Ilfs Financial-services

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Ilfs Financial-services - Total results - 18
IL&FS probe: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors
Business

IL&FS probe: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors

The NCLT said the corporate affairs ministry can go ahead with the prosecution based on the findings of the probe

BSR & Associates LLP resigns as statutory auditor of IL&FS Investment Managers
Business

BSR & Associates LLP resigns as statutory auditor of IL&FS Investment Managers

The announcement has come a day after BSR & Associates, a KPMG group associate, resigned as statutory auditor of IL&FS Financial Services (IFIN).

IL&FS scam: Govt alleges 22 auditing standards violations by Deloitte, KPMG arm; companies deny wrongdoing
Business

IL&FS scam: Govt alleges 22 auditing standards violations by Deloitte, KPMG arm; companies deny wrongdoing

India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters

IL&FS case: Former top brass got foreign trips, private jets, chopper ride in return for faster loans, reveals SFIO probe
Business

IL&FS case: Former top brass got foreign trips, private jets, chopper ride in return for faster loans, reveals SFIO probe

Foreign trips, private jet travels, chopper riders and interior decoration at houses aboard -- the probe into the IL&FS saga has unearthed many such inducements that the top brass allegedly got from borrowers in return for faster loans and delayed recoveries

IL&FS case: SFIO recommends action against guilty auditors, detailed internal investigation by Reserve Bank
Business

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
Business

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
Business

IL&FS vice chairman Hari Sankaran arrested by SFIO for abusing powers, fraudulent conduct

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
Business

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
Business

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
Business

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
Business

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.

Reserve Bank of India eases cash reserve rules to ease liquidity; banks can 'carve out' up to 15 percent of holdings
Business

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.

Debt-ridden IL&FS will not be allowed to collapse, all options open: LIC Chairman VK Sharma
Business

Debt-ridden IL&FS will not be allowed to collapse, all options open: LIC Chairman VK Sharma

IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday

IL&FS default to have effect on short-term liquidity; situation may result in higher interest rates for SMEs
Business

IL&FS default to have effect on short-term liquidity; situation may result in higher interest rates for SMEs

The higher lending cost will inflate prices of goods and services which will, in turn, out to be negative for the economy in the long run.

Not defaulted on any financial obligations, no instance of delay in repayment of any liability: DHFL
Business

Not defaulted on any financial obligations, no instance of delay in repayment of any liability: DHFL

"DHFL today reiterated that the company has neither defaulted on any bonds or repayment of its financial obligations, nor has there been any instance of delay on any repayment of any liability," a company statement said.

ICRA junks Rs 12,000-cr of IL&FS' borrowing programmes; removes group entities from rating watch
Business

ICRA junks Rs 12,000-cr of IL&FS' borrowing programmes; removes group entities from rating watch

IL&FS, which is credited for building the Chenani-Nashri tunnel, the longest in the country opened for traffic in April 2017, is sitting on an over a debt pile of Rs 91,000 crore and had been junked by rating agencies following the default.