Page 5 - Latest Updates on IL&FS Crisis
ICRA slips 6% after it sends MD and CEO Naresh Takkar on sudden leave
Without disclosing specific reasons, the rating agency informed the stock exchanges that its board in its meeting on Monday decided to place Takkar on leave, effective immediately.
 "ICRA slips 6% after it sends MD and CEO Naresh Takkar on sudden leave")
IL&FS panel to finalise asset-wise framework of resolution with lenders
The six-member committee includes IL&FS board members Vineet Nayyar, C S Ranjan, Bijay Kumar, and the chief operating officer (COO) N Srinivasan among others
 "IL&FS panel to finalise asset-wise framework of resolution with lenders")
IL&FS board sets up sub-committee to oversee disinvestment process
The board decided to empower the panel to take necessary steps to enhance enterprise value of assets under divestment
BSR & Associates resigns as auditor of IL&FS Financial Services
'We received a notice on May 13 seeking an explanation on our removal as auditors'
 "BSR & Associates resigns as auditor of IL&FS Financial Services")
BSR quits as auditor of IFIN, says will continue to defend itself in NCLT
A large number of individuals and entities, including independent directors, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by Sebi
ED arrests two former IL&FS executives in alleged money laundering case
The ED had registered the enforcement case investigation report (Ecir) on February 19. They will both be presented on Thursday at a special court of PMLA in Mumbai
 "ED arrests two former IL&FS executives in alleged money laundering case")
Govt moves NCLT for 5-year ban on IL&FS Financial Services auditors
The SFIO, in its complaint, has alleged that the auditors were aware that IFIN was lending to defaulting borrowers through group companies
IL&FS top brass hushed up whistleblower's warning of fraud in 2017: Probe
The scam at IL&FS came to light last year after several group entities defaulted on repayments due to severe liquidity problems
SFIO probe report lists lapses in 13 loans given by IL&FS to ABG group
Due process not followed, ABG group used the money to repay old credit
 "SFIO probe report lists lapses in 13 loans given by IL&FS to ABG group")
SFIO probe shows IFIN's exposure to AAA borrowers dropped to zero by 2017
In its first charge sheet filed against the group, the SFIO found gross violations by the company while doing credit appraisal and monitoring
IFIN violated RBI norms to help Sivasankaran pay off IFCI loan: SFIO
The management of IL&FS then allegedly colluded with Sivasankaran to create a unique structure
 "IFIN violated RBI norms to help Sivasankaran pay off IFCI loan: SFIO")
Probe nails IL&FS management 'who ran business as personal fiefdom'
Officials also said it is just a tip of the iceberg in this massive fraud case, involving defaults totalling an estimated amount of over Rs 90,000 crore
Sale of business verticals most feasible option, says new IL&FS board
Proposed resolution framework will be based on the principles of Insolvency and Bankruptcy Code, says new IL&FS board
Sale of 10 IL&FS firms underway; board to use asset level resolution: Govt
State-run GAIL has emerged as the highest bidder with offer of Rs 4,800 crore for IL&FS Wind Energy Ltd (IWEL), which has seven operating wind power plants
Japan's ORIX Corp offers to match GAIL's bid for IL&FS Wind Energy
ORIX owns 49 per cent stake in IL&FS' wind portfolio, and GAIL has emerged the highest bidder for the remaining 51 per cent stake in these assets
 "Japan's ORIX Corp offers to match GAIL's bid for IL&FS Wind Energy")
IL&FS crisis: Independent directors under corp affairs ministry scanner
The role of auditors, credit rating agencies and some former officials entities are already being looked into by the ministry, which had superseded the IL&FS board in October 2018
Accounting scandals: Big 4 audit firms face unprecedented crisis in India
The auditors are hitting back, saying there is so much blame on auditors that they are questioning internally whether it makes sense for them to keep auditing Indian companies
 "Accounting scandals: Big 4 audit firms face unprecedented crisis in India")
Resolution on track, Rs 12,000-cr debt may be settled by July: MCA secy
As part of the resolution efforts, the group companies have been classified into three categories, mainly based on their financial positions -- green, amber and red
IL&FS auditors have many questions to answer, says Corp Affairs Secy
IL&FS' problems came to light last year after some group companies defaulted on loan repayments resulting in concerns about overall impact on the financial system
NBFC crisis averted, but some troubles persist: HDFC Bank MD Aditya Puri
Last year's defaults by IL&FS exposed fault lines among India's shadow lenders, which had grown rapidly to account for a third of all new loans over the previous three years
 "NBFC crisis averted, but some troubles persist: HDFC Bank MD Aditya Puri")
