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IL&FS Investment Managers non-executive director Vibhav Kapoor resigns from board
•The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since 27 August. It has over Rs 91,000 crore in debt at the consolidated level.
IL&FS crisis: Govt supercedes management; 6-member board appointed with Uday Kotak as chairman
Fp Staff •The debt-laden IL&FS said on Saturday it is working on a detailed restructuring plan and will appoint Alvarez & Marshal to formulate a turnaround strategy.
HDFC CEO Keki Mistry urges RBI to open separate liquidity window for mutual funds to meet redemption pressures
•RBI had during the 2008 global financial crisis provided a special window for mutual funds (MFs) which were facing redemption pressures, to access funds
RBI cancels tomorrow's meeting with IL&FS shareholders; company's AGM scheduled for 29 September
•The RBI had earlier called a meeting with key shareholders of IL&FS, including Life Insurance Corporation of India (LIC) and State Bank of India, after the company and its subsidiaries defaulted on repayments of various debt instruments.
IL&FS crisis: Eight charts present financials, other details of cash-strapped infrastructure conglomerate
Kishork123 •The IL&FS has come under the scanner of multiple regulators, including SEBI, for alleged defaults related to financial disclosures and corporate governance.
IL&FS, DHFL shocks may be temporary triggers, but the bad news for Indian financial markets do not end there
Dinesh Unnikrishnan123 •Its a mistake to assume that ongoing market turmoil is only on account of DHFL, IL&FS issue