Lexington Equity Holdings Ltd., (LEHL) is set to take over IL&FS education arm Schoolnet India Ltd., after the committee of creditors approved the sale, two people aware of the development said. As per the deal, LEHL would service the entire debt of Rs 600 crore owed by Schoolnet and would pay a small equity to parent IL&FS. LEHL already owns 26% in the company.

The Delhi High Court on Tuesday extended the interim stay on the recent separate disciplinary orders of audit regulator National Financial Reporting Authority (NFRA) against Deloitte, Haskins & Sells (DHS) partners in the IL&FS Financial Services (IFIN) audit for 2017-18. The implementation of the NFRA orders will be on hold till the Delhi High Court hears the writ petitions filed by former Deloitte India CEO Udayan Sen and other two DHS partners. The Delhi High Court at its hearing on Tuesday admitted the additional petitions (modifications) to the writs already filed by the DHS partners on this matter.

The audit regulator, the National Financial Reporting Authority (NFRA), has found lapses in BSR and Associates' audit of IL&FS Financial Services (IFIN) and said it was not eligible to be appointed as the statutory auditor of the firm. In its audit quality review report released on Monday, the NFRA said BSR, a KPMG affiliate, violated the provision of non-audit services and had business relationships with the company at the date of its appointment.

The National Financial Regulatory Authority (NFRA) on Monday said it had found lapses in KPMG affiliate BSR and Associates LLP's audit of IL&FS Financial Services Ltd (IFIN). In its audit quality review report, NFRA found the firm to be in violation of standards. This report will form the basis of any further disciplinary and penal proceedings against BSR.

Infrastructure Leasing & Financial Services Ltd. expects to resolve between 55% and 60% of its nearly 1 trillion rupees debt; Resolution process has been delayed by the complexity of the group that spans 347 entities, coronavirus pandemic; IL&FS says its resolution could be a benchmark for restructuring of large lenders in future : CS Rajan, MD, IL&FS Group

RAISING questions of round-tripping through a maze of firms, an influential Pune-based businessman received over Rs 52 crore from an IL&FS (Infrastructure Leasing & Financial Services Ltd.) group company which he then used to repay his initial loan to the very same IL&FS company. That businessman is Sarang Kale and two of his companies figure in the chain of transactions red-flagged in the forensic audit conducted by Grant Thornton.

The true financial cost of Covid-19 is something India would rather not acknowledge, let alone bear — at least not until the pandemic has played out. That explains why the central bank on Thursday allowed a one-time restructuring of corporate and personal loans that have been under stress ever since Prime Minister Narendra Modi put the country under a severe lockdown in March.

Grant Thornton India uncovered irregularities in the operations and financial management of IL&FS Transportation Networks India (ITNL) and its special purpose vehicles (SPVs), it alleged in a report on the roads unit of the IL&FS network. It also alleged rigging of bids and said lenders extended loans despite being aware of the company's precarious financial condition. Infrastructure Leasing & Financial Services (IL&FS) defaulted on payments in September 2018, triggering a crisis in the shadow banking system. The government-chosen board that took over IL&FS asked Grant Thornton to conduct a forensic audit of ITNL. The board declined to comment when asked what action had been taken against the erstwhile management

Non-banking financial companies' access to funds is probably in its best shape since the implosion of IL&FS even as the borrowing cost has also come down, the Reserve Bank of India said. This is a significant shift from the view in the RBI's financial stability report released in July, which had flagged continued liquidity concerns for NBFCs. "The NBFC sector, which was in stress post IL&FS and throughout early part of 2019, has now access to funding at reasonable cost," RBI governor Shaktikanta Das said Thursday "Market financing conditions for NBFCs, which had become challenging, have largely stabilised in the wake of targeted policy measures."

The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services (IFIN) for 2017-18. The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in the statutory audit. Baid is at least the third auditor against whom action has been taken by NFRA in the IFIN matter. Deloitte Haskins and Sells LLP conducted the statutory audit of IFIN for 2017-18.