In the news
30 May 2019

IL&FS may soon be servicing debt of 13 (Amber) Companies

In what may be the first step by IL&FS towards resolution of its debt concerns, the company may soon begin servicing debt of 13 group (amber) companies. These companies have an outstanding debt of over Rs 16000 crore.

In the news
22 May 2019

Inside the Audit Lapses that led to IL&FS Crisis - Mint

How did the auditors fail to see the crisis that had been brewing in the company for several years? Every time there is a corporate crisis, the audit firms and the auditors are the first ones to be blamed.

In the news
22 May 2019

IL&FS weighs options to recast part of its stressed loans from bans

IL&FS Board is considering recasting some of its loans from banks and MFs. The Board is considering restructuring proposals from lenders for one of its SPVs in UP and open to considering such proposals for other projects

In the news
20 May 2019

Orix looks to buy IL&FS wind power Assets

ORIX Corporation of Japan which owns 49% stake in each of 7 operating wind power plants of the IL&FS Group has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited.

Press release
19 May 2019

Orix Corporation expresses intent to exercise right to buy IL&FS wind asset portfolio

ORIX Corporation of Japan (“ORIX”), owner of 49% stake in each of 7 operating wind power plants (“SPVs”) of the IL&FS Group, has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited (“IWEL”). This intent to buy 51% stake is in exercise of ORIX’s right under the terms of an existing MoU wherein ORIX can match the Price offered by the highest bidder for purchasing IWEL’s Stake in the Wind SPVs.

In the news
15 May 2019

IL&FS may ask ex-directors to pay up

Board may invoke claw back option for bonus and benefits and file charges for accounting fraud - ET report

In the news
14 May 2019

IL&FS Board send show cause notice to BSR

Board of IL&FS has issued notices to BSR Associates and Deloitte asking them why they should not be removed from allegedly failing to highlight shortcomings while reviewing the books of IFIN and its subsidiaries - ET Report

In the news
13 May 2019

Will stick to IBC Timelines soon : Injeti Srinivas

In the three-four months the resolution timelines under IBC would be better adhered to. Prepackaged group insolvencies, which involved agreeing to resolution plan before declaring bankruptcy, could also be attempted, said Mr Srinivas Injeti, Corporate Affairs Secretary, MCA

In the news
6 May 2019

Auditors have many questions to answer

AS the probe continues in IL&FS case, government officials say the auditors have many questions to answer "prime facie" as they are supposed to act as gate keepers and detect widespread irregularities

In the news
5 May 2019

IL&FS - When auditors turn rogue

Who will Police the Policeman. This is the million dollar question being asked after Deloitte Huskin and Sells, one of the big four accounting firms, has been called out in the IL&FS case of turning a Nelson's eye on the company's debt pile

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