Page 5 - Il&fs

NBFC needs to monitor its rollover risk and interconnected risk, says CEA

CEA Subramanian also suggested a way to solve the problem -- adopt technology and use available data to screen sketchy borrowers

IL&FS resolves Rs 1,460 crore debt in Q2; misses target due to Covid-19

The board is now looking to resolve Rs 13,200 crore of additional debt by December 2020

Punjab & Sind Bank reports IF&FS Financial Services as fraud account to RBI

Punjab and Sind Bank on Friday said it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 561 crore. The NPA account, IL&FS Financial Services, with outstanding dues of Rs 561.13 crore has been declared as fraud and reported to the RBI as per the regulatory requirement, the bank said in a regulatory filing. "Further, the bank has already made 100 per cent provisioning as per the prescribed prudential norms and the account is technically written off," it added. The scam at the IL&FS group came to light in September 2018 after several group entities defaulted on repayments due to severe liquidity problems. Later, the government superseded the board of directors to revive the ailing group. IFIN, which has been found to be funding its own revenues for several years, was the main source of funds for the IL&FS group entities. The group had accumulated a debt burden of over Rs 90,000 crore.

Vineet Nayyar resigns as executive VC of IL&FS Group over health issues

The board has accepted his resignation with effect from October 31, and granted him leave till then

IL&FS invites expression of interest for 42% stake in engineering arm

Infrastructure Leasing and Financial Services (IL&FS) has sought expressions of interest (EoI) for the 42.25 per cent stake it holds along with IL&FS Financial Services (IFIN) in subsidiary IL&FS Engineering and Construction Company (IECCL) under the group's resolution process.

Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA

The new disclosures and assessments are a part of the Companies (Auditor's Report) order, or CARO, effective this financial year

Govt extends term of Uday Kotak as non-exec IL&FS chairman by another year

The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021

Confident of achieving debt resolution numbers: IL&FS MD C S Rajan

Edited excerpts from an email interview with C S Rajan, managing director, IL&FS:

IL&FS board faces challenges as resolution takes a Covid-19 knock

With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges

IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE

Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of its offshore firms - ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE. IL&FS had request the Mumbai-bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai Courts under UAE Federal Decree. The tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms. "After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record," the NCLT said. The tribunal also observed that the Regional .

NFRA finds deficiencies in BSR's audit of IL&FS Financial Services

The audit review report has found violations with respect to the assessment of the use of the going concern assumption by the management

What ails Indian banking, according to Viral Acharya

Some of India's top-rated firms do not always make payments on time and many state-owned, listed entities that borrow in bond markets default regularly

Declining long-term market funding for NBFCs a concern, says RBI

It has the potential to heighten the liquidity risks the sector is already facing after the IL&FS debacle, FSR said

Crisis-hit IL&FS lays road map to cut 57% of Rs 99,000 crore debt

By March, Rs 50,500 cr debt to be pared; resolution for Rs 6,650 cr to continue beyond FY21

IL&FS expects to address over Rs 50,000 cr of its debt by March 2021

The group has shared its estimates of debt to be addressed over the next three quarters

NBFCs, HFCs shed risky real estate loans to remain asset light

Though moratorium on loan repayment is available for developers till August this year, developers could struggle to repay money to lenders, say experts

SAT backs Sebi's fresh show-cause notices to rating agencies in IL&FS case

Some rating agencies moved the tribunal seeking a stay on the second show-cause notices issued by Sebi in January 2020

Extending the board's reach

The governance of group companies will increasingly be an area of focus for the Sebi

IL&FS sells 50% stake in GIFT city to Gujarat govt for Rs 33 crore

IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration

It may soon be light at the end of the tunnel for Zojila project

Govt prepares for 6th bidding, considers starting it as an unidirectional tunnel