In the news
3 Sep 2020

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

WHILE THE new board of IL&FS and the directors appointed by it on the subsidiaries of Infrastructure Leasing & Financial Services Limited (IL&FS) have immunity from prosecution in India for the actions of the group in the past, they may not have the same protection in cases filed against the group firms outside the country. Last month, a Spanish court, while admitting a mandatory in-solvency of Elsamex S.A.U — a subsidiary of IL&FS Transportation Networks Ltd (ITNL) - said that the firm's directors, including CS Rajan, Bijay Kumar and Dilip Bhatia will be liable for penalties if they fail to cooperate with the insolvency process initiated by the lenders of the firm in Spain.

In the news
26 Aug 2020

Zojila contract awarded for 3rd time in 4.5 yrs

The government on Tuesday awarded the work for construction of a tunnel under Zojila Pass to Hyderbad-based Megha Engineering. This is for the third time when the project to provide all-weather connectivity has been awarded in four and a half years after the earlier contracts had to be terminated for some reason or the other.

In the news
26 Aug 2020

IL&FS to auction its Mumbai head office

The Uday Kotak-led board of Infrastructure Leasing and Financial Services (IL&FS) is looking to auction its iconic corporate headquarters at Mumbai's Bandra Kurla Complex (BKC) as it looks to speed up the company's insolvency resolution process that has been held up by regulatory and legal hurdles

In the news
20 Aug 2020

IL&FS to sell education arm to Lexington Holdings, pare Rs 600 crore debt

Lexington Equity Holdings Ltd., (LEHL) is set to take over IL&FS education arm Schoolnet India Ltd., after the committee of creditors approved the sale, two people aware of the development said. As per the deal, LEHL would service the entire debt of Rs 600 crore owed by Schoolnet and would pay a small equity to parent IL&FS. LEHL already owns 26% in the company.

In the news
19 Aug 2020

IFIN case: Delhi HC extends interim stay on NFRA orders on Deloitte partners

The Delhi High Court on Tuesday extended the interim stay on the recent separate disciplinary orders of audit regulator National Financial Reporting Authority (NFRA) against Deloitte, Haskins & Sells (DHS) partners in the IL&FS Financial Services (IFIN) audit for 2017-18. The implementation of the NFRA orders will be on hold till the Delhi High Court hears the writ petitions filed by former Deloitte India CEO Udayan Sen and other two DHS partners. The Delhi High Court at its hearing on Tuesday admitted the additional petitions (modifications) to the writs already filed by the DHS partners on this matter.

In the news
18 Aug 2020

BSR was not eligible to be appointed IFIN auditor: Regulator

The audit regulator, the National Financial Reporting Authority (NFRA), has found lapses in BSR and Associates' audit of IL&FS Financial Services (IFIN) and said it was not eligible to be appointed as the statutory auditor of the firm. In its audit quality review report released on Monday, the NFRA said BSR, a KPMG affiliate, violated the provision of non-audit services and had business relationships with the company at the date of its appointment.

In the news
18 Aug 2020

Regulator finds lapses in BSR's audit of IFIN

The National Financial Regulatory Authority (NFRA) on Monday said it had found lapses in KPMG affiliate BSR and Associates LLP's audit of IL&FS Financial Services Ltd (IFIN). In its audit quality review report, NFRA found the firm to be in violation of standards. This report will form the basis of any further disciplinary and penal proceedings against BSR.

In the news
11 Aug 2020

IL&FS new board: resolution complicated by complexities of group, COVID-19

Infrastructure Leasing & Financial Services Ltd. expects to resolve between 55% and 60% of its nearly 1 trillion rupees debt; Resolution process has been delayed by the complexity of the group that spans 347 entities, coronavirus pandemic; IL&FS says its resolution could be a benchmark for restructuring of large lenders in future : CS Rajan, MD, IL&FS Group

In the news
11 Aug 2020

IL&FS firm gave loan to Pune businessman and funds to pay it back

RAISING questions of round-tripping through a maze of firms, an influential Pune-based businessman received over Rs 52 crore from an IL&FS (Infrastructure Leasing & Financial Services Ltd.) group company which he then used to repay his initial loan to the very same IL&FS company. That businessman is Sarang Kale and two of his companies figure in the chain of transactions red-flagged in the forensic audit conducted by Grant Thornton.

In the news
11 Aug 2020

Truth is the first casualty of pandemic finance

The true financial cost of Covid-19 is something India would rather not acknowledge, let alone bear — at least not until the pandemic has played out. That explains why the central bank on Thursday allowed a one-time restructuring of corporate and personal loans that have been under stress ever since Prime Minister Narendra Modi put the country under a severe lockdown in March.

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