In the news
28 Mar 2021

Rapid Metro : Haryana told to deposit Rs 1.9K cr for now

The Haryana Government has been directed by the Supreme Court to deposit Rs 1,925crore within three months into an escrow account while hearing a dispute between the state's urban development authority, HSVP and Infrastructure company IL&FS on the Rapid Metro corridor in Gurgaon

In the news
27 Mar 2021

SC directs Haryana govt to pay Rs 1,925 cr to IL&FS

In a relief to beleaguered IL&FS, the Supreme Court on Friday directed the Haryana government to pay Rs 1.925 crore to the infrastructure company after the Haryana Shehri Vikas Pradhikaran (HSVP) failed to pay dues to the firm. IL&FS had bagged the two-phase Gurgaon Metro Project, which was developed through its subsidiary SPVs, Rapid Metro Rail Gurgaon and Rapid Metro Rail Gurgaon South, in 2009 and 2013

Press release
26 Mar 2021

IL&FS wins Gurgaon Metro Project case: Supreme Court directs Haryana Government arm to deposit Rs 1,925 crore in escrow within 3 months

In a major development, the Hon'ble Supreme Court today ruled in favor of IL&FS in the Gurgaon Metro Project case As part of the judgment, the Supreme Court has directed Haryana Shehari Vikas Pradhikaran (HSVP) to deposit 80% of total "debt due" (over Rs 2,400 crore), amounting to Rs 1,925 crore, within 3 months into the Escrow Accounts The Supreme Court order added that appropriation of any amount from the said Escrow Account shall be subject to further orders of the NCLAT or any other competent legal authority.

In the news
18 Mar 2021

Restoration of stolen MF units is an additional tailwind for Dalmia Bharat

Anyone would heave a sigh of relief when something that's stolen from them is restored. The Supreme Court verdict allowing Dalmia Bharat Ltd access to its stolen mutual fund units has resulted in a huge sigh of relief on the Street. The case has also cast aspersions related to corporate governance norms at the company in some quarters, and the court's verdict is therefore being welcomed with open arms. While units worth Rs 380 crore were stuck in the case, the company's market capitalization rose by nearly Rs 750 crore. In February 2019, the company had claimed that certain mutual fund units were fraudulently transferred by its broker Allied Financial Services to its own account. These units were used by Allied Financial Services and its directors as margin with IL&FS Securities Services for futures and options trades

In the news
17 Mar 2021

SC Orders Release of Rs 344 Cr MF Units to Dalmia Bharat

The Supreme Court on Tuesday ordered IL&FS Securities Services (ISSL) to release mutual fund units worth Rs 344 crore to the Dalmia Bharat Group, instruments the cement maker claimed were stolen by Allied Financial Services (AFS) early 2019. While directing the release of mutual fund units, the apex court told Dalmia to furnish bank guarantees of equivalent amounts until the completion of the trial. Shares of Dalmia Bharat rallied 3.5% to Rs 1,526 on Tuesday

In the news
10 Mar 2021

NHAI settles Rs 707 cr claim of IL&FS' FSEL

National Highways Authority of India (NHAI) has completed settlement of Rs 707 crore towards Fagne Songadh Expressway Ltd (FSEL), a subsidiary of IL&FS Transportation Networks Ltd for foreclosure of the project. FSEL has received the compensation amount on March 9, 2021 and handed over the project to NHAI, ITNL said in a regulatory filing.

In the news
9 Mar 2021

Belgian impact investor to take reins of IL&FS PE fund

A Belgian impact investor with healthcare bets in India is set to take over the management of IL&FS’s only operational private equity vehicle, which counts the sovereign fund of the western European nation among its investors, people told VCCircle. KOIS will take the helm of the fourth fund which was launched around a decade ago by IL&FS Investment Managers, now almost defunct, they said. The Belgian investor reportedly has three bets in India, all in healthcare space: online medical devices platform Medikabazaar, health-tech startup THB and Kanpur-based Regency Hospital. The fund it is taking over has at least two healthcare bets: woman and child healthcare chain OVUM and diagnostics company Lilac Insights. The fund, which is also invested in geospatial-tech startup Transerve and corporate training startup Disprz, has a total of eight operational firms in its portfolio.  The management change is being brought about by the limited partners or investors of the fund which is officially called Tara Fund IV, they said. The limited partners include Life Insurance Corporation of India and the Belgian sovereign fund SFPI-FPIM.  KOIS declined comment while IL&FS Investment Managers didn’t respond till press time.  The trouble started for IL&FS Investment Managers when its parent Infrastructure Leasing & Financial Services (IL&FS) defaulted on a series of loans. This prompted the government to take control of IL&FS, and install a new board that subsequently decided to restructure the infrastructure operator and financier and sell its assets.  The group is hoping to pay off $13 billion in debts by selling road, real estate and other assets. In December 2018, it also decided to invite bids to sell the private equity unit.  In March last year, Krishna Kumar, the CEO and one of the founding members of IL&FS’s PE practice, stepped down. In July last year, the board of IL&FS Investment Managers approved the appointment of insider veteran Manoj Borkar as new CEO.

In the news
22 Feb 2021

GIFT CITY: WHY INDIA'S PLAN TO MAKE A SINGAPORE IN GUJARAT HAS FALLEN FLAT

When Singapore set up an international financial hub in the late 1960s, the city-state was thinking both fast and slow—seizing an immediate opportunity, and opening a path to long-term economic development. Half a century later, India is attempting something similar in Prime Minister Narendra Modi's home state of Gujarat. But without much thought going into what exactly it's building, for whom and for what purpose, all it may get is a casino for the local rich. For Singapore, the British pound's 1967 devaluation was the moment of reckoning. For one thing, it raised the profile of Dick van Oenen, a Dutch trader who had made a "significant windfall" for both his employer—Bank of America—and for the newly independent city-state from that abrupt 14% change. But beyond the immediate cash, Singapore saw a broader canvas.

In the news
20 Feb 2021

Karnataka Bank reports fraud on IL&FS Transportation loan

Private Sector Lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now. "The bank has reported to RBI (Reserve Bank of India) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks Ltd with an outstanding balance of Rs 34.16 crore (defaulted entity),' Karnataka Bank said in a regulatory filing. The lender said IL&FS Transportation had availed of credit from it during 2016 under multiple banking arrangement in which Karnataka Bank was one of the members.

In the news
19 Feb 2021

NCLT approves Rs 708-crore claim of IL&FS's FSEL from NHAI

The National Company Law Tribunal (NCLT) has given approval for the settlement of Rs 707.70 crore claim made by Fagne Sonagarh Expressway (FSEL), a special purpose vehicle of IL&FS for the expressway project, from National Highways Authority of India (NHAI). The tribunal, chaired by members Mohammed Ajmal and V Nallasenapathy, allowed FSEL to receive the settlement amount of Rs 707.709 crore (subject to any deduction of tax as applicable and any further withholding of an amount of Rs16.93 crores towards royalty payment).

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