The National Company Law Tribunal (NCLT) on Tuesday allowed the corporate affairs ministry to reopen the books of the IL&FS Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement.
IL&FS group has further put up its properties for sale to garner funds in order to settle loan dues. It has invited bids from interested buyers for properties in Mumbai and one Kolkata.
The company said it is selling five real estate assets in Mumbai and one in Kolkata with 15 January as the final date for potential buyers to submit their bids, IL&FS said in a newspaper advertisement on Friday.
The CA Institute will independently continue with its disciplinary proceedings against the signing audit partners of IL&FS Ltd and two of its subsidiaries irrespective of the fate of the Centre’s plea before the National Company Law Tribunal (NCLT).
The hostage situation involving the four Indian IL&FS employees in Ethiopia is spiralling out of control with the Ethiopian Road Authority (ERA) backing the local staff’s demand of 12.4 million Ethiopian Birr (ETB) from the company for their release.
IL&FS group has pulled out of the Phase-I of the Ahmedabad Metro project. One of the subsidiaries of the company, IL&FS Engineering, which had won a Rs 370-crore contract to construct viaduct on the second priority stretch on the North-South corridor that was expected to be commissioned by April, 2019.
The Uday Kotak-led board of IL&FS has put the group’s education as well as its alternative investment management (AIM) businesses on the block. This is the fourth set of assets to be put up for sale after the securities, renewable energy and road assets. The education and the AIM businesses are expected to fetch Rs 1,500-2,000 crore.
In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the Board, has today initiated two separate processes for exploring the sale of its interests in the Education business as well as its presence in the Alternative Investment Management business. Accordingly, the Board has decided to publicly solicit in two separate processes, Expressions of Interest for a sale of its interests in: a) Education business comprising IL&FS’ interest in IL&FS Education & Technology Services Limited (“IETS”), along with other subsidiary businesses; and b) Alternative Investment Fund Management business comprising IL&FS’ interest(s) in IL&FS Investment Managers Limited (“IIML”) along with all its associated fund management platforms, as well as sponsor commitments relating to a few of the funds.
The break-up and sale of the IL&FS group has gathered pace with the new government-appointed board putting on the block road assets worth Rs. 25,000-30,000 crore, which account for almost a third of the groups's liabilities.
The newly-appointed IL&FS board has initiated the process of selling IL&FS group’s equity stakes in 22 road assets of around 12,000 km on Monday.