Page 5 - Il&fs
IL&FS invites expression of interest for 42% stake in engineering arm
Infrastructure Leasing and Financial Services (IL&FS) has sought expressions of interest (EoI) for the 42.25 per cent stake it holds along with IL&FS Financial Services (IFIN) in subsidiary IL&FS Engineering and Construction Company (IECCL) under the group's resolution process.
 "IL&FS invites expression of interest for 42% stake in engineering arm")
Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA
The new disclosures and assessments are a part of the Companies (Auditor's Report) order, or CARO, effective this financial year
 "Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA")
Govt extends term of Uday Kotak as non-exec IL&FS chairman by another year
The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021
 "Govt extends term of Uday Kotak as non-exec IL&FS chairman by another year")
Confident of achieving debt resolution numbers: IL&FS MD C S Rajan
Edited excerpts from an email interview with C S Rajan, managing director, IL&FS:
 "Confident of achieving debt resolution numbers: IL&FS MD C S Rajan")
IL&FS board faces challenges as resolution takes a Covid-19 knock
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges
 "IL&FS board faces challenges as resolution takes a Covid-19 knock")
IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE
Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of its offshore firms - ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE. IL&FS had request the Mumbai-bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai Courts under UAE Federal Decree. The tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms. "After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record," the NCLT said. The tribunal also observed that the Regional .
 "IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE")
NFRA finds deficiencies in BSR's audit of IL&FS Financial Services
The audit review report has found violations with respect to the assessment of the use of the going concern assumption by the management
 "NFRA finds deficiencies in BSR's audit of IL&FS Financial Services")
What ails Indian banking, according to Viral Acharya
Some of India's top-rated firms do not always make payments on time and many state-owned, listed entities that borrow in bond markets default regularly
Declining long-term market funding for NBFCs a concern, says RBI
It has the potential to heighten the liquidity risks the sector is already facing after the IL&FS debacle, FSR said
 "Declining long-term market funding for NBFCs a concern, says RBI")
Crisis-hit IL&FS lays road map to cut 57% of Rs 99,000 crore debt
By March, Rs 50,500 cr debt to be pared; resolution for Rs 6,650 cr to continue beyond FY21
 "Crisis-hit IL&FS lays road map to cut 57% of Rs 99,000 crore debt")
IL&FS expects to address over Rs 50,000 cr of its debt by March 2021
The group has shared its estimates of debt to be addressed over the next three quarters
NBFCs, HFCs shed risky real estate loans to remain asset light
Though moratorium on loan repayment is available for developers till August this year, developers could struggle to repay money to lenders, say experts
 "NBFCs, HFCs shed risky real estate loans to remain asset light")
SAT backs Sebi's fresh show-cause notices to rating agencies in IL&FS case
Some rating agencies moved the tribunal seeking a stay on the second show-cause notices issued by Sebi in January 2020
Extending the board's reach
The governance of group companies will increasingly be an area of focus for the Sebi
IL&FS sells 50% stake in GIFT city to Gujarat govt for Rs 33 crore
IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration
It may soon be light at the end of the tunnel for Zojila project
Govt prepares for 6th bidding, considers starting it as an unidirectional tunnel
 "It may soon be light at the end of the tunnel for Zojila project")
IL&FS invites EoI for 26% in Tripura power plant, sources say ONGC may bid
IL&FS engages Arpwood Capital and JM Financial for deal; project cost entails debt of Rs 3,035 cr and equity investment of Rs 10,118 cr
 "IL&FS invites EoI for 26% in Tripura power plant, sources say ONGC may bid")
Only knowledge of the product can protect you against mis-selling
It's important to question the intermediary so that you know more about the product
 "Only knowledge of the product can protect you against mis-selling")
From Sanjay Sethi to Ameera Shah, meet new entrants in BS1000 club
The latest members of the BS1000 club have bet on capital expenditure, acquisitions and partnerships for growth
 "From Sanjay Sethi to Ameera Shah, meet new entrants in BS1000 club")
A discredited business world
The YES Bank debacle together with serial abscondings (Lalit Modi, Vijay Mallya, Nirav Modi) and spectacular business busts (IL&FS, DHFL, Jet Airways) has helped Indian business reputation hit a low
 "A discredited business world")
