In the news
28 Jun 2021

IL&FS receives Rs 1,925 cr as termination payment for metro project

Infrastructure Leasing and Financial Services (IL&FS) has received Rs 1,925 crore as interim termination payment from Haryana Shehari Vikas Pradhikaran (HSVP) for the Gurgaon Metro Project, the company said on Sunday. On 26 March, the Supreme Court had directed HSVP to deposit 80% of the "debt due" of over Rs 2,400 crore, on the basis of an audit conducted by the Comptroller and Auditor General of India (CAG), within three months in the escrow accounts of two special purpose vehicles (SPVs)—Rapid Metro Rail Gurgaon Ltd (RMGL) and Rapid Metro Rail Gurgaon South Ltd (RMGSL), which had developed the Gurgaon Metro Project. The SC had said that appropriation of any amount from the escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority.

In the news
28 Jun 2021

रैपिड मेट्रो का मलिखान हक़ अब प्राधिकरण के पास

हरियाणा शहरी विकास प्राधिकरण (एचएसवीपी) ने आईएलएंडएफएस कंपनी का पैसा लौटाकर रैपिड मेट्रो का मलिकाना हक़ ले लिया है. रविवार को एचएसवीपी की तरफ से १९२५ करोड रुपये कंपनी के बैंक खाते में ट्रांसफर कर दिए गए

In the news
28 Jun 2021

Gurgaon Metro case: IL&FS gets Rs 1,925 cr from Haryana govt

IL&FS on Sunday received Rs 1,925 crore from state-owned Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This resolution of Rs 1,925 crore forms part of the Rs 61,000 crore total recovery estimated by the new board, led by Uday Kotak, which represents resolution of over 61 per cent of overall debt of around Rs 99,000 crore (fund based and non-fund based) as of October 2018, IL&FS said.

In the news
28 Jun 2021

GURGAON METRO PROJECT CASE : IL&FS gets Rs 1,925 cr from HSVP

IL&FS has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. IL&FS had bagged the two-phased Gurgaon Metro Project developed through subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL) - in 2009 and 2013.

Press release
27 Jun 2021

IL&FS GROUP RECEIVES RS 1,925 CRORE FROM HARYANA GOVERNMENT IN THE GURGAON METRO PROJECT CASE

IL&FS today received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This payment, duly received in escrow accounts, comes in compliance of Hon'ble Supreme Court’s Order of March 26, 2021 that ruled in favor of IL&FS in the Gurgaon Metro Project - developed through ILFS subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL). Further, appropriation of any amount from the escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority as per the said Order, which would be duly complied with by IL&FS.

In the news
25 Jun 2021

PTC India board approves acquisition of IL&FS Energy Development energy consulting biz

PTC India said its board on Thursday approved the acquisition of the energy consulting business of IL&FS Energy Development Company. However, it did not disclose the value of the deal. "PTC India Limited's Board in its meeting held on 24th June, 2021 has approved a Letter of Intent (LoI) dated 17th June 2021, for acquisition of the Energy Consulting Business undertaking of IL&FS Energy Development Company, a Group Company of IL&FS, for an undisclosed value, on a Slump Sale basis," it said in a BSE filing.

In the news
12 Jun 2021

Former chairman of IL&FS Group arrested

The Economic Offences Wing of the Tamil Nadu police arrested Ravi Parthasarathy, 69, former chairman of the IL&FS Group, in connection with the alleged cheating of a Chennai-based private limited company to the tune of Rs 200 crore through its subsidiary IL&FS Transportation Networks India Limited (ITNL), Mumbai. Mr. Parthasarathy was arrested by the police in Mumbai and brought to the city on Thursday. He was produced before the Special Court for cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act and remanded to judicial custody for 15 days. He has been lodged in the Saidapet sub-jail.

In the news
12 Jun 2021

Ex-IL&FS chairman Ravi Parthasarathy arrested by EOW

Former Non-Executive chairman of Infrastructure Leasing & Financial Services (IL&FS) Ravi Parthasarathy was arrested in Chennai on Friday by the Economic Offences Wing (EOW)-II. A statement from EOW-II said he was arrested in a case registered in September last year, while calling him a "kingpin and the mastermind of several crore IL&FS and ITNL financial scam"

In the news
12 Jun 2021

Ex-CMD of IL&FS held in Rs 200cr cheating case

The economic offences wing (EOW) of the state CID police unit arrested Ravi Parthasarathy, former founder and CEO of Infrastructure Leasing and Financial Services (IL&FS), in a Rs 200-crore cheating case in Mumbai on Wednesday. He was brought to Chennai by plane and was remanded in judicial custody on Thursday by a city court till June 24. IL&FS Transportation Networks Limited (ITNL), a sister company of IL&FS, was also named in the case.

In the news
29 May 2021

Grant Thornton Audit Unearths Fraudulent Practices at IL&FS Co

Grant Thornton Bharat's forensic investigation into IL&FS Engineering and Construction Company Limited (IECCL) — the erstwhile Maytas Infrastructure Ltd — has revealed a wide range of activities bordering on fraud, manipulation and misappropriation. Grant Thornton Bharat's (GT) forensic audit report has alleged that executives at IECCL manipulated revenues, misrepresented facts in the financial statements, refused to write off assets that had gone bad, reversed interest claims recorded in the financial statements, manufactured claims to increase profits, manipulated fixed assets and ignored whistleblowers. "The new IL&FS Board decided to appoint GT to conduct forensic audits on some group companies with the purpose of unearthing financial irregularities; finding fraudulent transactions and wrongdoings by the erstwhile management and assess its impact on the ongoing resolution process," an IL&FS spokesperson said.

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