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IL&FS eyes Rs 480 cr from sale of two towers at Gujarat International Finance Tec-City, invites EOI from investors
•The parent IL&FS owes close to Rs 1 trillion to over 50 banks and financial institutions
Arvind Subramanian criticises RBI over regulatory failures, says central bank's reports never mentioned possible IL&FS crisis
•The cash-strapped IL&FS group is sitting on a debt of about Rs 94,000 crore.
Despite NBFC crisis, financial system stable; NPAs fall sharply to 9.3% in FY19, says RBI's Financial Stability Report
•On NBFCs, the regulator warned against potential stress and pitched for tighter regulation of the NBFCs and housing finance companies
IL&FS board extends deadline for claims submission to 20 June after NCLAT order
•IL&FS said the new board initiated a comprehensive claims management process for 70 group entities through the launch of pan-India public notices on 22 May
IL&FS may file contempt case against nine banks for unauthorised withdrawals of about Rs 800 cr from firm's escrow accounts
Fp Staff •The banks made “unauthorised auto-deduction from IL&FS escrow accounts” in the last six months towards debt recovery
IL&FS crisis: Enforcement Directorate conducts fresh raids in Mumbai in connection with money laundering probe
•The Enforcement Directorate on Wednesday carried out fresh searches in Mumbai in connection with its money laundering probe in the multi-crore IL&FS payment default crisis, officials said
ONGC, GIP, Tripura govt plan to buy IL&FS' 26% stake in Rs 3,804-crore OTPC power project in Palatana
Fp Staff •OTPC runs the Palatana power project in Tripura. ONGC has a 50 percent stake in the project, IL&FS holds 26 percent, and GIP has a 23.5 percent stake
Universal debt relief scheme: Govt planning to provide relief to small borrowers, micro-entrepreneurs, says Corporate Affairs Secretary Injeti Srinivas
Fp Staff •The Corporate Affairs Secretary said the cost of the scheme is unlikely to exceed Rs 20,000 crore, but will benefit millions in the very small-ticket loan category.
RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
•Following an NCLAT order, the Reserve Bank of India (RBI) has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS
IL&FS resolution on track; green cos' Rs 12,000 crore debt likely to be settled by July: Corporate Affairs Secretary
•The board of IL&FS group, which is estimated to have a debt burden of over Rs 94,000 cr, was superseded by corporate affairs ministry in October last year