IL&FS

IL&FS News

Three IL&FS entities, with Rs 5,000 crore debt, ink pact with secured lenders

Last week, senior advocate Ramji Srinivas, appearing on behalf of IL&FS, informed the National Company Law Appellate Tribunal (NCLAT) that repayment to lenders will commence shortly.

IL&FS board sets up sub-committee to oversee disinvestment process

The decision to form a sub-panel was taken in its board meeting held on June 28, Infrastructure Leasing & Financial Services Ltd (IL&FS) said in a statement.

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IL&FS default: EPFO moves to secure risky investments, may stall rate hike

EPFO’s investment in IL&FS is pegged at Rs 574.73 crore, while investments by exempted firms, which manage EPF accounts on their own for their employees, is over and above this amount.

IL&FS case: Court extends ED custody of two former officials by 3 days

IL&FS' former joint managing director, Arun K Saha, and its transportation network MD, K Ramchand, were further remanded in the custody of the Enforcement Directorate by the court under the Prevention of Money Laundering Act (PMLA) till June 28.

Apart from ban, IFIN auditors may also face asset freeze

Apart from the assets of the two audit firms, the petition also seeks to freeze the assets of the individual auditors of the team who worked on the IFIN accounts — Udayan Sen, Kalpesh Mehta, and Sampath Ganesh. The petition also seeks to freeze the assets of IFIN’s chartered accountant, AP Shah & Associates.

ED arrests 2 former IL&FS executives in PMLA probe

According to an ED press statement both Saha and Ramchand were arrested as they were involved in “various illegal activities detrimental to the IL&FS Group”.

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Will take fresh look at framework to supervise NBFCs: RBI Governor Shaktikanta Das

RBI Governor said: “We are also giving a fresh look at their regulatory and supervisory framework. It is our endeavour to have an optimal level of regulation and supervision so that the NBFC sector is financially resilient and robust.”

Sebi tightens disclosure standards of rating agencies

The regulator has also directed CRAs to disclose sensitive factors that could potentially impact the rating of the instruments which include financials and sector specific information.

IL&FS top executive bent norms to favour Ansals: Internal report

Raising questions of propriety and conflict of interest, the internal probe report reveals that while IFIN extended questionable loans to Ansal Group companies, Bawa had financial links with Ansal Group companies through AAA Infosystem that was fully owned by Asha Kiran (his wife) and Akansha Bawa (his daughter).

Corporate Affairs Ministry moves NCLT to get IFIN auditors barred

The move follows a probe by the Serious Fraud Investigation Office’s (SFIO), which found that auditors failed to present the “true and fair” state of affairs of IFIN.

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