The roads infrastructure arm of IL&FS, IL&FS Transportation Networks (ITNL), on Thursday responded to the National Stock Exchange (NSE) notice, requesting it to waive the penalty for not filing its financial results for the three months ended September 30, 2018.
The Indian Banks’ Association (IBA), representing the country’s top lenders, wants the Reserve Bank of India and the Centre to exempt banks from asset classification with regard to the loan exposure to the beleaguered IL&FS group for six months.
SBI, Axis Bank and IndusInd Bank have emerged three key bidders for IL&FS Securities Services (ISSL) and ISSL Settlement & Transaction Services. The securities business, which is understood to be valued at around Rs 1,500 crore, was put on the block by the new board last month.
A Securities and Exchange Board of India (Sebi) investigation of the role of ratings agencies in the Infrastructure Leasing and Financial Services Ltd (IL&FS) crisis found them lacking, chairman Ajay Tyagi said, adding the regulator has now begun adjudicating proceedings against the agencies.
IL&FS will put on the block four more businesses — IL&FS Education, IL&FS Technologies, ONGC Tripura Power Company and IL&FS Paradip Refinery Water — in coming weeks.
IL&FS today announced the engagement of Mr. N Sivaraman as Chief Operating Officer (“COO”) of the IL&FS Group. Mr. Sivaraman will be responsible for day to day operations and provide hands on leadership and oversight to the Group’s asset monetisation efforts. He will be a part of the Core Operating Committee and report to Mr. Vineet Nayyar, Vice Chairman and Managing Director, IL&FS Group.
IL&FS Group has been making all round efforts, in coordination with the Ministry of External Affairs (MEA), Government of India and the Indian Embassy in Addis Ababa, to ensure safe and early return of its employees. Meanwhile, as a result of collective and sustained engagement with various authorities, two of the seven employees have been allowed to move out of the camp and are now in Addis Ababa.
The board of Infrastructure Leasing & Financial Services Ltd (IL&FS) on Wednesday initiated the process of exploring the sale of controlling stake in its renewable energy assets. These assets include operating wind power generating plants with aggregate capacity of 873.5 MW, as well as under-construction wind power generating plants with aggregate capacity of 104 MW, asset management services for the operating wind power generating plants as well as the business division conducting project development and implementation of wind power generating plants.
In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, acting on behalf of its relevant subsidiaries, has today initiated the process of exploring the sale of controlling stake(s) (“Stake(s)”) held by IL&FS Group in renewable energy assets / businesses comprising, principally (“Renewable Energy assets”)
The proposal by Infrastructure Leasing and Financial Services to sell stake in two of its subsidiaries has received strong interest with over a dozen firms submitting their bids. These are now being scrutinised by IL&FS for eligibility.