Ilfs Crisis

Ex-IL&FS chairman Ravi Parthasarathy dies from prolonged illness: Report

Parthasarathy was suffering from cancer and had been hospitalised in Mumbai since last November

India's troubled shadow lenders show signs of revival on stimulus

The sound health of shadow banks is vital because they form the backbone of the Indian economy in lending to a wide range of borrowers from small merchants to business giants

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

It may be time to change the way UCBs and NBFCs raise retail deposits

It may be time to link the higher deposit insurance cover and the way co-operative banks and select non-banks raise retail resources, writes Raghu Mohan

NBFC slowdown due to low demand and lack of market funding, says RBI

The cash crunch among robust NBFCs is mainly due to a financial support from market instruments, rather than from the lenders.

IL&FS case: Sebi imposes Rs 25 lakh fine on rating agencies ICRA, CARE

The regulator has given 45 days for the payment of penalty, which was levied under Section 15HB of the Sebi Act.

Shadow banking crisis: NBFCs' asset quality under stress as profit slips

In the first half of FY20, asset quality of the sector showed further deterioration with slight increase in GNPAs.

Former IL&FS directors got lucrative paychecks even as firm collapsed

Arun K Saha, erstwhile joint MD & chief executive officer (CEO), took home a hefty remuneration of Rs 6.88 crore for FY19. He was also a whole-time director of the subsidiaries and group companies.

IL&FS money laundering case: ED summons Raj Thackeray, Manohar Joshi's son

The Enforcement Directorate (ED) has summoned MNS party chief Raj Thackeray in connection with its money laundering probe in the IL&FS alleged payment default crisis case, officials said on Monday. It had also called Unmesh Joshi, son of former state chief minister and Shiv Sena leader Manohar Joshi, in the same case after which he deposed before the central agency in Mumbai on Monday, they said. Unmesh Joshi's statement has been recorded under the Prevention of Money Laundering Act (PMLA), they said. Officials said the Maharashtra Navnirman Sena (MNS) chief has been asked to appear before the investigating officer of the case on August 22 at the agency's zonal office in Mumbai. The MNS dubbed as "political vendetta" the ED move to issue the notice to its cheif to join investigations. "Raj Thackeray created a sensation during the Lok Sabha poll campaign earlier this year. It had a significant impact on people and to avoid a similar challenge ahead of the Maharashtra Assembly ...

Don't expect solid outcome: Uddhav on ED notice to MNS chief Raj Thackeray

A day ahead of Raj Thackeray's scheduled appearance before the Enforcement Directorate (ED) here in connection with an IL&FS probe, the MNS chief seems to have found an unexpected support from his estranged cousin and Shiv Sena president Uddhav Thackeray on Wednesday. Sena is the ruling partner of the BJP in the Central and Maharashtra governments. Raj has been summoned by the anti-money laundering agency in connection with its probe into the alleged irregularities relating to loans and equity investment worth over Rs 450 crore by IL&FS in Kohinoor CTNL Infrastructure Company. The firm was founded by former Maharashtra chief minister Manohar Joshi's son Unmesh, Raj Thackeray, and latter's close aide and builder Rajan Shirodkar to purchase and develop the land of the defunct Kohinoor Mill. Raj had reportedly exited from the company in 2008. Questionning of Unmesh has been going on at the Mumbai office of the ED since August 19. "I do not expect any solid outcome ...

IL&FS gets creditors' nod to sell education business for paring debt

IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd (CPPPL). Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL. The Committee of Creditors (CoC) represents all the financial creditors to IL&FS Ltd, the holding company of the IL&FS Group. According to a release, CPPPL's financial bid was approved by more than 78 per cent of IL&FS's creditors, in terms of value, through an e-voting process that concluded on November 5. Sources said the outstanding debt for this business amounts to Rs 600-650 crore. The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore. IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL). The latter has 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries -- IL&FS Cluster Development Initiative (ICDI)

Confidence in financial sector at stake

IL&FS, DHFL and PMC Bank scandals have left people apprehensive about financial institutions

India's shadow bank crisis is over, lenders more positive: IndusInd Bank

IndusInd joins Axis Bank Ltd. and Edelweiss Financial Services Ltd. in predicting that the Indian financial sector's woes will ease soon

Indiabulls seeks early hearing on fraud charges after record share slump

The development represents an effort to get out ahead of recent headlines that contributed to its share price losing an unprecedented 34% slump on Monday. Shares rebounded 5% on Tuesday

Goldman Sachs sees more pain in store for the Indian economy

The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006, the report said.

IL&FS and Gayatri joint venture wins Rs 914-cr arbitration claim

IL&FS Engineering and Construction Company and Gayatri Projects joint venture formed a joint venture for a Nagaland road project

NCLT rejects IL&FS Financial Services auditors' plea challenging 5-year ban

It will hear the arguments of the Ministry of Corporate Affairs (MCA) on banning the former auditors of IFIN on September 5

Sebi seeks explanation from 5 rating agencies on collusion with IL&FS brass

Grant Thornton's audit report had pointed at possible collusion between rating agencies, IL&FS brass

Letter to BS: What is the sanctity of auditing and credit rating processes?

If auditors can be induced to gloss over serious irregularities, decisions taken by everyone will be based on false credit ratings

IL&FS case: NCLT allows MCA to prosecute Deloitte Haskins, BSR Associates

Other individuals allowed by the tribunal to be prosecuted include partners of audit firm Deloitte Udayan Sen, Kalpesh Mehta, and Sampath Ganesh, partner in BSR Associates