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IL&FS case: SFIO recommends action against guilty auditors, detailed internal investigation by Reserve Bank
•SFIO has also recommended a necessary action as per the Companies Act by the current management of IL&FS Financial Services (IFIN)
IL&FS crisis: SFIO identifies top management, auditors and independent directors of IFIN involved in fraud case
•The SFIO is also collecting details about all borrowings by IFIN from banks and through market instruments, as also about the role of banks and their officials and of credit rating agencies.
IL&FS vice chairman Hari Sankaran arrested by SFIO for abusing powers, fraudulent conduct
Fp Staff •Hari Shankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct
NCLT asks Reid & Taylor employees' union to present financial details of Hong Kong-based investor
•Reid & Taylor India, owned by the Kasliwal family-run S Kumar Group, which is also facing bankruptcy proceedings, owes over Rs 4,100 crore to banks and other lenders.
In a first, NCLT allows corporate affairs ministry to reopen IL&FS books to ascertain financial mismanagement
•The government wants to check the balance-sheets of the crippled group and its two listed subsidiaries--ITNL and IL&FS Financial Services for the past five years
IL&FS Financial Services' exposure to group cos breaches RBI norms in FY16-18: Newly appointed Uday Kotak-led board
•IL&FS Financial Services is a 100 percent subsidiary of the debt-ridden IL&FS Group, which according to the board has over Rs 94,000 crore debt of which Rs 53,000 crore from banks.
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.
Cash-strapped IL&FS Financial Services declares 7 fresh defaults of Rs 395 cr
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Reserve Bank of India eases cash reserve rules to ease liquidity; banks can 'carve out' up to 15 percent of holdings
•The move by the central bank follows concerns over tight liquidity conditions and banks' unwillingness to lend to NBFCs.
Liquidity in surplus; to meet needs through available instruments, says RBI in a bid to quell concerns over cash shortage
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