Launching a massive crackdown on perpetrators of IL&FS scams the SFIO has charged the erstwhile top management members of the group's financial subsidiary IFIN for forming a coiterie
Sivasankaran, nine IFIN ex-directors and auditors accused of hiding info, falsifying accounts. SFIO also accuses auditors BSR & Co LLP and Deloitte Haskins &Sells LLP, along with others of concealing information and falsifying accounts. SFIO said loans were given to Siva Group without adequate collateral.
IL&FS is looking to sell its non-core real estate assets, including its headquarters, which could help the infrastructure group raise Rs 5000-6000 crore as it tries to reduce debt or improve liquidity
SFIO has recommended that RBI probe officials in the department supervising NBFC for not having acted on IFIN despite RBI inspection finding major discrepancies in its books as early as 2014
MCA and IL&FS Board are investigating why concerns raised by junior analyst at a rating agency about the financial irregularities at the infrastructure financier were ignored by the top management at the creditworthiness evaluator
In what may be the first step by IL&FS towards resolution of its debt concerns, the company may soon begin servicing debt of 13 group (amber) companies. These companies have an outstanding debt of over Rs 16000 crore.
How did the auditors fail to see the crisis that had been brewing in the company for several years? Every time there is a corporate crisis, the audit firms and the auditors are the first ones to be blamed.
IL&FS Board is considering recasting some of its loans from banks and MFs. The Board is considering restructuring proposals from lenders for one of its SPVs in UP and open to considering such proposals for other projects
ORIX Corporation of Japan which owns 49% stake in each of 7 operating wind power plants of the IL&FS Group has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited.
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.