Infrastructure Leasing Financial Services

Infrastructure Leasing Financial Services News

IL&FS reports net loss of Rs 22,527 crore for Financial Year 2019; company recorded loss of Rs 333 crore last year
Business

IL&FS reports net loss of Rs 22,527 crore for Financial Year 2019; company recorded loss of Rs 333 crore last year

Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) on Wednesday reported a standalone net loss of Rs 22,527 crore for the fiscal to March 2019, as against Rs 333 crore in the previous fiscal.

MNS leader Sandeep Deshpande taken into custody; police imposes Section 144 outside ED's office in Mumbai ahead of Raj Thackeray meeting
India

MNS leader Sandeep Deshpande taken into custody; police imposes Section 144 outside ED's office in Mumbai ahead of Raj Thackeray meeting

Mumbai police on Thursday imposed section 144 of CrPC outside the ED office in south Mumbai, where MNS chief Raj Thackeray will be present in connection with a money-laundering probe

MNS activist ends life after ED sends notice to Raj Thackeray in connection with IL&FS loan case, claim party sources
India

MNS activist ends life after ED sends notice to Raj Thackeray in connection with IL&FS loan case, claim party sources

An activist of the MNS allegedly committed suicide in Thane, with a party leader claiming he was 'depressed' over the ED notice to MNS chief Raj Thackeray

ED summons Raj Thackeray over money laundering charges involving IL&FS; MNS terms action political vendetta
India

ED summons Raj Thackeray over money laundering charges involving IL&FS; MNS terms action political vendetta

The Enforcement Directorate (ED) has issued summons to Raj Thackeray in connection with a money-laundering probe.

IL&FS case: NCLT rejects Deloitte, KPMG arm's no-jurisdiction plea; next hearing on 5 September
Business

IL&FS case: NCLT rejects Deloitte, KPMG arm's no-jurisdiction plea; next hearing on 5 September

An Indian tribunal on Friday rejected an appeal by the auditors of debt-laden Infrastructure Leasing & Financial Services (IL&FS), challenging the court’s jurisdiction to ban them for alleged abetment of financial fraud

IL&FS crisis: Cash-strapped infrastructure lender says on course to clear Rs 20,000 cr debt
Business

IL&FS crisis: Cash-strapped infrastructure lender says on course to clear Rs 20,000 cr debt

Infrastructure Leasing & Financial Services (IL&FS), which has an outstanding debt of Rs 94,216 crore, said on Wednesday the board has taken various steps to address over Rs 20,000 crore of its debt pile over the past nine months

IL&FS fraud case: Board to set up sub-committee to oversee process of disinvestment
Business

IL&FS fraud case: Board to set up sub-committee to oversee process of disinvestment

The decision to form a sub-panel was taken in IL&FS's board meeting held on 28 June

Finance ministry asks EPFO to reduce annual fund payout of 8.65% amid fears about lending crunch
Business

Finance ministry asks EPFO to reduce annual fund payout of 8.65% amid fears about lending crunch

EPFO, which is administered by the labour ministry, announced just before the recent April-May general election that it would pay the rate for the last financial year ending 31 March 2019, up from 8.55% in the previous year.

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

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
Business

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

NCLAT allows banks to declare defaulting IL&FS accounts as non-performing assets
Business

NCLAT allows banks to declare defaulting IL&FS accounts as non-performing assets

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments

Cash-strapped IL&FS gets over 30 expressions of interests for sale of its domestic roads vertical
Business

Cash-strapped IL&FS gets over 30 expressions of interests for sale of its domestic roads vertical

Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) on Thursday said it has received more than 30 expressions of interest (EOI) for acquiring its stakes in its 22 assets across its domestic road vertical as a part of its asset monetisation plan

IL&FS Transportation Networks defaults on dividend payment of Rs 7.12 cr
Business

IL&FS Transportation Networks defaults on dividend payment of Rs 7.12 cr

The dividend of Rs 7.12 crore was due for the period between 1 April, 2017 to 23 December, 2018 and was not paid due to insufficient funds, the IL&FS Transportation Networks said

IL&FS group cos' shares climb up to 10% on divestment initiative to raise funds
Business

IL&FS group cos' shares climb up to 10% on divestment initiative to raise funds

IL&FS Investment Managers was trading 9.86 percent higher at Rs 7.02 at 1230 hours on BSE, IL&FS Transportation Networks Ltd (ITNL) rose 5 percent to Rs 11.55 and IL&FS Engineering and Construction advanced as much as 4.98 percent to Rs 14.13.

Cash-strapped IL&FS group selling luxury cars, office furniture to raise funds
Business

Cash-strapped IL&FS group selling luxury cars, office furniture to raise funds

Debt-laden IL&FS group firms are selling high-end cars, office furniture, electrical appliances and other assets in a bid to raise funds.

Cash-strapped IL&FS to sell controlling stake in green energy business; firm's board to issue EoIs soon
Business

Cash-strapped IL&FS to sell controlling stake in green energy business; firm's board to issue EoIs soon

The renewable assets of IL&FS include operating wind power plants with an aggregate capacity of 873.5-mw, and under-construction wind power plants worth 104 mw capacity.

IL&FS crisis: Cash-strapped company claims over dozen responses for stake sale in two arms
Business

IL&FS crisis: Cash-strapped company claims over dozen responses for stake sale in two arms

"More than a dozen expressions of interest (EOIs) towards acquiring IL&FS's stake in ISSL and ISTSL have been received, which the board is scrutinising for eligibility," the company said

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.

Saving the Titanic: Govt took control of IL&FS to avert 'catastrophic' damage to financial markets, economy
Business

Saving the Titanic: Govt took control of IL&FS to avert 'catastrophic' damage to financial markets, economy

Saving IL&FS was critical as nearly two-thirds of the firm’s accumulated debt of 910 billion rupees ($12.36 billion) was from public sector banks.