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Moratorium on Lakshmi Vilas Bank: What does it mean for depositors, financial sector?

November 26, 2020 2:31 pm

RBI has imposed a moratorium on Lakshmi Vilas Bank and drafted a scheme for a merger. What does this mean for depositors, and for the financial sector, which has witnessed a series of failures in recent years?

Uday Kotak gets 1-year extension on IL&FS board

September 24, 2020 11:10 am

Kotak, the non-executive chairman of IL&FS, was given a go-ahead for three months initially, which was followed up with a nine-month relaxation that ended on October 2019. He was then given a one-year extension till October 2020.

Directors unlikely to get immunity as ITNL arm undergoes insolvency in Spain

September 03, 2020 1:01 am

Under Spanish law if a company is unable to service its debt for two straight months, it should approach the court for voluntary insolvency.

BSR & Co did not follow standards of accouting: NFRA on IFIN’s FY18 audit

August 18, 2020 12:34 am

The NFRA also noted that the appointment of BSR & Co as auditors for IFIN was itself invalid under the Companies Act, as KPMG provided a number of services to IFIN that an auditing firm is not permitted to provide to clients under the Companies Act.

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Why has the auditing regulator cracked down on Deloitte India's former head?

July 24, 2020 2:22 pm

Auditors can be barred for professional misconduct including not exercising due diligence, or for gross negligence in their duties.

Forensic audit flags 2012 stake sale of IL&FS arm to Singapore-based firm

July 24, 2020 1:19 am

The audit report, submitted to a consortium of lenders led by Punjab National Bank in June 2020, has found that SEPCO was one of the contractors of ITPCL and it had received money from the power firm for various contracts.

IL&FS crisis: ED files first chargesheet; attaches Rs 570 crore assets

IL&FS’ environment biz likely to be sold to EverSource Capital; debt may reduce by Rs 1,500 crore

June 29, 2020 1:35 am

IL&FS is the promoter shareholder of IEISL and owns 97.54 per cent of equity shares of IEISL. The balance 2.46 per cent is owned by IL&FS Employee Welfare Trust.

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Bombay HC quashes prosecution against 2 ex-IL&FS auditors

April 22, 2020 1:43 am

In this regard, the Centre has sought a stay for eight weeks before moving the apex court. The high court noted the interim protection from coercive action granted to auditors will continue during this period.

Sixteen months & Rs 100-crore fees later, no sign of IL&FS resolution plan

IL&FS case: HC quashes prosecution based on SFIO's criminal complaint against former auditors BSR, Deloitte

April 21, 2020 10:03 pm

The financial affairs of the IL&FS group came under scrutiny in the year 2018 after it defaulted on short-term and long-term debt obligations allegedly to the tune of Rs 91,000 crore.

NCLAT clears new distribution plan, directs completion of IL&FS resolution in 90 days

March 13, 2020 1:12 am

This plan was opposed by other creditors who had suggested that Section 53 of the Insolvency and Bankruptcy Code (IBC), which gives preference to financial creditors over operational and all other kinds of creditors, be used for the resolution.