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IL&FS Engineering
IL&FS Engineering Services on Monday said it has received a show cause notice from Indian Overseas Bank (IOB) for reviewing the classification of the company's loan account as a suspicious fraud account. Facilities involved for Rs 123 crore, though irregularities have not been quantified by the lender, IL&FS Engineering said in a regulatory filing. This was first observed by Grant Thornton India in their forensic audit report and was duly reported to MCA for appropriate action, it said. As per the directions of NCLT on October 1, 2018, the reconstituted Audit Committee of new Board comprising nominated directors of Ministry of Corporate Affairs had conducted a special audit (held as Forensic Audit') for all high-value transactions undertaken by IL&FS Ltd (IL&FS) and a few of its group companies which included IL&FS Engineering through Grant Thornton India LLP, it said. Accordingly, as a natural corollary of the IL&FS crisis, the then loan accounts, maintained ..
IL&FS Engineering on Wednesday reported widening of consolidated net loss to Rs 73.16 crore in the quarter ended September. The engineering arm of the troubled IL&FS Group had reported a total consolidated net loss after exceptional items and tax at Rs 56.64 crore for the corresponding quarter of the previous fiscal, the company said in a BSE filing. Its total consolidated income from operations for the quarter under review stood at Rs 77.65 crore as against Rs 144.03 crore in the corresponding quarter a year ago. The company's expenses during the September quarter were Rs 103.23 crore as against Rs 141.57 crore in the year-ago period.
Private equity firm Lone Star Funds and infrastructure financing company IL&FS have announced collaboration to jointly invest in stressed infrastructure projects in India, with a capital pool of USD 550 million. The collaboration could result in asset purchases of up to USD 2.5 billion, a joint statement said. The objective of the move aligns with the objectives of the Government of India (GoI) and Reserve Bank of India in resolving stressed infrastructure assets, it said. The collaboration seeks to assist banks, sponsors and asset reconstruction companies to recycle capital, thus permitting reinvestment of capital in fresh projects. "Lone Star looks forward to collaborating with IL&FS in reviving Indian infrastructure assets and benefiting from IL&FS's long track record as a successful developer and manager of infrastructure projects in India," Lone Star's president, Asia Pacific, Mark Newman said. The company invests globally in operating companies, real estate, ...