INDIA'S Banking sector is at the centre of a push to get the economy back on track, working to ease stress on borrowers and stabilise the financial system, after a record GDP contraction of 23.9% in the June quarter. To discuss the way forward and reforms needed to boost growth,Uday Kotak,MD & CEO, Kotak Mahindra Bank,and President, Confederation of Indian Industry (CIl), will be the guest at the Express e-Adda Thursday.

The Management and the New Board of IL&FS Limited today shared its quarterly update on the progress of the ongoing Group resolution process, maintaining its earlier estimates of addressing more than 50 per cent of the overall debt of over Rs 99,000 crore as of October 2018.

IL&FS Board is hopeful that it will be able to address the targetted debt of over Rs 50,000 crore in the current financial year despite the impact of the pandemic. It is hopeful of achieving the targeted debt resolution of over 50 per cent of the overall debt.

Markets regulator Sebi on Friday disposed of proceedings against IL&FS Financial Services Ltd without issuing any direction against it in a matter pertaining to alleged violation of underwriter norms. The firm is a Sebi registered underwriter. The order came after Ministry of Corporate Affairs (MCA) forwarded a report to Sebi to ascertain if the underwriter, which is a 100 per cent subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), was qualified to be a “fit and proper person” to continue as a Sebi registered intermediary. Serious Fraud Investigation Office (SFIO) had conducted an investigation into the affairs of Infrastructure Leasing & Financial Services Ltd (IL&FS) and its subsidiary companies responsible for the credit crisis.

The Board of IL&FS Group today announced the resignation of Mr Vineet Nayyar as the Executive Vice Chairman of IL&FS Group. Mr Nayyar, has requested the Board to relieve him of his duties as Executive Vice Chairman of IL&FS with effect from October 31, 2020, on grounds of indifferent health. The Board, in its meeting held here today, has accepted Mr Nayyar’s resignation wef October 31, 2020, and granted him leave till then, on medical grounds.

Vineet Nayyar has resigned as Executive Vice-Chairman of IL&FS Group citing medical reasons.

After many years, work on the much-awaited Zojila tunnel would commence after Road Transport and Highways Minister Nitin Gadkari initiates the first blasting for the 14.15- km tunnel on Thursday. The tunnel assumes significance as it will provide aII-weather connectivity between Srinagar Valley and Leh on NH-1, with approach Road to Z-morh Tunnel and Avalanche protection structures. The project has a history of re-bidding as attempts to award the project four times were not successful and was eventually given to National Highways and Infrastructure Development Corporation in July 2016 for implementation on EPC (engineering, procurement, construction) mode.

Crisis-hit infrastructure lender IL&FS has begun the process of selling its corporate home in Mumbai's Bandra-Kurla Complex, inviting bids for the prime 10-storey property that had heralded the suburb's emergence as the Maximum City's new central business district at the expense of Nariman Point. The company hasn't set any reserve price for the asset, said two industry sources with direct knowledge of the development.

GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure investment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of ₹1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India’s largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-base power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner.

GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure in-vestment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of Rs 1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India's largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-based power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner. IL&FS holds 26% in the power plant, while GIP has a 23.5% stake. The remaining 0.5% is owned by the Tripura state government.