The Board of Directors of IL&FS today approved the standalone audited financial results for the year ended March 31, 2019. IL&FS has reported a Net Loss of Rs 22,527 crore during the FY19, as against a Net Profit of Rs 333 crore reported in the previous year. The Board adopted prudent provisioning on loans/impairment of investments, and took a conservative view on fair market value and recovery estimates.
IL&FS Group company will get a Rs 118 crore as part of the claim awarded by the arbitration tribunal in a road development project
Bangalore Elevated Tollway Private Ltd (BETPL) has been awarded an amount of Rs 492 crore towards Claim filed by the company against National Highways Authority of India (NHAI). IL&FS Engineering and Construction Company Limited, an IL&FS group company, has 24% stake in BETPL and is entitled to approx. Rs 118 crore from the total claim awarded by the tribunal.
The NCLT on Monday issued notices to the CEOs of Axis Bank and Standard Chartered Bank asking them to personally appear in the contempt proceedings against them for violating the tribunal's order, failing which non-bailable warrants would be issued against them.
The CAG has sought a period of six months fro the Punjab and Haryana high court for submitting ts forensic report of the Rapid Metro Finances citing extensive scope of work involved
After a year long wait, IL&FS Construction and Engineering has posted its December Quarter financials. The Company has reported a profit of Rs 34.4 crore, a huge rise as against Rs 32 lakh posted in corresponding quarter last year
Singapore based Infrastructure platform Cube Highways and Italy's Autostrade have emerged top bidders for two road projects put on the block by cash strapped IL&FS and having a combined debt of over Rs 5,000 crore.
Lenders of the troubled IL&FS group approved the sale of Education business Schoolnet India to Kota based Education company Career Point, a company founded in Rajasthan in 1993 and publisher of a range of medical and engineering books
IL&FS has received an unsolicited offer from a potential investor to acquire 59.18% stake in its process management and back office services arm CPG BPM Services Pvt Ltd
The Committee of Creditors (CoC) of IL&FS Ltd. has approved the sale of the IL&FS’s Education business – Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) to Career Point Publications Private Limited (CPPPL). The CoC of IL&FS represented all the financial creditors to IL&FS Ltd., the holding company for the IL&FS Group. The financial bid of CPPPL was approved by more than 78% of IL&FS Ltd’s creditors (by value) through an e-voting process that concluded on 5 November 2019. This is as stipulated under the Resolution Framework for IL&FS Group submitted with Hon. National Company Law Appellate Tribunal (NCLAT) and the Hon. National Company Law Tribunal (NCLT), Mumbai Bench.