Page 12 - Il&fs

India Inc stares at Rs 9,000-crore hit on IL&FS debt in private PF, pension

Loss in principal and interest income by these funds have to be made good by companies

ICRA looking into IL&FS rating issue, hires external experts for assistance

ICRA is working on addressing issues pertaining to credit rating of crisis-hit IL&FS and its subsidiaries and has sought help from external experts in the matter. "The company is in the process of addressing certain matters related to credit rating assigned to one of its customer and its subsidiaries, and an anonymous representation," ICRA said in a regulatory filing on quarterly earnings announced Thursday. In an investor communication in December, ICRA had informed about receiving a notice from market regulator Sebi for conduct of adjudication proceedings in relation credit ratings assigned to Infrastructure Leasing & Financial Services (IL&FS) and one of its subsidiaries -- IL&FS Financial Services. "These proceedings are under...Sebi Act, 1992, which deals with potential imposition of monetary penalty," it said in the investor communication presented on December 19, 2018. The crisis-ridden infrastructure conglomerate, once a pioneer of public-private partnership, ..

RBI pulls out circular asking banks to reveal their IL&FS exposure

Group entities of IL&FS began to default because of asset liability mismatch in the second quarter of 2018-19

RBI withdraws circular asking banks to declare their IL&FS exposure

The April 24-circular has said banks and financial institutions must mention the total amount of exposure that are non-performing assets (NPAs) to the IL&FS

RBI withdraws circular asking banks to declare their IL&FS exposure

The RBI withdrew the circular after NCLAT allowed banks to declare defaulting loans of IL&FS and its group companies as bad loans

Debts of IL&FS' green companies likely to be settled by July end: Official

There are almost 55 companies in the green category and they have a loan exposure of about Rs 12,000 crore

Insurance companies have to make provisions for IL&FS defaults: Regulator

Reserve Bank of India asked last week banks to do about their IL&FS exposure.

Insurance companies asked to make provisions for IL&FS, RCap defaults

Some insurers have already made adequate provisions for all non-standard accounts of IL&FS, says IRDAI.

NCLAT allows banks to declare defaulting IL&FS, group companies as NPAs

NCLAT had in February restraining banks from classifying either IL&FS or its group companies as an NPAs

IL&FS case: NCLT gives Axis and Stanchart CEOs, Bawa 2 weeks to file reply

Tribunal Makes Bawa's wife & daughter as respondents in case

IL&FS arm, ITNL International to sell 49% stake in its China road JV

The balance 51 percent is owned by local partner Chongqing Expressway Group

Major lapses in Deloitte audit of IL&FS Financial Services, says SFIO

The serious fraud office, which is reaching a closure in the case, would submit its probe report next month

A single-point agenda

As companies enter the new financial year, it is worth pausing and looking at the lessons that the just completed year has had to offer, and what will be on the agenda for the coming year

Exposure of over Rs 1,300 cr to IL&FS, Essel worries fixed maturity plans

44 such plans are set to mature by June 2020

Govt to charge Axis Bank, StanChart, Bawa & wife with contempt of NCLT

The ministry is filling two applications and a petition against Bawa and his wife and the banks after it has come to light that the parties have broken the orders of the bankruptcy tribunal

SFIO quizzes Deloitte ex-CEO over alleged audit lapses in books of IL&FS

The probe agency had recently received a communique from a Deloitte Haskins & Sells whistle-blower, raising several audit shortcomings in the company's books

Gail top bidder for IL&FS wind power plants with Rs 4,800-crore offer

Gail has offered Rs 4,800 crore for the wind projects, which will fetch the beleaguered group 100 per cent of the enterprise value, thereby resulting in no hair cut to the debt of the SPVs

RBI's stand on IL&FS exposure spells trouble for banks, NBFCs

Firms that provided for exposure on a voluntary basis may now have to mark the same as NPAs

SFIO arrests former IL&FS Fin Services CEO Ramesh Bawa for abusing powers

Making its second arrest in the IL&FS case, the Serious Fraud Investigation Office (SFIO) Saturday arrested former IL&FS Financial Services chief Ramesh C Bawa, official sources said. They said Bawa, who had served as managing director and CEO, was arrested on the grounds of abusing his powers at the company through fraudulent conduct. He also granted loans to entities which were not creditworthy and caused wrongful loss to the company and its creditors, they added. Earlier this month, the probe agency arrested former IL&FS vice chairman Hari Sankaran. The sources said IL&FS Financial Services Ltd had borrowings of around Rs 17,500 crore through debt instruments and bank loans. Provident funds, pension funds, gratuity funds, mutual funds as well as public and private sector banks are among the entities that have invested in these debt instruments. The alleged financial irregularities at IL&FS came to light last year after some group entities defaulted on debt ...

Whistle-blower letter: Deloitte faces SFIO probe in IL&FS case

The whistle-blower has sent the letter to other regulatory bodies like the Reserve Bank of India, Securities and Exchange Board of India (Sebi), and Ministry of Corporate Affairs