Page 3 - Il&fs Case

A health check on India's shadow banks shows the crisis is far from over

Troubles began last year when major shadow bank IL&FS Group unexpectedly defaulted, prompting broader shock that made it hard for many companies to refinance debt

RCap's $5-bn debt at risk on default rating, revives India's credit scare

The default rating is set to exacerbate a yearlong credit crunch among India's shadow lenders, which started with the collapse of IL&FS Group last year

Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms

NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon

Cash-strapped IL&FS Group puts nearly 494 acres of land parcel on block

IL&FS, through its group firms IL&FS Township and Urban Assets and IL&FS Engineering and Construction Company holds a total of 80 per cent equity stake in HCPL

Year after collapse, IL&FS on road to recovery; a quarter of debt addressed

A quarter of the beleaguered group's debt has been taken care of

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.

NCLAT declines interim relief to Deloitte, BSR Associates in IL&FS case

The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to give any interim relief to auditing firms Deloitte Haskins & Sells LLP and B S R Associates LLP with regard to a ban imposed on them in the 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. The NCLAT, however, said that the NCLT will not pass any final order till its next hearing on September 20. Listing the matter for September 20, the NCLAT also issued a notice to the Ministry of Corporate Affairs to file its reply within two weeks. The NCLAT was hearing appeals filed by Deloitte and BSR against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 9, rejected their pleas of challenging its jurisdiction to ban them from the business for five years for their omissions and commissions in the IL&FS Group scam. The

IL&FS payment default 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 case, officials said Monday. They said the Maharashtra Navnirman Sena chief has been asked to appear before the investigating officer of the case on August 22. They added that Unmesh Joshi, son of former state chief minister and Shiv Sena leader Manohar Joshi, has also been summoned in the same case. Joshi is supposed to appear on Monday or Tuesday, they said. The agency is probing Thackeray's involvement in the case in connection with the IL&FSgroup's loan equity investment in a company called Kohinoor CTNL. The company was promoted by Joshi. Thackeray and Joshi had jointly bid for some assets after creating a consortium but later the MNS supremo quit. The ED, it is understood, wants to look into the entire transaction and hence has summoned the two. The ED had last week filed a charge sheet in the case too.

Credit rating agencies likely to get access to loan default details

At present, banks do not share with CRAs details of a company's existing and future borrowing

Credit rating agencies, auditors on ED radar in IL&FS charge sheet

Agency plans further probe to establish charges of concealment and collusion with former IL&FS brass; to file additional charge sheet soon

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

Grant Thorton audit report incriminates former IL&FS CEO Ramesh Bawa

he audit is part of the fifth progress report on the resolution of IL&FS and its group companies

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

Govt selects 4 auditors to check if IL&FS made fraudulent transactions

The corporate affairs ministry Thursday proposed to NCLT four auditing firms to restate the accounts of the crippled Infrastructure Leasing & Financial Services (IL&FS) and some of its subsidiaries to verify 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. While Deloitte quit in FY18, BSR, which is an affiliate of KPMG, did so only in June 2019. The ministry had moved the NCLT in June seeking a ban on them, which has been questioned by these auditors on the powers of NLCT order a ban after an SFIO probe had established corruption and fraud in these companies. Though the names were disclosed publicly, ministry sources told PTI that the ministry Thursday proposed the Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & ...

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

Govt moves NCLT to freeze accounts of IL&FS auditors and 21 others

In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases. This comes even as the NCLT is yet to pronounce its verdict on the ministry plea seeking to ban these auditors for their omissions and commissions in the case for five years. The ministry counsel said he wants their accounts frozen as an interim measure till the tribunal delivers on its demand to ban these auditors for five years. Seeking to restrain their activities by freezing their accounts, ministry counsel Sanjay Shorey said the tribunal can allow these individuals to withdraw a certain amount say Rs 1 -2 lakh every month based on their requirement like it had done in case of IL&FS former directors. He explained that the move is based on the fact that the ministry doesn't have the powers ..

Brokers submit written complaint to industry body against IL&FS Securities

21 trading members say they were not allowed to buy shares due to collateral shortfall

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

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

IL&FS crisis: Sebi expands probe into role of 5 credit rating agencies

Market regulator Sebi has expanded its probe into the role of five credit rating agencies after a forensic audit mandated by the new board of crisis-ridden IL&FS flagged serious lapses and their possible complicity with the former top brass of the group in giving top ratings despite weak financials. While CEOs of two rating agencies have already been forced to go on leave pending completion of the probe on the advice of Sebi, officials said the regulator is now looking into possible systemic lapses at all five rating agencies and also into the role of multiple people suspected to have intentionally manipulated the rating procedures. The special audit conducted by Grant Thornton found that its review of emails exchanged by the former key executives of Infrastructure Leasing and Financial Services (IL&FS) group and the top officials of rating agencies showed that they were aware of the serious liquidity concerns and weakening financials of the group. "However, various strategies