Page 7 - Latest Updates on IL&FS Crisis
Sebi asks rating agencies to explain failure in detecting IL&FS crisis
People in the know say that rating agencies have responded to the regulator, explaining their stance on why they failed to act on time
 "Sebi asks rating agencies to explain failure in detecting IL&FS crisis")
IL&FS crisis: IndusInd Bank moves NCLAT to recover unpaid interest
The NCLAT has adjourned the matter till November 13
 "IL&FS crisis: IndusInd Bank moves NCLAT to recover unpaid interest")
IL&FS crisis: Did LIC violate Irdai guidelines while increasing its stake?
While the stake of LIC in IL&FS is quite substantial, the insurer cannot claim to be a promoter
 "IL&FS crisis: Did LIC violate Irdai guidelines while increasing its stake?")
IL&FS to withdraw plea by previous board seeking restructuring option
The previous board had moved the NCLT seeking the tribunal's direction to insulate itself fron Insolvency and Bankruptcy Code proceedings
 "IL&FS to withdraw plea by previous board seeking restructuring option")
IL&FS mess: Normalcy to return to system in couple of weeks, says SBI chief
Kumar added that in wake of the IL&FS crisis, the SBI stepped up in a big way
 "IL&FS mess: Normalcy to return to system in couple of weeks, says SBI chief")
Trust, confidence severely impacted by IL&FS default, says Sebi chairman
Episode has highlighted issues arising out of complex corporate subsidiary structures
 "Trust, confidence severely impacted by IL&FS default, says Sebi chairman")
IL&FS crisis: Success of PPPs rests on prevention and resolution of dispute
Since the award of the legal cost is nominal and not actual, there isn't any disincentive for the parties not to challenge
 "IL&FS crisis: Success of PPPs rests on prevention and resolution of dispute")
Credit growth in financial sector likely to moderate over IL&FS defaults
Credit Suisse, in a report on the Indian financial sector, said a credit crunch was looming
 "Credit growth in financial sector likely to moderate over IL&FS defaults")
IL&FS gets moratorium on creditor actions; govt welcomes stay on NCLT order
Govt says pay, ongoing projects priority
 "IL&FS gets moratorium on creditor actions; govt welcomes stay on NCLT order")
IL&FS impact: Prolonged liquidity crisis will hit economy, says Moody's
The current episode highlights the structural vulnerabilities in the liquidity management practices of Indian NBFIs
 "IL&FS impact: Prolonged liquidity crisis will hit economy, says Moody's")
NCLAT stays NCLT order on govt's plea seeking protection for IL&FS board
The order noted that some of the groups' companies are already undergoing the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code
IL&FS crisis impacts JVs with Rajasthan, Jharkhand, Chhattisgarh, Andhra
Two joint ventures under negative rating watch
New board of crisis-hit IL&FS may approach PSBs to restructure their debt
If the government-owned banks agree, the debt restructuring would help IL&FS tide over the immediate financial crisis
IL&FS crisis: Gujarat should take over GIFT City, says former director
In a petition, its first independent director also asks for an SFIO investigation
 "IL&FS crisis: Gujarat should take over GIFT City, says former director")
IL&FS crisis: ITNL Africa Projects made losses, no operational revenue
ITNL Africa had been working on a road project connecting three Nigerian states of Kwara, Niger and Kaduna
 "IL&FS crisis: ITNL Africa Projects made losses, no operational revenue")
IL&FS board likely to meet again this week; to chalk out course of action
The infra lending and engineering conglomerate major currently sits on a debt burden of nearly Rs 910 billion
IL&FS' total liabilities higher by Rs 260 billion: REDD Intelligence report
Stressed debt specialist says some loans to subsidiaries and inter-company obligations not included in reported accounts
IL&FS crisis: How the end of an easy money era is causing strain in India
There's more pain to come as global interest rates rise and the RBI proceeds with its own tightening
IL&FS crisis: Independent directors to ask why nominees still on board
The government plea has asked for suspension of seven members of the board, and appointment of 10 directors
 "IL&FS crisis: Independent directors to ask why nominees still on board")
Govt to ensure liquidity for IL&FS, group's affairs to be probed: FinMin
The Finance Ministry said the move to take over the IL&FS board was essential to restore confidence in the financial market
