss of Rs 2,84,980 crore. "It is also a matter of reality that time and again public sector banks have been used to bail out ailing private sector banks such as Global Trust Bank, United Western Bank, Bank of Karad, etc. In the recent past, it was Yes Bank, which was bailed out by public sector SBI. Private sector's largest NBFC, IL&FS, ..

IL&FS sells 52.26% stake in Terracis Tech, resolves Rs 1,275 cr loans

With this, the firm exits technology business altogether; deal forms part of overall IL&FS Group resolution estimate of Rs 61,000 cr

IL&FS group expects to resolve extra Rs 4,800 crore debt by March 22

If this happens, it would have resolved amounts close to Rs 57,000 by then; lenders' write-off pegged 38-39%

UV Asset Reconstruction Company submits bid to buy IFIN's bad loans

Sale to help IL&FS clean its financial services arm book

IL&FS seeks NCLT approval to place Rs 4,000 crore of assets in InvIT

With the NCLT approval, a total of 11 projects would be ready for monetisation through the InvIT route

SRBC resigns as auditor of IL&FS Transportation Networks after NFRA report

The auditor said in a statement that its resignation was accepted by the board of ITNL

Debt-ridden IL&FS statutory auditor SRBC & Co resigns

Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has said its statutory auditor SRBC & Co has resigned with effect from September 28, 2021. "M/s SRBC and Co. LLP will be ineligible to continue as auditors of the Company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years," IL&FS said in a stock exchange filing. The National Financial Reporting Authority (NFRA) had earlier found serious lapses in the statutory audit of IL&FS Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, for the 2017-18 fiscal, including that the company's losses were understated by at least Rs 2,021 crore. The statutory audit was conducted by SRBC & Co LLP. IL&FS further said the company has approved the appointment of CNK Associates LLP as statutory auditor for FY 2021-22. SRBC, in a statement, said it was appointed as the statutory auditor of IL&FS in September 2017 and has already served for a continuous ...

NFRA finds big gaps in statutory audit of IL&FS Transportation Networks

The authority has also found the auditor to be in violation of ICAI Code of Ethics 2019

Govt extends Uday Kotak's term as IL&FS non-exec chairman by 6 months

Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank would continue being the non-executive director on the board of IL&FS until April 2, 2022

Sivasankaran group firm offers to settle dues with IL&FS Financial Services

Siva Shelters says of the dues worth Rs 76 cr claimed by IFIN, it will pay Rs 50 cr along with normal interest at 14% plus penal interest until all dues are fully cleared

ONGC likely to buy out IL&FS stake in Mangalore Special Economic Zone

The deal is likely to be concluded at 'fair value' after ONGC's attempt to buy out the shadow lender's stake in JV at deep discount failed

Credit risk funds top league table with 8.4% returns, shows data

This is thanks to economic revival, improving upgrades to downgrades ratio, say experts

GIFT: Will takeover by Gujarat expedite work on Modi's utopian city?

Touted as India's offshore alternative to Singapore and Hong Kong, the IFSC, located in GIFT City, which is about a tenth of the size of Vatican City, offers many incentives to Indian businesses

IL&FS recovers Rs 33.28 cr via sale of assets, including luxury cars

Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has recovered Rs 33.28 crore through the sale of various vehicles, including luxury cars, and moveable fixed assets. The identification of these assets started in December 2018 and auctions were conducted in various phases, the group said. It had identified a total of 38 luxury vehicles within the group, which had a purchase price value of Rs 25 lakh and above, a release said. Of these, 34 vehicles were sold and two were surrendered to the leasing company, it said. "The sale (of luxury vehicles) was conducted via public auction and an amount of Rs 7.33 crore was realized," IL&FS said. Two luxury vehicles continue to remain within the group due to loans created on them and could not be sold. The group said 20 other vehicles (cars, two-wheelers, and project vehicles) of various makes were also identified and sold for Rs 65.33 lakh, with the amount duly realised. It also recovered Rs 25.30 crore through auction

Debt-laden IL&FS plans to sell stake in Shendra Green Energy

IL&FS said that the eligible applicants have to submit the RFP by 6 pm, August 30, 2021

IL&FS floats EOI from investors for selling 100% stake in wind farm project

Infrastructure Leasing and Financial Services (IL&FS) on Tuesday invited expressions of interest (EOI) from eligible investors for its 100 per cent stake in Ramagiri Renewable Energy Ltd (RREL) and purchase of fixed assets of IL&FS Energy Development Company (IEDCL). IL&FS and its group companies collectively hold 95.54 per cent of the total issued, subscribed and paid-up share capital of IEDCL. RREL is a 100 per cent subsidiary of IEDCL. RREL owns a 6.5 MW wind farm project with 26 wind turbines having a capacity of 250 KW each at Ramagiri, district Anantapur, Andhra Pradesh. IEDCL also owns a wind mast, situated at the wind farm site of RREL, and a solar irradiation measurement equipment mounted on the wind mast (together 'Fixed Assets') that are used for gathering meteorological and solar data respectively. Expressions of Interest (EOI) are invited from eligible applicants for - acquisition of the total issued, subscribed and paid-up shares of RREL and purchase of the ..

Recovery of Rs 3,000 cr from 95 IL&FS entities to spill beyond Mar 2022

According to the Board, by March 2022, around Rs 58,000 crore, or 98 per cent of the estimated amount will be recovered

Sebi fines IL&FS, AFSPL for fraudulent MF transactions

The Securities and Exchange Board of India (SEBI) has fined IL&FS Securities Services Ltd and Allied Financial Services Pvt Ltd (AFSPL) over involvement in fraudulent transfer of mutual fund units from client's accounts.

IL&FS group receives Rs 1,925 cr from Haryana govt for Gurgaon metro

Supreme Court had on March 26 directed the state's urban local authority to deposit 80% of the total debt of Rs 2,407 cr within three months into the escrow accounts of two IL&FS firms