In the news
31 Dec 2019

IFIN reports losses in FY19

IL&FS Financial Services reported a staggering loss of Rs 13,272 crore in FY19 compared to a net profit of Rs 9.5 crore in the preceding financial year, revealed the IFIN annual report for FY19

Press release
31 Dec 2019

IL&FS BOARD PRESENTS FINANCIAL STATEMENTS OUTLINES PROGRESS IN RESOLUTION EFFORTS, TO SHAREHOLDERS AT 32ND AGM

The Board of Directors of IL&FS Ltd. presented the standalone financial statements of the Company for the fiscal ended March 31, 2019 to the shareholders at the Company’s 32nd Annual General Meeting held here today. This is the first AGM that was convened by the New Board. Shareholders adopted the financial results, along with the Directors Report and Auditor’s report. “The combination of complex group structure comprising financial services, infrastructure and other businesses, high level of debt and diverse nature and type of creditors at various levels of the Group represent a very unique scenario which is far removed from other well-known cases of distressed Indian companies in the recent past,” said Mr. Uday Kotak, Chairman, IL&FS Ltd., while presenting the key highlights and challenges as well as progress made through the Resolution process. The Chairman, on behalf of the New Board, in his maiden address to the shareholders, said that IL&FS Group had emerged as a “Test Case” on Group wide resolution of stressed assets.

In the news
27 Dec 2019

SEBI penalises rating agencies over lapses in IL&FS

The Securities and Exchange Board of India (Sebi) on Thursday fined rating agencies Icra Ltd, CARE Ratings Ltd and India Ratings & Research Rs 25 lakh each for failing to exercise due diligence and for lapses in their duty to investors by not taking timely action when they rated the non-convertible debentures or NCDs of Infrastructure Leasing and Financial Services Ltd (IL&FS).

Press release
24 Dec 2019

MCA extends Mr Bijay Kumar's tenure by one year

Ministry of Corporate Affairs (MCA), Government of India, has extended the tenure of Mr. Bijay Kumar, as Deputy Managing Director on the Board of IL&FS Ltd, further for a period of one year with effect from December 21, 2019. Mr. Kumar was appointed as Director on the Board of IL&FS by the Government of India from December 21, 2018 and took over as Deputy Managing Director of the Company from December 24, 2018 for a period of one year.

In the news
23 Dec 2019

IL&FS gets nod to sell stake in Mangalore SEZ at Fair Value

The IL&FS Group will find it easier to unlock its investment in the Mangalore Special Economic Zone (SEZ) joint venture at fair value. In a recent order, Oil and Natural Gas Corporation's (ONGe's) claim, which sought to buy the Stake at a discounted value, was termed unwarranted. IL&FS holds a 49 per cent stake in the Mangalore SEZ while ONGC holds 26 per cent. Kanara Chambers of Commerce, Kamataka Industrial Area Development Corporation, and ONGC Mangalore Petrochemicals are the remaining shareholders in the SEZ

In the news
20 Dec 2019

IL&FS Group gets nod fo sale of Edu business

justice D K Jain (Retired) has given his nod for the the sale of IL&FS' education business to Career Point Publications Private Limited (CPPPL). In November, the committee of creditors of IL&FS had approved the sale of the education business, which would reduce its debt by ~600 crore.

Press release
19 Dec 2019

IL&FS GROUP RECEIVES APPROVAL FROM JUSTICE DK JAIN FOR SALE OF ITS EDUCATION BUSINESS

Justice (retd) DK Jain has granted approval for sale of IL&FS’s Education business - Schoolnet India Limited (erstwhile IL&FS Education & Technology Service Ltd.) - to Career Point Publications Pvt Limited (CPPPL). IL&FS Group has already received approval from Committee of Creditors (CoC) to sell its Education business to CPPPL and will now be approaching the National Company Law Tribunal (NCLT) for final approval to conclude the transaction. This transaction, on completion, would resolve nearly Rs 600 crore of IL&FS Group debt.

In the news
10 Dec 2019

Amid falling demand, IL&FS power in TN as outlier

IL&FS Tamil Nadu Power Company is likely to see a turnaround. In October, the PLF of the Cuddalore plant touched a new peak, even as overall thermal power PLF in the country stood at an all time low.

Press release
9 Dec 2019

IL&FS TAMIL NADU POWER COMPANY LIMITED (ITPCL) RECORDS ALL TIME HIGH PLANT LOAD FACTOR (PLF) IN 8MFY20

•ITPCL CUDDALORE POWER PLANT RECORDED ALL TIME HIGH MONTHLY PLF OF 82%, GENERATED 735 MILLION UNITS AND REPORTED RS 336 CRORE IN REVENUE IN OCTOBER 2019 •POWER PLANT CONTINUED TO RECORD HIGH MONTHLY PLF OF 80%, GENERATING 690 MILLION UNITS AND REPORTED RS 315 CRORE IN REVENUE IN NOVEMBER 2019 •COMPARATIVELY THE PLANT HAD GENERATED 360 MILLION UNITS OF POWER IN NOVEMBER 2018, WHICH HAS BEEN DOUBLED IN NOVEMBER 2019 •DURING 8MFY20 THE COMPANY RECORDS PLF OF 65% WITH GENERATION OF 4,567 MILLION UNITS

In the news
5 Dec 2019

IL&FS reports Rs 23K crore loss in FY19

IL&FS has reported a Rs 22,527 crore loss in its audited financial results for FY19 as against a net profit of Rs 333 crore in the previous year. The main reason for the loss was a Rs 19,430 crore write down of loans and investments made by it

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