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Tag: IL&FS

IL&FS says aims to resolve nearly 60% of debt despite Covid-19 delays resolution process

IL&FS says aims to resolve nearly 60% of debt despite Covid-19 delays resolution process

Finance
MUMBAI/BENGALURU: Infrastructure Leasing & Financial Services (IL&FS) said on Monday it expected to resolve about 57% of its near trillion rupee ($ 13.35 billion) debt pile even as the pandemic delayed the resolution process in some of the group companies. About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% already addressed as of June end. The board had said in an update in October that it aimed to resolve 50% of the debt by March this year. "So far whatever we have achieved, I do believe, is relatively successful given the current macro-economic situation, because this has been a triple whammy for all of us: bad lending, no follow up, and economic disaster all around," Vice-Chairman Vinee...
IL&FS may add another road asset to proposed InvIT list

IL&FS may add another road asset to proposed InvIT list

Finance
Facing delays in finalising bidder due to COVID-19, cash-strapped IL&FS Group is looking at including one more road project - Pune Sholapur Road Development to its proposed infrastructure investment trust (InvIT), according to a source. It had earlier shortlisted nine road projects with a total debt of around Rs 10,800 crore on the proposed InvIT platform and sent it to market regulator Securities and Exchange Board of India. The approval for the same is awaited. PSRDCL is one of the 10 road projects of the group for which binding bids were received in August 2019. There were four bidders in the fray for this road asset. The names of the bidders could not be ascertained. However, as the finalisation of bidder for Pune Sholapur Road Development Company Limited (PSRDCL) was taking time ...
IL&FS: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors

IL&FS: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors

Finance
MUMBAI: The NCLT has given a go-ahead to government to prosecute Deloitte and BSR Associates for their failure to detect and report the scams that took place across the now bankrupt IL&FS group and 21 other entities, when they were the auditors of IL&FS Financial Services. The NCLT in an order posted on its website on Thursday said the corporate affairs ministry can go ahead with prosecution based on the findings of the probe conducted by the Serious Fraud Investigation Office (SFIO). But the posting does not mention its views on the government demand to ban these two auditors for five years from business, though. The tribunal also allowed to the government plea to implead Udayan Sen, a partners of Deloitte, and BSR Associates partners Kalpesh Mehta and Sampath Ganesh. Both these a...
IL&FS case: Auditors have many questions to answer, says Corporate Affairs Secretary

IL&FS case: Auditors have many questions to answer, says Corporate Affairs Secretary

Finance
New Delhi: As the probe continues into the IL&FS case, a senior government official has said the group's auditors have "many questions to answer" prima facie as they are supposed to act as "gatekeepers" and detect widespread irregularities, but it will be premature to pass any judgement at this stage. "We are not expecting an auditor to detect a needle in a haystack, but if an elephant is in a room they ought to find it. That is the issue," Corporate Affairs Secretary Injeti Srinivas said. Crisis-hit IL&FS group's debt burden is estimated to be more than Rs 94,000 crore and various entities, including some former officials and auditors, are under the scanner for widespread irregularities and huge loan defaults. "Prima facie, it appears that they (auditors) have many questions to ...
Working class employees left in the lurch at IL&FS resolution

Working class employees left in the lurch at IL&FS resolution

Finance
NEW DELHI: The NCLAT has received intervening petitions from nearly 100 creditors, seeking redress in the proposed IL&FS Resolution Plan that was submitted by the government. The petitions are from both secured and unsecured creditors, including a wide array of corporates and their PF Funds, employee funds, MNCs, postal funds, banks, PSUs and some power companies. A large part of the petitions, however, have been filed by employee fund and trusts that are seeking recourse in the resolution framework considering their investment is unsecured, but affects millions of underlying small-time, salaried and gullible investors. In the nearly 100 petitions filed, learns IANS, nearly 50 per cent petitions have been filed by the employee funds, super annuation funds, gratutity funds and Provident Fun...