The Enforcement Directorate has submitted its first prosecution in the first IL&FS case. While the document, which is similar to the charge sheet, names former directors of IL&FS and its group companies.
Out of the total group debt of Rs 89000 crore, as much as Rs 61,375 crore was held by over 82 entities that were not able to meet payment obligation even to senior secured financial lenders.
Banks and Financial institutions debited more than Rs 758 crore from the accounts of IL&FS and its group companies from October 2018 to June 2019 despite orders from NCLAT, MCA has told NCLT in its filing
EY, the audit firm of ITNL, and its peers firms are facing questions from the state appointed board of its parent and the central fraud probe teams on the alleged irregularities at the unit of the stressed infrastructure financier.
Grant Thornton, which has conducted forensic audit of ISSL, has found what it alleges as multiple operational lapses and high value trade anomalies in the transaction with its client Allied Financial Services
The Board of IL&FS submitted its fifth progress report underlining the steps taken to pare debt and detail the status of asset monetisation process
The RBI has said the beleaguered IL&FS did not disclose any NPAs for four years and there was wide variations observed between the report assessed position of asset classification, while estimating the company's bad debt, at over 70% on March 31, 2018
The endless wait for all-weather connectivity to Ladakh just got longer due to crisis at IL&FS pushing up the cost by over 20% or around Rs 1400 crore to over 8,200 crore
IL&FS has moved NCLT for completing sale of its Wind Energy Business to Orix of Japan
IL&FS has filed the proposal to complete sale of its stake in the Wind Energy business, held under IL&FS Wind Energy Limited (IWEL) to ORIX Corporation of Japan, with NCLT for final approval. The proposal has been filed before the Tribunal after completing binding Share Purchase Agreement with ORIX Corporation and obtaining “in-principle” approval from all lenders for completing this transaction, subject to NCLT approval.