In the news
20 Dec 2020

Nand Kishore appointed executive director of IL&FS

Infrastructure Leasing and Financial Services (IL&FS) on Sunday said the Ministry of Corporate Affairs has approved the appointment of Nand Kishore as the group's executive director. Till now, Kishore was serving on the IL&FS board as non-executive director, the company said in a release.

In the news
18 Dec 2020

NFRA can carry on Probe of IFIN Audits : Delhi HC

The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of IL&FS Financial Services (IFIN). While hearing the case on Wednesday, the court, however, said no order should be made effective or put on the regulator's website without seeking permission of the court. Justice Navin Chawla adjourned the case to March 18, 2021for further hearing.

In the news
16 Dec 2020

Indian Bank declares IL&FS Financial Services as fraud

Indian Bank said it reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 408 crore as per regulatory requirement. In October, Punjab and Sind Bank had said it reported to the RBI the account of IFIN as fraud with an outstanding dues of over Rs 561 crore.

In the news
11 Dec 2020

IL&FS Arm IFIN Puts Bad Loans Worth Rs 5000-cr on Sale

IL&FS's financial services arm IFIN has put NPA accounts of Essar Shipping, Reliance Naval & Engineering, Unitech, Parsvnath Developers, Ansal API among others on the block. These are among corporate loans of 70 companies worth Rs 5,000 crore that have been put on the block and will be put through a bid process. The deal will be on cash consideration basis with the beleaguered group seeking one consolidated bid for the entire portfolio. Applicants have to submit binding bids by next month.

In the news
11 Dec 2020

NFRA claims Deloitte was ineligible to audit IL&FS Fin Services

Audit regulator National Financial Reporting Authority (NFRA) has said that Deloitte Haskins and Sells LLP's appointment as statutory auditor of IL&FS Financial Services Ltd (IFIN) for FY18 was illegal for breaching the ban on hiring firms with direct or indirect business relationships for audit. A spokesperson for Deloitte India said they have contested the findings, adding that the firm has been cooperating with NFRA and that it will look into the order. The regulator said in a supplementary audit quality review report on 7 December that Deloitte was not eligible to be appointed as auditor due to a violation of Companies Act provisions barring certain persons as auditors. The provisions disallow those with "subsisting business relationships" or who offer certain non-audit services directly or indirectly to the company or its associates

In the news
10 Dec 2020

Srei Audit to Check Links with IL&FS

The special audit of two key companies of Srei, a leading infra and equipment finance house, will examine their possible links with IL&FS group — India's largest shadow bank whose collapse shrank the bond market and unsettled regulators in the summer of 2018. The audit, directed by the Reserve Bank of India (RBI), will track the end use of money lent by Srei firms against 'letter of awareness' issued by the IL&FS group. Letter of awareness that is similar to 'letter of comfort' is not legally enforceable and (unlike a guarantee) is not captured in the annual accounts of the issuer.

In the news
5 Dec 2020

Global, Local Investors Eye IL&FS BKC Property

Global institutional investors including the Blackstone Group, Brookfield Asset Management, Singapore sovereign wealth fund GIC, Ivanhoe Cambridge and Mapletree Investments have shown interest in buying the Infrastructure Leasing & Financial Services (IL&FS) corporate headquarters in Mumbai's Bandra-Kurla Complex (BKC), said people with knowledge of the development. Domestic investors such as Godrej Fund Management and realty developer RMZ Corp are also said to have indicated their interest in the marquee property "While the financial bids are yet to be placed, the deal is estimated to fetch around Rs 1,500 crore, given the status and location of the property It has definitely generated significant interest in the investor

Press release
3 Dec 2020

IL&FS Group Receives Justice DK Jain’s Approval To Sell CNTL To Cube Highways

IL&FS Group has received Justice (Retd) DK Jain’s approval for sale of Chenani Nashri Tunnelway Limited (CNTL) to Cube Highways and Infrastructure Pte Ltd (CUBE). CNTL is a wholly owned subsidiary of ITNL (an IL&FS company) that, jointly along with its nominees, holds 100% equity of CNTL that has been classified as an amber company.

In the news
3 Dec 2020

IL&FS receives approval to sell Chenani Nashri Tunnel to Cube highways for Rs 3900 crore

Infrastructure Leasing and Financial Services (IL&FS) group has received Justice DK Jain’s approval to sell the Chenani Nashri Tunnelway Limited (CNTL) to Cube Highways for a total consideration of Rs 3900 crore. This would help resolve total debt of Rs 4910 crore in which the lender’s would take a 20% haircut. The company will now seek approval from NCLT and NHAI to complete the sale. The proceeds of the sale will be distributed in accordance with the resolution framework, IL&FS said.

In the news
2 Dec 2020

IL&FS Group gets approval to sell Jorabat Shillong Expressway

Infrastructure Leasing and Financial Services on Tuesday said it has received the approval of Justice (retd) D K Jain - who is overseeing the debt-laden group's resolution process - for sale of Jorabat Shillong Expressway to Sekura Roads Ltd. Sekura Roads is backed by Edelweiss Infrastructure Yield Plus, an infrastructure category-I alternative investment fund. JSEL is a wholly-owned subsidiary of IL&FS Transport Network (ITNL). It has been classified as an amber company.

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