IL&FS on Sunday received Rs 1,925 crore from state-owned Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This resolution of Rs 1,925 crore forms part of the Rs 61,000 crore total recovery estimated by the new board, led by Uday Kotak, which represents resolution of over 61 per cent of overall debt of around Rs 99,000 crore (fund based and non-fund based) as of October 2018, IL&FS said.
IL&FS has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. IL&FS had bagged the two-phased Gurgaon Metro Project developed through subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL) - in 2009 and 2013.
IL&FS today received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. This payment, duly received in escrow accounts, comes in compliance of Hon'ble Supreme Court’s Order of March 26, 2021 that ruled in favor of IL&FS in the Gurgaon Metro Project - developed through ILFS subsidiaries and Special Purpose Vehicles (SPVs) - Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (RMGSL). Further, appropriation of any amount from the escrow accounts shall be subject to further orders of the NCLAT or any other competent legal authority as per the said Order, which would be duly complied with by IL&FS.
PTC India said its board on Thursday approved the acquisition of the energy consulting business of IL&FS Energy Development Company. However, it did not disclose the value of the deal. "PTC India Limited's Board in its meeting held on 24th June, 2021 has approved a Letter of Intent (LoI) dated 17th June 2021, for acquisition of the Energy Consulting Business undertaking of IL&FS Energy Development Company, a Group Company of IL&FS, for an undisclosed value, on a Slump Sale basis," it said in a BSE filing.
The Economic Offences Wing of the Tamil Nadu police arrested Ravi Parthasarathy, 69, former chairman of the IL&FS Group, in connection with the alleged cheating of a Chennai-based private limited company to the tune of Rs 200 crore through its subsidiary IL&FS Transportation Networks India Limited (ITNL), Mumbai. Mr. Parthasarathy was arrested by the police in Mumbai and brought to the city on Thursday. He was produced before the Special Court for cases under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act and remanded to judicial custody for 15 days. He has been lodged in the Saidapet sub-jail.
Former Non-Executive chairman of Infrastructure Leasing & Financial Services (IL&FS) Ravi Parthasarathy was arrested in Chennai on Friday by the Economic Offences Wing (EOW)-II. A statement from EOW-II said he was arrested in a case registered in September last year, while calling him a "kingpin and the mastermind of several crore IL&FS and ITNL financial scam"
The economic offences wing (EOW) of the state CID police unit arrested Ravi Parthasarathy, former founder and CEO of Infrastructure Leasing and Financial Services (IL&FS), in a Rs 200-crore cheating case in Mumbai on Wednesday. He was brought to Chennai by plane and was remanded in judicial custody on Thursday by a city court till June 24. IL&FS Transportation Networks Limited (ITNL), a sister company of IL&FS, was also named in the case.
Grant Thornton Bharat's forensic investigation into IL&FS Engineering and Construction Company Limited (IECCL) — the erstwhile Maytas Infrastructure Ltd — has revealed a wide range of activities bordering on fraud, manipulation and misappropriation. Grant Thornton Bharat's (GT) forensic audit report has alleged that executives at IECCL manipulated revenues, misrepresented facts in the financial statements, refused to write off assets that had gone bad, reversed interest claims recorded in the financial statements, manufactured claims to increase profits, manipulated fixed assets and ignored whistleblowers. "The new IL&FS Board decided to appoint GT to conduct forensic audits on some group companies with the purpose of unearthing financial irregularities; finding fraudulent transactions and wrongdoings by the erstwhile management and assess its impact on the ongoing resolution process," an IL&FS spokesperson said.
At a time when the country is facing its worst health crisis and governments and organisations are looking to provide support to citizens and employees respectively, Mother Dairy Fruit & Vegetable Pvt Limited — a wholly owned subsidiary of National Dairy Development Board — has announced a voluntary retirement scheme for its employees, offering a maximum of Rs 20 lakh to eligible employees.
Bank of Maharashtra, one of the public sector lenders which are being reportedly considered for privatisation, is pinning hopes on substantial recoveries from its non-performing assets, which will add to its profitability. A S Rajeev, MD & CEO of the bank, says the ongoing Covid wave will not have a major impact on the lender. BoM earned a net profit of Rs 165 crore in the January-March quarter. The bank has recovered Rs 508 crore from the toxic account of Bhushan Power and hopes to get another cheque of almost the same amount from IL&FS soon. In an interaction with ETBFSI, A S Rajeev, MD & CEO of Bank of Maharashtra, said he does not see a major impact of the second wave for his bank. He also mentioned that they are seeing notable results of end-to-end digital lending platforms which they have created