EOW arrests former IL&FS chairman Ravi Parthasarathy
NEW DELHI: Former chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS) Ravi Parthasarathy has been arrested by the Economic Offences Wing-II, here, following a complaint given by 63 Moons Technologies. “The kingpin and the mastermind of the several crore IL&FS and ITNL (IL&FS Transportation Networks Ltd) financial scam Ravi Parthasarathy has been arrested […]
Nand Kishore appointed executive director of IL&FS
NEW DELHI: Infrastructure Leasing and Financial Services (IL&FS) on Sunday said the Ministry of Corporate Affairs has approved the appointment of Nand Kishore as the group”s executive director. Till now, Kishore was serving on the IL&FS board as non-executive director, the company said in a release. “Based on the recommendation of the Nomination and Remuneration […]
IL&FS receives Justice Jain”s approval for sale of Chenani Nashri Tunnelway
NEW DELHI: Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has received approval from Justice (retd) D K Jain”s for sale of Chenani Nashri Tunnelway Ltd (CNTL) to Cube Highways and Infrastructure II PTE Ltd (CUBE). Justice Jain is overseeing the resolution process of the debt-laden group. CNTL is a wholly owned subsidiary […]
Despite pandemic IL&FS expects to address over Rs 50,000 crore debt in FY21
NEW DELHI: IL&FS Board is hopeful that it will be able to address the targetted debt of over Rs 50,000 crore in the current financial year despite the impact of the pandemic. It is hopeful of achieving the targeted debt resolution of over 50 per cent of the overall debt. In a statement on Saturday, […]
IL&FS, DHFL, Cox & Kings and now Altico, why raters keep missing big defaults
Mounting debt failures in India have been catching rating companies off guard, underscoring continued challenges a year after the landmark failure of shadow bank IL&FS increased scrutiny of the industry. Defaults at companies including Dewan Housing Finance Corp., Cox & Kings Ltd. and Altico Capital India Ltd. have occurred even as their long-term ratings indicated […]
IL&FS to sell over 450 acres situated in Telangana, Andhra Pradesh and Uttar Pradesh
MUMBAI: Debt-ridden IL&FS Group has put on block nearly 494 acres of land parcels across three states including Telangana, Andhra Pradesh and Uttar Pradesh, held by its subsidiary Hill County Properties (HCPL). IL&FS, through its group firms IL&FS Township and Urban Assets and IL&FS Engineering and Construction Company holds a total of 80 per cent […]
IL&FS proposes to NCLT sale of its wind energy biz to Japan’s Orix
NEW DELHI: Embattled IL&FS group has proposed to the National Company Law Tribunal (NCLT) the sale of its wind energy business to Japan’s Orix Corporation which will help reduce the debt of the company by Rs 4,800 crore. Infrastructure Leasing and Financial Services (IL&FS) said in a statement it has filed the proposal to complete […]
IL&FS puts 2,880-acre land parcels in Kutch for sale
NEW DELHI: In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale. The company has invited expressions of interest from interested parties for selling the land parcels owned by three subsidiaries of IL&FS Group […]
IL&FS board likely to meet again this week
NEW DELHI: The newly constituted board of the beleaguered IL&FS under the chairmanship of Uday Kotak may meet this week again to chalk out the future course of action to resolve the current financial crisis, according to a source. Following a marathon first board meeting held last Thursday, it is learnt that the members will […]
LIC, SBI, and Orix to subscribe to Rs 4500 crore IL&FS rights issue
NEW DELHI: In a major breather to debt-laden Infrastructure Leasing & Finance Services (IL&FS), its largest shareholders Life Insurance Corp (LIC) and Orix Corp, and State Bank of India (SBI), on Saturday announced they would subscribe to the proposed Rs 4,500 crore rights issue of the company. The announcement came during the company’s annual general […]
LIC chairman says all options open to revive IL&FS
NEW DELHI: LIC chairman says all options open to revive India’s largest state-run insurer, Life Insurance Corporation (LIC), will not allow the country’s beleaguered Infrastructure Leasing & Financial Services (IL&FS) to collapse, LIC Chairman V.K. Sharma told reporters on Tuesday. All options, including increasing LIC’s stake in IL&FS, are open, Sharma said. IL&FS has revealed […]