Page 2 - Ilfs Crisis

IL&FS fraud case: ED searches homes, business premises of 4 industrialists

Rishi Agarwal of ABG conglomerate, C Sivasankaran of Siva Industries, Nikhil Gandhi of SKIL Infrastructure, and Viren Ahuja, promoter of Flemingo Geowork were searched by the ED

Cash-strapped IL&FS eyes Rs 480 crore from sale of two towers at Gift City

In a public notice Monday, IL&FS said it has put its two towers - Gift One and Gift Two - on the block and has invited expressions of interest from investors

IL&FS case: NCLT reserves order on accounts of Bawa's wife and daughter

Ex MD&CEO of IL&FS financial services Ramesh Bawa's wife and daughter had filed a plea to de-freeze their assets as they were not charged in the Serious Fraud Investigation Office led probe

IL&FS resolution: NCLT deadline over but new board is just about warming up

After SFIO took over, many startling facts about IL&FS has come to light

ED arrests two former IL&FS executives for alleged money laundering

The Enforcement Directorate on Wednesday arrested two former executives in connection with its money laundering probe in the IL&FS alleged financial irregularities case, officials said. They said former joint MD of the company Arun K Saha and MD of transportation network K Ramchand were arrested late evening in Mumbai under the Prevention of Money Laundering Act (PMLA). These are the first arrests in this case by the Enforcement Directorate. The two will he produced before a special PMLA court in Mumbai on Thursday, they said. The central agency had filed a money laundering case in February this year and had twice raided a number of former executives in order to obtain additional evidence. The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September, 2018. IL&FShas defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over?91,000 crore. The ED's case is based on an ..

IL&FS bond toxicity spreads rapidly, hits 4.7 million PLI policy holders

The IL&FS bond toxicity contagion is spreading rapidly. The virus has now spread to a rather large body of savers, in this case insured, which coming as it does just before the general election is not good news for the government. With a concerned Trinamool Congress top gun and West Bengal Chief Minister Mamata Banerjee and Communist Party of India-Marxist (CPI-M) leader Brinda Karat both expressing their displeasure over the exposure of 15 lakh salaried employees to these highly toxic bonds in IL&FS, the emergence of Postal Life Insurance (PLI) policy holders being exposed to the same bonds directly will lead to soul searching by the government.

Recovery pressure on MFs a key concern as IL&FS crisis rattles market

Possible redemption pressure on mutual funds and a scenario where 1,500 smaller NBFCs might face cancellation of licences due to inadequate capital were among the major concerns as the IL&FS crisis began to roil financial markets. These were among the factors highlighted by the corporate affairs ministry as it moved the National Company Law Tribunal (NCLT) seeking change in management of the crisis-hit IL&FS. Citing a confidential note, dated September 30, from the Department of Economic Affairs, the ministry in its plea said there was a deep concern about possible collapse of the group and its impact on the economy. As per the note, there could be redemption pressure on asset management companies having Rs 2,800 crore worth exposure to IL&FS bonds from "corporate clients who have invested in this Rs 16 trillion debt MF industry", as per the petition filed by the ministry. Another concern was that in the wake of the IL&FS crisis, "as many as 1,500 smaller NBFCs may ...