Page 4 - Latest Updates on IL&FS Crisis
ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar
The ICRA board said it would commence a search for Takkar's replacement, adding that Vipul Agarwal, remains responsible for the day-to-day operations of the firm until a CEO is appointed.
 "ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar")
NBFC funding to commercial sector fell 20% in FY19 after IL&FS crisis: RBI
Credit flow from NBFCs to the commercial credit stood at Rs 9.34 trillion as of FY19, down from a high Rs 11.60 trillion as of FY18, the RBI says in its annual report for 2019
 "NBFC funding to commercial sector fell 20% in FY19 after IL&FS crisis: RBI")
Number of NBFCs drops to lowest in 10 yrs in India as crackdown accelerates
RBI has also tightened regulations this year by putting in place rules requiring shadow lenders to appoint a chief risk officer and proposing stringent liquidity requirements
 "Number of NBFCs drops to lowest in 10 yrs in India as crackdown accelerates")
Top 10 business headlines: GDP estimates for Q1FY20, CG Power fiasco & more
From a probe at CG Power finding fraudulent related-party transactions to the IL&FS board seeking NCLT approval to sell 7 wind assets to Orix Corp, here are the top business headlines for Wednesday
 "Top 10 business headlines: GDP estimates for Q1FY20, CG Power fiasco & more")
Investors play safe, shift to large liquid schemes after IL&FS crisis
Overall liquid assets have risen despite 23 of the 43 fund houses having witnessed a dip in liquid assets over the past year. This shows preference by investors towards larger fund houses
 "Investors play safe, shift to large liquid schemes after IL&FS crisis")
NCLAT declines interim relief to Deloitte, BSR Associates in IL&FS case
The NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter, a three-member bench headed by Chairperson Justice S J Mukhopadhaya said
 "NCLAT declines interim relief to Deloitte, BSR Associates in IL&FS case")
Credit rating agencies likely to get access to loan default details
This new norm will address rating agencies' complaints about not getting full disclosures about the potential credit risks of securities
 "Credit rating agencies likely to get access to loan default details")
Banks may take majority stake in DHFL, convert part of debt into equity
DHFL owes banks Rs 40,600 crore. It also has a liability of Rs 45,380 crore to pay the holders of debentures and bonds
 "Banks may take majority stake in DHFL, convert part of debt into equity")
IL&FS money laundering case: Enforcement Directorate files 1st chargesheet
The prosecution complaint was filed in a special court of the Prevention of Money Laundering Act, charging former senior management personnel of IL&FS along with Aircel founder C Sivasankaran
 "IL&FS money laundering case: Enforcement Directorate files 1st chargesheet")
Top 10 biz headlines: Stimulus in the works, govt may fully exit AI & more
From govt moving closer to a complete exit from Air India to the grumble of economic slowdown getting louder for corporate India, here are the top business headlines for Friday
 "Top 10 biz headlines: Stimulus in the works, govt may fully exit AI & more")
Banks debited Rs 758 crore from IL&FS accounts despite NCLAT order
MCA names SBI, HDFC Bank, PNB, ICICI Bank among others, says they violated appellate tribunal moratorium
 "Banks debited Rs 758 crore from IL&FS accounts despite NCLAT order")
Top 10 biz headlines: Auto crisis worsens, India Inc gets CSR relief & more
From Amazon closing in on buying stake in Future Retail to Japan cautioning Andhra against reworking green power pacts, here are the top ten business headlines on Wednesday
 "Top 10 biz headlines: Auto crisis worsens, India Inc gets CSR relief & more")
Govt selects 4 auditors to check if IL&FS made fraudulent transactions
The move comes even as the ministry awaits the NCLT view on banning Deloitte, Haskins & Sells and BSR Associates, which were the statutory auditors of these companies before going belly up
Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR
Audit firm partners named in SFIO complaint to be allowed withdrawal of Rs 1 lakh a month
NCLT stays its own order to prosecute IL&FS auditors for four weeks
Staying its own order of July 18, the Mumbai NCLT gave 10 days to Udayan Sen and Kalpesh Mehta of Deloitte, and Sampath Ganesh of BSR Associates to file an appeal
IL&FS crisis: Sebi expands probe into role of 5 credit rating agencies
Officials said the regulator is now looking into possible systemic lapses at all five rating agencies
Deloitte Haskins, BSR say NCLT cannot ban them for their IFIN auditing
The matter was part heard by the NCLT on Friday and has been posted for further hearing on Monday
 "Deloitte Haskins, BSR say NCLT cannot ban them for their IFIN auditing")
Real Madrid tickets to Fitbit shirts: Gifts by IL&FS for favourable ratings
CARE, ICRA, India Ratings and Brickwork were the main rating agencies for group companies of IL&FS
Best of BS Opinion: Have our institutions responded adequately to frauds?
From trade trouble to future demographic shocks, here are the best of Business Standard Opinions for the day
 "Best of BS Opinion: Have our institutions responded adequately to frauds?")
Crisis-hit IL&FS revises debt terms for three of its road entities
The revision allows for concessions and modification of terms of financial debt and release of cash flow from existing accounts to service financial and operational creditors
