Page 15 - Il&fs
NCLT allows govt to reopen IL&FS Group's books for the last 5 years
The tribunal gave temporary relief to IL&FS auditors; ICAI proceedings will continue
 "NCLT allows govt to reopen IL&FS Group's books for the last 5 years")
In a first, NCLT allows govt to reopen ILFS books for the last 5 years
The National Company Law Tribunal Tuesday allowed the corporate affairs ministry to reopen the books of the crippled IL&FS Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement. For the first time, the government on December 21, 2018, had invoked the powers under Section 130 of the new Companies Act of 2013 to reopen the books of a company. The government wants to check the balance-sheets of the crippled group and its two listed subsidiaries--ITNL and IL&FS Financial Services for the past five years (FY13-FY18) and the move comes after the Serious Fraud Investigation Office (SFIO) and ICAI reports indicated that the accounts were prepared a fraudulently and negligently in the last five years by the previous management. The statutory bodies including, the the Reserve Bank, the markets watchdog Sebi and the Income Tax Department gave their no objection for restating the accounts. However, ...
IL&FS appoints retired IAS official Bijay Kumar as Deputy Managing Director
The debt-laden company also appointed N Srinivasan as a non-executive director
 "IL&FS appoints retired IAS official Bijay Kumar as Deputy Managing Director")
ICAI says 3 auditors responsible for IL&FS fiasco, sends notices to them
Notices were issued to partners of Deloitte Haskins and Sells, BSR & Associates LLP and SR Batliboi. The auditors have been asked to appear in Kolkata this week for hearing
Govt moves to re-open IL&FS group's balance sheets for suspected corruption
The Serious Fraud Investigation Office (SFIO) found details of alleged corruption, personal enrichment and other non-transparent deals in debt-ridden IL&FS.
NCLAT to hear plea over moratorium on loan recovery from IL&FS on Jan 28
The National Company Law Appellate Tribunal (NCLAT) Thursday said it would hear the plea over moratorium on dues recovery from IL&FS and group companies on January 28. A two-member bench headed by Justice S J Mukhopadhaya adjourned the matter after briefly hearing the submissions from IL&FS group and its lenders. The appellate tribunal has asked all parties including lenders to file their written submissions before it. Last month, lenders of IL&FS group opposed before the NCLAT the 90-day moratorium on loan recovery from the debt-laden group and its subsidiaries. On October 15, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further orders, over an urgent petition moved by the government. The Ministry of Corporate Affairs had approached the appellate tribunal after the Mumbai bench of National Company Law Tribunal (NCLT) turned down its plea to grant 90-day moratorium. The NCLT on October 1 suspended the board of IL&FS on ...
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IL&FS to sell stake in education, investment management subsidiaries
Board of the infra lender is selling the group's stake in IL&FS Education & Technology Services, along with other subsidiary businesses and IL&FS Investment Managers.
IL&FS group stocks climb up to 10% on divestment initiative to raise funds
Shares of IL&FS group companies surged up to 10 per cent Tuesday as it announced its plan to sell equity stakes in its road assets to raise funds. IL&FS Investment Managers was trading 9.86 per cent higher at Rs 7.02 at 1230 hours on BSE, IL&FS Transportation Networks Ltd (ITNL) rose 5 per cent to Rs 11.55 and IL&FS Engineering and Construction advanced as much as 4.98 per cent to Rs 14.13. However, the benchmark BSE Sensex was down 139 points at 36,137 during the same time. On Monday, Infrastructure Leasing & Financial Services (IL&FS) group, which sits on a debt pile of about Rs 90,000 crore, said it will sell equity stakes in its road assets to raise funds. The IL&FS board, acting on behalf of its relevant subsidiaries including ITNL, Monday initiated the process of exploring divestment of IL&FS group's equity stakes in road assets, the group said in a statement. This was done in order to ascertain market interest and to examine feasibility of ...
IL&FS starts process to explore divestment of its interest in road assets
The IL&FS Board along with the ITNL Board have decided to publicly solicit Expressions of Interest to assess the interest for a sale of its Stake(s) in the assets under this vertical
IL&FS group selling cars, furniture, electrical appliances to raise funds
IL&FS invited bids for lump sum sale of used furniture and white goods on 'as is where is' basis at its properties in Mumbai and Kolkata
IL&FS' car sale shows cash-strapped group never compromised on luxury
Between 2017-2018, group companies registered nine premium cars including BMWs and Mercedes-Benz models
FIR lodged against IL&FS Rail officials for siphoning off Rs 700 million
An FIR has been registered against officials of IL&FS Rail Ltd for allegedly siphoning off Rs 70 crore invested in it by another company, police said Friday. According to the economic offences wing (EOW) of Delhi Police, an FIR was lodged against officials of the company under various sections of the IPC for alleged offences of criminal conspiracy, using as genuine a forged document and forgery of a valuable security on a complaint by Ashish Begwani, Director of Enso Infrastructures (P) Ltd. Deputy Commissioner of Police (EOW) Varsha Sharma said Begwani has alleged in his complaint that in August 2010, he was approached by two officials of IL&FS Transportation Networks Ltd and he had invested Rs 170 crore in IL&FS Rail Ltd, a special purpose vehicle for Gurgaon Metro project, in order to take its 15 per cent shares. "However, over a period of time, complainant observed that the company is not performing profitably and funds are being misused," Sharma said. According to the
 "FIR lodged against IL&FS Rail officials for siphoning off Rs 700 million")
Ethiopian police take 3 IL&FS officials into custody over unpaid wages, tax
Even as five IL&FS employees continue to remain in captivity of unpaid staff in Ethiopia, the local police have taken into custody three Indian officials of the infrastructure company over non-payment of taxes and workers' salaries, a source said. Late last month, seven Indian workers of an IL&FS subsidiary - IL&FS Transportation Network (ITNL) - were taken hostage at three of its sites in Ethiopia's Oromia and Amhara states by unpaid local staff. The source said IL&FS had 15 Indian employees in Ethiopia, seven of whom were held captive by the local staff. Of the seven, two were released last week on medical ground. The three employees taken into custody after out of the eight employees who were not held captive, he said. Local workers are allegedly holding them in captivity in protest for not having paid salaries since the past two months. ITNL, through its wholly-owned subsidiary, Elsamex SA, has been executing road projects across three sites in Ethiopia. IL&FS .
IL&FS board rules out group-level resolution in progress report to NCLT
Board to look at measures aimed at reducing wage bill by 50%
Group-level resolution for crisis, debt unlikely: IL&FS board to NCLT
The board is engaging with financial and transaction advisors to assess the vertical and asset-level resolution options
Anxious Indian firms concerned about credit risk, buying shortest-term debt
The IL&FS stumbles were a reminder that money-market funds, which account for a fourth of Rs 23 trillion of industry assets, are also fraught with risk
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Rattled nerves at India Inc lead to boom in overnight funds to Rs 123 bn
Assets with overnight funds soared to Rs 123 billion last month, from Rs 39 billion in September, as companies chose safety over returns
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Crisis-hit IL&FS appoints ex-L&T executive N Sivaraman as group COO
Cash-strapped Infrastructure Leasing & Financial Services Ltd (IL&FS) on Monday appointed N. Sivaraman as its Chief Operating Officer.
Yields soften, but companies hold back bond plans over IL&FS overhang
Companies wait on their bond plans as credit spread refuses to come down
Employees of IL&FS held hostage by Ethiopian staff fear for safety
NEW DELHI (Reuters) - Employees of Indian company Infrastructure Leasing & Financial Services (IL&FS) taken hostage by local staff in Ethiopia fear for their safety, with some being confined to a company campus north of the African nation's capital Addis Ababa.