ORIX Corporation of Japan (“ORIX”), owner of 49% stake in each of 7 operating wind power plants (“SPVs”) of the IL&FS Group, has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited (“IWEL”). This intent to buy 51% stake is in exercise of ORIX’s right under the terms of an existing MoU wherein ORIX can match the Price offered by the highest bidder for purchasing IWEL’s Stake in the Wind SPVs.
Board may invoke claw back option for bonus and benefits and file charges for accounting fraud - ET report
Board of IL&FS has issued notices to BSR Associates and Deloitte asking them why they should not be removed from allegedly failing to highlight shortcomings while reviewing the books of IFIN and its subsidiaries - ET Report
In the three-four months the resolution timelines under IBC would be better adhered to. Prepackaged group insolvencies, which involved agreeing to resolution plan before declaring bankruptcy, could also be attempted, said Mr Srinivas Injeti, Corporate Affairs Secretary, MCA
AS the probe continues in IL&FS case, government officials say the auditors have many questions to answer "prime facie" as they are supposed to act as gate keepers and detect widespread irregularities
Who will Police the Policeman. This is the million dollar question being asked after Deloitte Huskin and Sells, one of the big four accounting firms, has been called out in the IL&FS case of turning a Nelson's eye on the company's debt pile
More than Rs 53,000 crore of bank loans to the crisis hit IL&FS are likely to be added to the bad loan books of the banks, with NCLAT allowing lenders to classify default loans as NPAs. However, banks cannot initiate recovery process against IL&FS entities until the resolution is found
The investigations wing of corporate affairs ministry, the SFIO, on Wednesday questioned the audit partner of BSR in Delhi, widening the ambit of its probe into the role of IL&FS case
ED has restraint Mr S S Dalal - the man who took IL&FS overseas and led its PE foray - from selling his property in Mumbai
IL&FS MF on Tuesday paid Rs 314 crore to investors in one of its infrastructure debt fund, making on time redemption, said the company release.