The pipe smoking Ravi Parthasarthy who ran IL&FS as his fiefdom was never an easy man to like. He subjugated managers, fooled generations of lenders , bullied journalists and made directors dance to his tunes.....Many ills underlie the IL&FS saga. Fixing this is as urgent as punishing the scamsters .
IL&FS announced that it has received 14 bids for the Groups 10 road assets that account for nearly 17,700 crore of debt
Ratings Fallout: This is the first such move by a rating agency in the IL&FS issue; interim COO Vipul Agarwal will continue to handle operations until the new CEO is hired
IL&FS today received binding bids for ten road assets in its domestic roads transportation vertical. These 10 road assets that account for total debt of over Rs. 17,700 crore (nearly 19% of total group debt), received 14 binding bids from multiple bidders.
NCLT has approved the sale of units to Japanese partner and asked the company to deposit the money in interest bearing account for now
When the Government superseded the IL&FS Board and appointed Uday Kotak to head it, there was hope of quick resolution. But the complexities and lack of legal framework to handle financial institution bankruptcy have clogged the system
In a case related to IL&FS securities fraud, the Supreme Court on Tuesday directed the NCL to release cash collateral of Rs 460 crore, extended by clearing broker IL&FS Securities Limited, towards F&O trade
SEBI has rejected credit rating agency ICRA's consent application in the IL&FS case. ICRA has been seeking to arrive at a settlement in the matter of raters not having given warning of IL&FS default in September last year.
The Enforcement Directorate has submitted its first prosecution in the first IL&FS case. While the document, which is similar to the charge sheet, names former directors of IL&FS and its group companies.
Out of the total group debt of Rs 89000 crore, as much as Rs 61,375 crore was held by over 82 entities that were not able to meet payment obligation even to senior secured financial lenders.