IL&FS has received approval from Justice (Retd) D K Jain on the proposed sale of Wind Energy subsidiaries, held under IL&FS Wind Energy Limited (IWEL), to ORIX Corporation of Japan. Justice (Retd) D K Jain has been appointed by the NCLAT to supervise the operation of Resolution Process of IL&FS Group Companies. The approval has been granted on the conditions that the proposal will now be placed before the NCLT for its approval and the bid amount realized from the sale be kept in an Escrow Account. This amount in Escrow account will only to be disbursed in accordance with the directions in the proceedings, pending before NCLT/NCLAT, as applicable.
Emails cited by Grant Thornton shows huge manipulation. "Attached in the rating rationale. Please let us know if there are any changes required form your end" , an email from CRA to employee of IL&FS sums up the huge manipulation by both the parties to hide the financial trouble at the Group
A forensic audit on credit rating agencies has pointed to massive irregularities by top IL&FS executives in obtaining favorable ratings, with allegations that the agency did not change the rating despite knowing of stress in the group
For mer auditors of IL&FS, Deloitte Haskins and Sells and BSRA, reiterated their contention on Friday that NCLT has no jurisdiction to ban them
IL&FS has completed first phase of forensic audit on Credit Rating Agencies engaged with Group Companies in last ten years. The audit evaluates the role of CRAs in rating various debt instruments and facilitating excessive borrowings from money markets across Group companies that eventually led to defaults.
The Supreme Court on Monday asked SEBI why it should not be directed to probe IL&FS fraud and protect investors
As part of the ongoing resolution process, IL&FS has signed binding agreements with secured lenders of three entities - MBEL, Jharkhand Road and West Gujarat Expressway
Probe by SFIO also reveals attempts by top IL&FS management to influence credit rating
IL&FS has signed binding term sheet with secured lenders of three entities, as part of its resolution process. The entities for which the binding term sheet has been signed include - Moradabad Bareilly Expressway Limited, Jharkhand Road Projects and West Gujarat Expressway Limited. With this term sheet, these three entities have now been moved them from Amber to Green, as per the Hon’ble NCLAT order July 12, 2019.
IL&FS and Lenders reach pact, Company says it will take up 10 more companies next