Page 4 - Il&fs

Former IL&FS chairman Ravi Parthasarathy arrested by Chennai police

Arrest based on 63 Moons complaint of Rs 200 cr fraud

IL&FS board revises debt recovery target upwards to Rs 61,000 crore

The board has already addressed debt of Rs 43,100 cr so far and is looking to address about Rs 8,000 cr in the next six months

IL&FS addresses debt of Rs 43,000 cr; raises recovery estimate to Rs 61K cr

Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has addressed aggregate group debt of Rs 43,000 crore so far and expects to cross Rs 51,000 crore by September 2021.

IL&FS receives Rs 693 cr settlement claim for two road projects from NHAI

IL&FS has received Rs 693 crore worth of settlement claims for two road projects from the National Highways Authority of India (NHAI).

Dalmia Bharat gets securities worth Rs 344 cr back from IL&FS Securities

Cement maker Dalmia Bharat Ltd on Friday said securities worth Rs 344 crore have been credited back to the demat account of its arm by IL&FS Securities Services following an order of the Supreme Court. Mutual fund units of its two erstwhile subsidiaries were earlier "fraudulently and illegally transferred" by Allied Financial Services Pvt Ltd (AFSPL) "in collusion with IL&FS Securities Services Limited (ISSL)", Dalmia Bharat said in a regulatory filing. The two subsidiaries were of Dalmia Bharat's step-down firm Dalmia Cement (Bharat) Limited (DCBL). "We hereby further update that the said Securities of DCBL lying with ISSL were released in favour of DCBL and credited back to its demat account as per said order of the Supreme Court," it said. Earlier on March 16, 2021, the Supreme Court had modified its previous order of August 2019 and had allowed the release of the securities. The apex court had directed "release of the Mutual fund units of two erstwhile subsidiaries of ...

Debt-laden IL&FS sells 49% stake in China road asset for Rs 1K crore

IL&FS has duly received Rs 1,035 crore (or $141.3 million) in Singapore as part of this stake sale transaction

Debt-laden IL&FS announces completion of 49% stake sale in China road asset

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Thursday announced completion of 49 per cent stake sale in its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC). The stake is sold to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd (PingAn), a fund jointly owned by PingAn Insurance and China Merchants, a release from IL&FS Group said. The transaction will help the group address Rs 2,600 crore of its overall debt of close to Rs 99,000 crore (as of October 2018). The group, through its step-down Singapore-based subsidiary, ITNL International Pte Ltd (IIPL), was holding 49 per cent stake in CYEC. The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG). IL&FS has duly received Rs 1,035 crore (USD 141.3 million) in Singapore as part of this stake sale transaction, the group said in the release. The amount will be used to pay around USD 88 million of Bank of Baroda loans and the ..

Indian Bank declares IL&FS and 7 other loan accounts as fraudulent

In a disclosure to the BSE, the bank said it had provided a sum of Rs 129.97 crore as on December 31, 2020 for the loans to seven domestic borrowers

Govt-owned Indian Bank declares 8 loan accounts as fraud, including IL&FS

Government-owned Indian Bank has declared bad loans amounting Rs 202.32 crore to seven domestic borrowers and $5.289 million lent to a foreign company as fraud

Supreme Court directs Haryana govt to pay Rs 1,925 crore to IL&FS

Matter relates to the two-phase Gurugram metro rail project

Parl Panel suggests systemic review by RBI to pre-empt IL&FS type crisis

A Parliamentary panel on Tuesday suggested a thorough systemic review by the Reserve Bank to pre-empt IL&FS kind of crisis, involving systemically important entities. The Standing Committee on Finance, chaired by Jayant Sinha, in its report said the resolution of IL&FS remains sub-judice before the National Company Law Appellate Tribunal (NCLAT). "...delays in the resolution process not only brings a steep value erosion to the bankers and other creditors but more importantly leaves the understanding of the lacunae in the system evasive," it said. The financial crisis in IL&FS came to light after some of its group entities defaulted on debt payments. The government in October 2018 superseded its board. "...the Committee desires that a thorough systemic review should be conducted by RBI so that such episodes involving 'systemically important entities' are pre-empted," the report said. The committee said startups with the requisite capability and expertise be encouraged to ...

Top headlines: Adani Group may bid via MIAL, new rules for FB, Twitter

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (Crypto Bill), which is included in the agenda of the Lower House of Parliament, could be introduced in the monsoon session

Have Rs 1,500-crore exposure to four stressed firms,, says GIC Re

General Insurance Corporation of India (GIC Re) said it has exposure totalling Rs 1,453.74 crore in IL&FS group, DHFL, Reliance Capital and Reliance Home Finance as of March 2020 and it has made provisions over and above the regulatory norms. The company's exposure stood at Rs 788.80 crore as of March 31, 2020 by way of investments in debentures of IL&FS group, GIC Re said in its annual report for 2019-20. GIC Re has made total 100 per cent provision on both secured and unsecured portion of these investments, it said. Exposure in bonds of Dewan Housing Finance Ltd (DHFL) was to the tune of Rs 204.80 crore, for which the provisions are 100 per cent on both secured and unsecured portion, the state-owned firm said. In Reliance Capital and Reliance Home Finance, GIC Re had exposure of Rs 365.26 crore and Rs 94.90 crore, respectively, by the end of March 2020. GIC Re said it has made provisions to the tune of 15 per cent on secured portion of investments in Reliance Capital and ...

IL&FS gets approval to sell road asset Jorabat Shillong Expressway

Infrastructure Leasing and Financial Services on Tuesday said it has received the approval of Justice (retd) D K Jain - who is overseeing the debt-laden group's resolution process - for sale of Jorabat Shillong Expressway to Sekura Roads Ltd. Sekura Roads is backed by Edelweiss Infrastructure Yield Plus, an infrastructure category-I alternative investment fund. JSEL is a wholly-owned subsidiary of IL&FS Transport Network (ITNL). It has been classified as an amber company. Amber category is for those companies that would not be able to meet their obligations but can meet only operational payment obligations to senior secured financial creditors. IL&FS in a statement said Sekura had bid Rs 916 crore for the 100 per cent stake in Jorabat Shillong Expressway (JSEL). "SRL had emerged as the highest bidder for JSEL and the same was ratified by the committee of creditors (CoC) of ITNL and JSEL," it said. The group will now seek approval from the National Company Law Tribunal (NCLT) ..

Very little room for more rate cuts: Amandeep Chopra, UTI Asset Management

He says, the rate cycle seems to have bottomed out but RBI may not change its accommodative stance anytime soon

IL&FS Fin Services to auction Rs 5,000 cr external corporate loan book

Process of inviting bids to start next week for sale in cash; loans to over 70 companies have turned bad

NBFC needs to monitor its rollover risk and interconnected risk, says CEA

CEA Subramanian also suggested a way to solve the problem -- adopt technology and use available data to screen sketchy borrowers

IL&FS resolves Rs 1,460 crore debt in Q2; misses target due to Covid-19

The board is now looking to resolve Rs 13,200 crore of additional debt by December 2020

Punjab & Sind Bank reports IF&FS Financial Services as fraud account to RBI

Punjab and Sind Bank on Friday said it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 561 crore. The NPA account, IL&FS Financial Services, with outstanding dues of Rs 561.13 crore has been declared as fraud and reported to the RBI as per the regulatory requirement, the bank said in a regulatory filing. "Further, the bank has already made 100 per cent provisioning as per the prescribed prudential norms and the account is technically written off," it added. The scam at the IL&FS group came to light in September 2018 after several group entities defaulted on repayments due to severe liquidity problems. Later, the government superseded the board of directors to revive the ailing group. IFIN, which has been found to be funding its own revenues for several years, was the main source of funds for the IL&FS group entities. The group had accumulated a debt burden of over Rs 90,000 crore.

Vineet Nayyar resigns as executive VC of IL&FS Group over health issues

The board has accepted his resignation with effect from October 31, and granted him leave till then