Roads articles

Govt seeks special powers for newly-formed board of IL&FS

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.

Govt seeks special powers for new board of IL&FS

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.

New IL&FS board finds 348 entities within the group

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.

HCC wins Rs. 2,126-cr Mumbai coastal road package II

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).

SFIO starts probe into IL&FS crisis

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 In a rare move, the government has superseded the board of IL&FS on Monday against the backdrop of debt defaults by some of its group entities that triggered fears of liquidity

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