Page 3 - Il&fs Crisis

MFs' exposure to NBFCs down 30% in 15 months since IL&FS crisis broke out

Fund houses have particularly pruned exposure to troubled NBFCs

IL&FS money laundering 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 crisis case, officials said on Monday. It had also called Unmesh Joshi, son of former state chief minister and Shiv Sena leader Manohar Joshi, in the same case after which he deposed before the central agency in Mumbai on Monday, they said. Unmesh Joshi's statement has been recorded under the Prevention of Money Laundering Act (PMLA), they said. Officials said the Maharashtra Navnirman Sena (MNS) chief has been asked to appear before the investigating officer of the case on August 22 at the agency's zonal office in Mumbai. The MNS dubbed as "political vendetta" the ED move to issue the notice to its cheif to join investigations. "Raj Thackeray created a sensation during the Lok Sabha poll campaign earlier this year. It had a significant impact on people and to avoid a similar challenge ahead of the Maharashtra Assembly ...

Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG

All the four entities, for which data was sought by Irdai on October 9, have been downgraded by credit rating agencies recently

NPS' debt assets in AAA-rated papers up by 1.83 percentage point to 37.87%

According to experts, the increase in AAA-rated papers signifies risk aversion in the aftermath of the IL&FS crisis.

Not a solution

A test will not ensure accountability of independent directors

Rising risk of contagion in India's financial sector, cautions S&P

A recent contagion analysis released by the Reserve Bank of India (RBI) suggested that the failure of any top-five HFC or NBFC could result in the default of up to two banks

The struggle to keep IL&FS story intact a year after new board took over

The board expects to recover or resolve at least 50% of group's domestic debt; InvIT model likely for entities that have received low or no bids

Put off by bank woes, investors ditch value buying for growth stocks

India's banking industry has been caught in turmoil over souring loans, with the crisis first emanating from the less-regulated non-bank financial companies such as IL&FS Group

Two PGIM India schemes write back dues from Anil Ambani firms, NAVs soar

Ultra Short-term Fund, Short Maturity Fund see single-day jump of 40-50 per cent in NAVs

Expect Gujarat Urja to return IL&FS' assets, pay dues: NCLAT

Debt-laden IL&FS approaches NCLAT, says GUVNL owes them close to Rs 140 crore

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

FIDC bats for NHB as a refinancing body for the entire NBFC sector

FIDC has suggested that the National Housing Bank (NHB) which acts as the refinancing body for HFCs can be made the apex refinancing body for the entire NBFC sector

IL&FS fallout: Mother Dairy loses CARE's triple-A credit rating

Mother Dairy had to make a impairment provision of Rs 190.85 crore from the investments in IL&FS in the form of unsecured short-term inter-corporate deposits

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

Cash-strapped IL&FS receives Rs 13,000 crore bids for road assets

IL&FS group companies have been classified between Amber, Red and Green, depending on its cash crunch

Top 10 biz headlines: External benchmarking of rates, GST cut mooted & more

From RBI making it mandatory to link all fresh retail loans to an external benchmark to the FinMin crunching numbers to estimate revenue loss from GST rate cuts, here are today's top business news

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

Confidence crisis at home forcing NBFCs to cough up more for funds overseas

The cash squeeze threatens a broader fallout, as the higher cost of funds is passed on to merchants getting micro loans and property tycoons looking to roll over debt

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.