Finding it difficult to comply with stipulated norms for listed firms, crisis-hit IL&FS Engineering and Construction Company has sought permission from market regulator Sebi to delay its financial results for the quarter ending September 30. In its letter to Sebi, the defaulting infrastructure financing major said it will not be able to prepare financial results within the prescribed time period given its present circumstances.

IL&FS on Monday said it has started the process to raise funds from the sale of its assets. In a statement, the company said its new board of directors has decided to solicit expressions of interest (EOIs) to assess the interest for the sale of its stake in IL&FS Securities Services (ISSL) and in ISSL Settlement & Transaction Services (ISTSL).

The Board of Infrastructure Leasing & Financial Services Ltd (“IL&FS”) appointed by the NCLT vide its order dated 1st October, 2018 (“the Board”), submitted to the MCA a Report on the progress and the way forward (“Report”) dated 30th October, 2018, which in turn was submitted to the NCLT. As stated in the said Report, it is the objective of the Board to achieve, by one or more plan(s), the resolution of the IL&FS group through certain measures, including asset divestments.

Former Securities and Exchange Board of India (Sebi) chairman GN Bajpai resigned as director of IL&FS Group just about a month after his appointment citing personal reasons.

IL&FS has told a bankruptcy court that it aims to resolve the liquidity crisis within about nine months, seeking to improve its debt-laden capital structure through asset sales, restructuring of outstanding loans, and infusion of funds.

Pursuant to the orders of the National Company Law Tribunal (Mumbai) (“NCLT”) dated October 1, 2018, the Board of Directors appointed vide this NCLT order (“New Board”) was directed to report to the NCLT by the next date of hearing, being October 31, 2018.

Infrastructure Leasing and Financial Services (IL&FS) on Thursday said C S Rajan has been inducted on the board of ILFS Engineering and Construction Company (IECCL)as additional director. Rajan’s nomination was announced by the newly constituted board of IL&FS in the board meeting held on October 12. Rajan, an IAS officer of 1978 batch, retired as Rajasthan’s chief secretary in 2016. He has since been serving as deputy chairman of Chief Ministers Advisory Council.

Newly-appointed advisors to the IL&FS Group are redrawing the list of assets, including road projects fetching regular annuities, which can be sold quickly to enhance liquidity and extricate operating units at the infrastructure financier out of a funds crunch. They will submit their plans by Saturday and the board will propose the plan before the NCLT on October 31. The IL&FS board has appointed Arpwood Capital and JM Financial as financial and transaction advisors to the IL&FS Group, and the firms are crafting the resolution plans.

The IL&FS fiasco has brought the question of relevance of rating firms to the fore. To err is human, but to remain blind to unfolding events is negligence. While there is a need for improvement in the way they function, they must also be aided by regulation to get all the information

Infrastructure Leasing & Financial Services Board on Monday appointed Arpwood Capital and JM Financial Consultants as Financial & Transaction Advisers to the IL&FS Group and Alvarez & Marsal as Restructuring Advisers to advise the newly constituted IL&FS board on resolution solutions and asset monetisation.