Crisis-hit IL&FS inches closer to restructuring its debt of over Rs 6,700 crore as its subsidiary IL&FS Tamil Nadu Power Company (ITPCL) has received RP4 ratings for its debt from Crisil. IL&FS spokesperson confirmed the company having received RP4 rating for ITPCL, a precursor for moving forward on the restructuring proposal involving over Rs 6,700 crore debt. Debt facilities or instruments with RP4 rating are considered to have moderate degree of safety regarding timely servicing of financial obligations.
Lenders to IL&FS Tamil Nadu Power Company (ITPCL), which is undergoing insolvency proceedings, are likely to meet this week to finalise a restructuring plan, a source said. ITPCL is a special purpose vehicle (SPV) incorporated by the IL&FS Group under its energy platform (IEDCL) for implementation of a thermal power project at Cuddalore in Tamil Nadu.
The Centre plans to contest in the apex court a Bombay High Court ruling that disallowed a government petition that had sought to take action against Deloitte and KPMG-affiliate BSR & Associates LLP, auditors of the crisis-hit IL&FS Financial Services (IFIN). A top official source said the Ministry of Corporate Affairs (MCA) is going to contest the order primarily on the "question of law".
In a major relief to the former auditors of IL&FS Financial Services (IFIN), the Bombay High Court (HC) on Tuesday quashed the criminal com-plaint against Deloitte Haskins & Sells and BSR Associates, an affiliate of KPMG, filed by the Serious Fraud Investigation Office (SFIO) terming it unsustainable. However, the court upheld the constitutionality of Section 140 (5) of the Companies Act, 2013, but said it is not applicable to auditors who have resigned.
IN A major relief to former Infrastructure Leasing & Financial Services (IL&FS) auditors BSR & Associates (a KPMG-affiliated firm) and Deloitte Haskins and Sells, the Bombay High Court on Tuesday quashed criminal prosecution against the auditing companies before a special court in Mumbai. The court quashed the prosecution based on a criminal complaint filed by the Ministry of Corporate Affairs' Serious Fraud Investigation Office (SHO) against the auditors, who were accused of connivance in the IL&FS financial fraud case, observing it to be 'non-maintainable'. The SFIO filed a complaint on May 30.
Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) today said it has sold its 100 per cent stake in IL&FS Wind Power Services Ltd (IWPSL) to Orix Corporation, Japan for Rs 6.05 crore. IWPSL, a wholly-owned subsidiary of IL&FS Energy Development Company Limited, is engaged in providing supervisory and management support services to seven operating wind power generating special purpose vehicles.
Cash-strapped Infrastructure Leasing & Financial Services Ltd (IL&FS) on Thursday said it has sold its 100% stake in IL&FS Wind Power Services Ltd (IWPSL) to ORIX Corporation, Japan, for Rs 6.05 crore. IWPSL, a wholly-owned subsidiary of IL&FS Energy Development Co. Ltd., is engaged in providing supervisory and management support services to seven operating wind power generating SPVs.
IL&FS has completed the sale of IL&FS Wind Power Services Limited (IWPSL), a wholly owned subsidiary of IL&FS Energy Development Company Limited (IEDCL), to ORIX Corporation, Japan. IWPSL is engaged in providing supervisory and management support services to seven Companies that own and operate wind power generating assets. Earlier IL&FS Group had divested 51% equity stake held in the Wind Companies to ORIX.
The Union Road Transport and Highways Ministry, in consultation with the National Highways Authority of India (NHAI), is drawing up a 10-point agenda to get the construction activity up and running once the national lock-down is lifted. Swift clearances of arbitration claims to infuse liquidity into construction companies tops the list. The authority has also begun work to iron out payment issues faced by contractors, and design standard operating procedure that will lay down precautions and keep health risk factors in mind, before work on construction resumes.
Describing the Infrastructure Leasing & Financial Services Ltd matter as a blessing in disguise, corporate affairs secretary, Injeti Srinivas, has said that it forced the government to take the bull by its horns and address the difficult issue of corporate governance