Page 6 - Il&fs Crisis

IL&FS lent Rs 175 cr to Siva Group at Hari Sankaran's behest: SFIO petition

The petition alleged that Sankaran favoured the group because of his proximity to C Sivasankaran.

IL&FS to get first set of bids under asset monetisation on Monday: Report

The company's board will later consider bids for Rs 8,000 crore renewable energy business that was put on the block in November 2018

IL&FS, subsidiaries can be declared NPAs only after nod, says NCLAT

Step being taken in the interest of the resolution plan being executed by the new board of IL&FS, observes NCLAT

EPFO says exempted firms, not staff, to bear losses of investments in IL&FS

Asks all exempted companies for exposure in tainted group, is working towards automatic linking of provident fund accounts

How easy credit from shadow banks has begun to haunt Indian realty sector

The regulator for housing-finance firms has allowed an accumulation of illiquid long-term assets with liquid short-term liabilities

Rich or poor, everyone is at risk from the crisis in Indian shadow banks

A wall of mistrust threatens to feed through to microlenders, hurting the poor and dragging down consumption.

Harmonisation of NBFCs to ease regulatory complications, say experts

As the IL&FS group defaulted on its debt obligations, the NBFC sector earned a bad reputation for itself and also went through a period of liquidity tightening

Second wave of crisis? How Essel can worsen shadow banks' cash crunch woes

Defaults at IL&FS have roiled the credit market and made it harder for other non-bank lenders to access funds

The IL&FS soap opera has now created more drama; this time for Zee

The implosion of the highly rated lender raised financing costs for everyone who had borrowed short-term funds to invest in long-term assets such as roads, power stations, waste-management plants

Do not exit debt funds hit by IL&FS events as resolution may happen soon

Fund houses still haven't used the side-pocketing option

After IL&FS, securitisation... India's Lehman genie out of the bottle again

It all began on Tuesday with S&P Global's Indian affiliate, Crisil, downgrading Jharkhand Road Projects Implementation Co.'s annuity-backed bonds to D after it skipped interest and principal payments

Crisil downgrades NCD of IL&FS' Jharkhand road project to junk grade

In another blow to debt-ridden IL&FS Group, Crisil Tuesday downgraded rating on the non-convertible debentures of Jharkhand Road Projects Implementation Company to D (Default) or the junk grade. Jharkhand Road Projects Implementation Company (JRPICL) is a subsidiary of IL&FS Transportation Networks Ltd (ITNL), which had a rating of BB (SO)/Watch Negative. "The downgrade reflects non-payment of interest and principal obligations on Crisil-rated NCDs that were due on January 21, 2019, as confirmed by the trustee (IDBI Trusteeships Ltd) and investors. This is on account of non-adherence to the structured payment mechanism, despite adequate funds in JRPICL's escrow account," the rating agency said in a statement. Rating D is assigned by Crisil to instrument, which are in default or are expected to be in default soon. Crisil had earlier highlighted heightened risk of default due to reversal in the IL&FS management's earlier stance of maintaining the integrity of JRPICL's ...

Need to review role of credit rating agencies: Rajiv Kumar on IL&FS crisis

In the wake of IL&FS crisis, there is a need to review role of rating agencies as they continued to rate the NBFC at top notch investment grade even a day before it defaulted on its payment obligation, a top Finance Ministry official said. IL&FS, a large systemically important non-deposit accepting core investment company, sent markets into tizzy with series of default beginning August last year. Rating agencies failed to see the financial troubles brewing and judge the ballooning debt of IL&FS. Following the series of defaults, the credit rating industry came under scrutiny. While banks were busy with the clean up exercise, NBFCs went on aggressive lending spree, Financial Service Secretary Rajiv Kumar told PTI. "The growth of NBFCs was exponential when banks were cleaning themselves and a kind of a similar situation what happened to the banks in aggressive lending happened to NBFCs. "Some of the NBFCs which have grown more than the normal needs a correction in terms of ..

Fund managers build positions in robust NBFCs to cash in on IL&FS overhang

Vehicle financiers, consumer play on money managers' radar

Malabar Hill property among realty IL&FS will auction off to pare debts

The debt-laden IL&FS group has further put up its properties for sale to garner funds in order to settle loan dues. It has invited bids from interested buyers for properties (commercial and residential) in Mumbai and one in Kolkata. Properties on sale include a 1,376 square feet residential property located at upscale Malabar Hill besides three commercial properties in Mumbai and one commercial space in Kolkata. The embattled infrastructure and financial sector major has asked bidders to submit their bids on or before January 15. The Infrastructure Leasing & Financial Services (IL&FS) group has loans due of nearly Rs 91,000 crore. Earlier, it has invited bids to sell its various road, solar energy and education assets to generate funds. The spree of defaults is continuing with the group, which until Friday said that the company would not be able to service its obligations in respect of the interest of non-convertible debentures due on December 29, 2018. The group has been .

IL&FS Investment Managers' board appoints 2 new additional directors

IL&FS Investment Managers, part of the debt-laden IL&FS group, Thursday said its board has approved appointment of Nand Kishore and Kaushik Modak as additional directors in the company. Kishore and Modak have been appointed to the board in the capacity of nominee directors of Infrastructure Leasing & Financial Service. "The board of directors of the company by resolutions passed by circulation on December 6, 2018, have approved the appointment of Nand Kishore and Kaushik Modak as additional directors, in the capacity of nominee directors of Infrastructure Leasing & Financial Service Ltd on the board of directors of the company," IL&FS Investment Managers said in a regulatory filing. Shares of IL&FS Investment Managers were trading 3.94 per cent lower at Rs 6.59 apiece on BSE.

IL&FS fiasco: India is missing the wake-up call from its shadow-bank bust

When the IL&FS show did stop, risk management was nowhere to be found; fiduciary responsibilities were similarly absent

Crisis-hit NBFC sector sees private equity investments growing 88% in 2018

The increase in overall PE investment value has been despite the number of deals this year being lower than last year, and the sector facing a liquidity crisis

IL&FS effect: Sebi may review existing regulatory norms for liquid schemes

Besides reviewing the single-investor limit, the regulator is mulling whether a liquid scheme is the right place for money meant for banks' intra-day liquidity

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