Bank of Baroda (BoB), which is in the midst of a merger with Dena Bank and Vijaya Bank, seems to be unaffected by its exposure to the beleaguered IL&FS group.
The Union government has moved the National Company Law Tribunal (NCLT) in Mumbai seeking a ‘special dispensation’ for the newly-reconstituted board of debt-laden IL&FS, including selecting a managing director, and replacing the boards of its subsidiaries without following some of the regulatory requirements and procedures set out in the Companies Act.
The Centre has moved the National Company Law Tribunal in Mumbai seeking a ‘special dispensation’ for the newly-reconstituted board of debt-laden IL&FS, including selecting a managing director, and replacing the boards of its subsidiaries without following some of the regulatory requirements and procedures set out in the Companies Act.
Faced with the risk that their short-term liabilities may not be rolled over, non-banking finance companies may step up securitisation of their receivables to pull in liquidity to pay off short-term debt.
Shares of two of IL&FS group companies defied the broader market sentiment and gained as much as 10 per cent on the bourses after the newly appointed board said it will take all necessary steps to preserve the value of the group.
The fact that the management of Infrastructure Leasing and Financial Services (IL&FS) was providing a false picture of its financials is among the first leads that is being looked into by those investigating the matter in the Reserve Bank of India (RBI) and Serious Fraud Investigation Office (SFIO), two sources close to the developments, told…
Highlighting the complexity with turning around the debt-laden IL&FS Ltd, its newly-constituted seven-member board on Thursday said that there are 348 entities within the group, significantly higher than what was disclosed earlier. This could also mean that the group’s debt could be much higher than Rs. 91,000 crore as at March-end 2018.
In a U-turn, Pakistan has announced that its close ally Saudi Arabia would not join the USD 50 billion China-Pakistan Economic Corridor, days after Islamabad said Riyadh will be the third “strategic partner” of China’s flagship project, the Belt and Road Initiative.
The share price of infrastructure major Hindustan Construction Company (HCC) rose 3.8 per cent on Wednesday after the company announced that its joint venture with Hyundai Development Corporation (HDC) has bagged the contract for Package II of Mumbai coastal road worth Rs. 2,126 crore from the Municipal Corporation of Greater Mumbai (MCGM).
The SFIO has started investigations into the affairs of crisis-hit IL&FS and its subsidiaries amid concerns over financial irregularities, according to a senior official. In a rare move, the government has superseded the board of IL&FS on Monday against the backdrop of debt defaults by some of its group entities that triggered fears of liquidity…