A parliamentary panel wants the finance ministry to spell out steps to make India’s credit rating agencies more accountable and transparent in the backdrop of the crisis at the highly rated finance firm Infrastructure Leasing & Financial Services (IL&FS).
The National Company Law Appellate Tribunal has asked the government and IL&FS to provide a list of group companies that have the ability to meet payment obligations in the next 12 months. In what would lead to immediate repayment of Rs 7,000 crore, the new board of IL&FS proposed final resolution plan to split the group companies into three categories based on 12 months’ solvency and cash flow.
IL&FS has put its Tamil Nadu power assets on the block. A power plant in Tamil Nadu, a port and a coal mine in Indonesia — together estimated at around Rs 10,000 crore, are on sale.
Six debt mutual fund schemes from three MF houses have been placed under a ratings watch with negative implications by ICRA for their exposure to debentures issued by special purpose vehicles (SPVs) of troubled infrastructure financing company IL&FS.
Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services is close to hiring Grant Thornton to investigate alleged irregularities in its operations.
After the Reserve Bank of India (RBI) refused to allow banks to defer provisioning for IL&FS-related loans, lenders have now approached the Finance Ministry's department of financial services to exert pressure on the central bank.
IL&FS Investment Managers has drawn interest from Edelweiss, India Infoline and Altico Capital, an industry source close to the development said.
In a bid to end the crisis facing IL&FS employees in Ethiopia, the World Bank has asked the Ethiopian Roads Authority to look for a resolution at the earliest. The project, being executed by an IL&FS joint venture in Ethiopia, is funded by the World Bank.
After spending 50 days in captivity, Chaitanya Hari, an engineer with IL&FS Transportation Network Ltd (ITNL) in Ethiopia, was hoping to be released on Tuesday to be home in time for his sister’s wedding next week.
Two subsidiaries of IL&FS Transportation Networks Ltd (ITNL) have decided to stop debt repayments and have sought refunds of debt repaid after 15 October, India Ratings said Tuesday, warning such action would lead to a default rating and threaten infrastructure project finance using special purpose vehicles.