Page 19 - Il&fs
IL&FS crisis: ICAI issues notice to audit firms, seeks explanation
Chartered accountants' apex body ICAI has sought explanation from audit firms that carried out statutory audit works of crisis-hit IL&FS group in the past few years. The crisis at diversified IL&FS, following loan defaults by some group entities, has raised concerns about liquidity crunch in the financial system. Against this backdrop, the government seized control of the IL&FS board earlier this month. The Institute of Chartered Accountants of India (ICAI) Wednesday said it has issued notices to audit firms that conducted statutory audit works of IL&FS group in the past few years. However, specific details were not disclosed. In the recent past, there has been news reports regarding diversion of loan money in IL&FS and its subsidiary companies, the ICAI said in a statement. "The Disciplinary Directorate of the ICAI, upon coming across such news report has suo moto taken cognisance of the matter and pro-actively issued notices to the statutory auditors on October ..
 "IL&FS crisis: ICAI issues notice to audit firms, seeks explanation")
SFIO narrows on five IL&FS firms for fund diversion, mismanagement
The 5 firms constitute for more than 50% of the entire group's revenue and may have diverted funds in projects that were worth Rs 300 bn
 "SFIO narrows on five IL&FS firms for fund diversion, mismanagement")
Ex-Goldman banker looks to fill lending gap in India after IL&FS crisis
Interest rates have shot up and a cash shortage has worsened after defaults by Infrastructure Leasing & Financial Services Ltd. That's provided an opening for alternative lenders
 "Ex-Goldman banker looks to fill lending gap in India after IL&FS crisis")
Here's how the IL&FS crisis spread to NBFC stocks in Indian markets
With over 348 subsidiaries, IL&FS is said to have funnelled money, raised either from the debt market or banks, to these subsidiaries as a form of equity investment
 "Here's how the IL&FS crisis spread to NBFC stocks in Indian markets")
IL&FS, NHAI may reach out-of-court settlement on select highway projects
Once cleared, these projects can be monetised
Exposure to cash-strapped IL&FS is standard now, says Bank of Baroda
IL&FS is facing serious liquidity issues and it, along with its subsidiaries, has defaulted on various debt repayments
IL&FS needs $2 billion by March 2019 to meet its financial requirements
IL&FS will require more money to repay secured borrowers
 "IL&FS needs $2 billion by March 2019 to meet its financial requirements")
IL&FS jitters erode 12.5% of MF assets; AUM shrinks to Rs 22 trn in Sept
Industry players said investors pulled out money fearing contagion risks from the IL&FS default
Beleaguered IL&FS defaults on ICD payments worth Rs 1.72 billion
Meanwhile, IL&FS Trans-portation, a subsidiary of IL&FS, said that it has also defaulted to interest payments for three tranche of non-convertible debentures due on October 1
IL&FS crisis: MCA seeks relaxation in provisions of the Companies Act
This will enable the reconstituted board to proceed smoothly and help the board to take important decisions: Ministry
IL&FS group shares locked in lower circuit; ITNL, IL&FS Engg fall 10%
IL&FS Engineering and IL&FS Transportation Networks are frozen 10% lower circuits at Rs 22.70 and Rs 27.25, respectively, while IL&FS Investment Managers down 5% at Rs 9.81 on the BSE.
IL&FS effect: Tighter regulations may force smaller NBFCs to shut
A spate of money market defaults by IL&FS has put the spotlight on non-bank finance companies
 "IL&FS effect: Tighter regulations may force smaller NBFCs to shut")
IL&FS crisis: Learnings in corporate governance
None of the six nominee directors- who represent the five shareholders in IL&FS - are named as respondents in the government's appeal before the National Company Law Tribunal
The new (dis)order of our financial system
Some of our non-banking finance companies are staring at a Northern Rock moment if they do not put their house in order
I doubt rating agencies' ability to spot misconduct by IL&FS: A K Pradhan
'What is the point in having ratings of double and triple-A if that doesn't give any comfort? You cannot depend on these ratings even for six months,' Pradhan
 "I doubt rating agencies' ability to spot misconduct by IL&FS: A K Pradhan")
Nominee directors of IL&FS cannot be absolved of accountability: Experts
None of the six nominee directors- who represent the five shareholders in IL&FS - are named as respondents in the government's appeal before the National Company Law Tribunal
 "Nominee directors of IL&FS cannot be absolved of accountability: Experts")
Saving the 'Titanic': Govt says took over IL&FS to stop catastrophic damage
The rescue was critical for PM Modi, who can ill afford a financial crisis months before he faces voters at the next election
Govt seeks immunity for new IL&FS board from civil, criminal proceedings
Officials say while the govt will take to task anyone guilty of bringing the company to this state, it will also ensure that there is no liquidity crisis
IL&FS crisis: Risk panel review was not needed, says former director
The risk panel committee provides guidance on strengthening risk management practices
The dogs that didn't bark
Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?