IL&FS Solar Power Limited (ISPL), an IL&FS Group company, has paid its entire debt amounting to nearly Rs. 845 crore across all its creditors - including financial and operational debt, tax and statutory dues, without any preference to any creditor or class of creditors. ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in February 2018.
The Enforcement Directorate (ED) has provisionally attached shares worth Rs 452 crore, or 8.86 per cent stake, in IL&FS Tamil Nadu Power Company Ltd (ITPCL), allegedly held by a shell company based in Singapore, AS Coal Pte, in connection with its ongoing probe into the Infrastructure Leasing & Financial Services (IL&FS) collapse. Owned by Jaimin Vyas, a British national, AS Coal Pte is accused of defrauding IL&FS and Indian banks allegedly in connivance with the officials of IL&FS and a Chinese EPC contractor SEPCO III.
IL&FS Group has received approval from Supreme Court Justice (Retd) DK Jain for sale of its Chinese Road Asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin) Co Ltd, a group company of PingAn Insurance (Group) Company of China ("PingAn"). IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).
IL&FS Group has received Justice (Retd) D.K. Jain's approval for sale of its Chinese road asset - Chongqing Yuhe Expressway Co Ltd (CYEC) to China Merchants & PingAn Infrastructure Phase 1 Equity Investment Fund (Tianjin), a group company of PingAn Insurance Company of China. Justice Jain has been appointed to supervise the operation of the resolution process undertaken by debt-laden IL&FS. The sale of the Chinese road asset will allow IL&FS to settle about Rs 2,600 crore of debt at the group level. IL&FS Group holds 49 per cent stake in CYEC - through its step down Singapore-based subsidiary - ITNL International Pte Ltd (IIPL). The balance 51 per cent stake in CYEC is held by Chongqing Expressway Group (CEG).
The Ministry of Corporate Affairs has approved the appointment of Mr Nand Kishore as Executive Director of IL&FS. The term of Mr Bijay Kumar, who was Deputy Managing Director, has come to an end on December 20, 2020. Mr Kumar has decided not to seek extension of his tenure.
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.
The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of IL&FS Financial Services (IFIN). While hearing the case on Wednesday, the court, however, said no order should be made effective or put on the regulator's website without seeking permission of the court. Justice Navin Chawla adjourned the case to March 18, 2021for further hearing.
Indian Bank said it reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 408 crore as per regulatory requirement. In October, Punjab and Sind Bank had said it reported to the RBI the account of IFIN as fraud with an outstanding dues of over Rs 561 crore.
IL&FS's financial services arm IFIN has put NPA accounts of Essar Shipping, Reliance Naval & Engineering, Unitech, Parsvnath Developers, Ansal API among others on the block. These are among corporate loans of 70 companies worth Rs 5,000 crore that have been put on the block and will be put through a bid process. The deal will be on cash consideration basis with the beleaguered group seeking one consolidated bid for the entire portfolio. Applicants have to submit binding bids by next month.
Audit regulator National Financial Reporting Authority (NFRA) has said that Deloitte Haskins and Sells LLP's appointment as statutory auditor of IL&FS Financial Services Ltd (IFIN) for FY18 was illegal for breaching the ban on hiring firms with direct or indirect business relationships for audit. A spokesperson for Deloitte India said they have contested the findings, adding that the firm has been cooperating with NFRA and that it will look into the order. The regulator said in a supplementary audit quality review report on 7 December that Deloitte was not eligible to be appointed as auditor due to a violation of Companies Act provisions barring certain persons as auditors. The provisions disallow those with "subsisting business relationships" or who offer certain non-audit services directly or indirectly to the company or its associates