Page 2 - Il&fs

CBI registers 2 cases against IL & FS subsidiaries for defrauding banks

The Central Bureau of Investigation (CBI) has registered two separate cases against IL & FS subsidiaries and its directors for allegedly duping banks to the tune of Rs 120.03 crore.The FIR accessed by ANI reads that the general manager of Punjab National Bank registered a complaint with CBI alleging that the borrower Company IL & FS Energy Development Company Ltd. (IEDCL) and its Directors, namely, Hari Sankaran, Late Ravi Parthasarathy (since died), Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa and Anoop Seth and another unknown private person (s) and unknown public servant(s) entered into a criminal conspiracy to cheat Punjab National Bank (e- United Bank of India) and the accused persons misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanction terms and conditions, diversion of sale proceeds to related/ sister concern companies, etc. and thereby caused wrongful loss to the tune of Rs 100.03 Cr plus to

IL&FS pays Rs 28.8k cr debt by FY23; debt resolution target at Rs 61K cr

Crisis-hit infrastructure finance firm IL&FS has paid a total debt of Rs 28,848 crore as of March 31, 2023, according to the latest affidavit filed before the insolvency appellate tribunal NCLAT earlier this week. The group has resolved debts through monetisation and termination/settlement of payments by its group entities from the concessioning authorities and counter-party to the relevant contract. "As on March 31, 2023, the debt resolved through such monetisation and termination measures aggregates to Rs 17,894 crores," said the status update report filed before the National Company Law Appellate Tribunal (NCLAT) by the company. Besides, it has discharged Rs 4,958 crore from the cancellation of the non-fund-based limits availed by its group entities and Rs 5,996 crore through interim distribution. By the end of FY23, "total debt discharged to creditors of the Respondent No 1 (IL&FS) Group aggregates to Rs 28,848 crore," the affidavit said. Moreover, the cash balances across

Supreme Court paves way for tribunal to act against IL&FS auditors

The court said the intention of the legislature behind Section 145 is very clear

McLeod-IL&FS out-of-court settlement likely to be completed in two weeks

Bulk tea major McLeod Russel India Ltd and IL&FS are currently engaged in negotiations towards an out-of-court settlement, which is expected to be reached within the next two weeks. The Brij Mohan Khaitan group company is attempting to avoid insolvency through an out-of-court settlement. IL&FS Infra Asset Management is an asset management company which manages IL&FS Infrastructure Debt Fund and IIDF is a financial creditor of McLeod. IIDF applied under a provision of the Insolvency and Bankruptcy Code against McLeod Russel India Ltd with the National Company Law Tribunal, Kolkata Bench. This application has been admitted by the NCLT. "Our focus remains on reaching a successful out-of-court settlement, and we expect to have an arrangement in place within the next two weeks," a senior company official told PTI. The official, however, refused to disclose the details of the negotiations. In the midst of a corporate insolvency resolution process (CIRP), McLeod cannot proceed ...

Creditors of IL&FS Financial Services to get Rs 3,200 cr interim payout

IL&FS Financial Services' creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018. Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore. Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

IL&FS completes interim distribution payout of Rs 1,273-cr for RMGSL

IL&FS has completed Interim Distribution pay-out for Rapid MetroRail Gurgaon South Limited (RMGSL), an IL&FS Group company.

Siva Shelters & Construction repays IL&FS debt worth Rs 80 crore

IFIN, a subsidiary of IL&FS, the bankrupt infrastructure financing and construction company, had disbursed Rs 50 crore as loan to SSCL

IL&FS resolves Rs 56,943 cr debt as of Sept, addresses 93% of target

Infra lending firm's affidavit says it has reduced the number of entities under it from 302 to 101

Ministry of Corporate Affairs nominates two directors on board of IL&FS

The Ministry of Corporate Affairs (MCA) has nominated two directors -- G Mahalingam and Deepak Mohanty -- on the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal. When contacted, IL&FS confirmed their induction on the board effective October 15, 2022. Both Mahalingam and Mohanty are former executive directors in the Reserve Bank of India. With this induction, the existing board of IL&FS now comprises 6 members with C S Rajan as non-executive chairman.

Govt reshuffles IL&FS board; Rajan becomes non-executive chairman

Nand Kishore, who was serving as an executive director, has been made the Managing Director, according to the company.

Sebi tweaks rules for sharp rating actions, non-cooperating issuers

Sebi comes out with circular with changes, also tweaks policy to deal with non-cooperating issuers

IL&FS sells 2 firms in energy business for Rs 77.5 cr to reduce debt

IEDCL sold 27.75 per cent of its stake in Urjankur Nidhi Trust, where Maharashtra Energy Development Agency has a 50 per cent stake and Shree Datta Shetkari Sakhar Karkhana Ltd holds 22.25 per cent.

India Inc's missing whistle-blowers

Domestic corporate scandals of recent vintage, such as Global Trust, Satyam, IL&FS or YES Bank, to name a few, have all been the result of implosions rather than employee revelations

IL&FS approves Siva Shelters's proposal to restructure loan to subsidiary

Siva Shelters offers to pay 20% of settlement amount immediately on signing of agreement

India the place to be in now, says HSBC India CEO Hitendra Dave

'We are in growth, customer acquisition, and balance-sheet expansion mode'

After a lull, NBFCs looking to step up funding for real estate sector

The strong demand in real estate -- residential, commercial, and logistics -- is giving confidence to the likes of JM Finance, Piramal, LIC Housing, and Indiabulls Housing Finance

NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis

The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units

Ex-IL&FS chairman Ravi Parthasarathy dies from prolonged illness: Report

Parthasarathy was suffering from cancer and had been hospitalised in Mumbai since last November

The slowdown in 2019-20 was neither anomalous, nor inexplicable

It is important to remember that growth had been slowing for five consecutive quarters before 2019-20

Course correction

IL&FS resolution has lessons