As the probe continues into the IL&FS case, a senior government official has said the group’s auditors have “many questions to answer” prima facie as they are supposed to act as “gatekeepers” and detect widespread irregularities, but it will be premature to pass any judgement at this stage. “We are not expecting an auditor to […]
Category: Roads
Roads
NCLAT allows banks to declare defaulting IL&FS accounts as non-performing assets
Banks can now declare defaulting accounts of debt-ridden Infrastructure Leasing and Financial Services (IL&FS) and its group companies as non-performing assets, but cannot initiate recovery proceedings. A Bench headed by National Company Law Appellate Tribunal (NCLAT) Chairman Justice SJ Mukhopadhaya on Thursday lifted the freeze on banks from declaring defaulting accounts of the company and […]
IL&FS MF redeems Rs. 314-crore debt fund
IL&FS Mutual Fund, part of the troubled IL&FS Group, has made on-time redemption of its first debt fund series — IL&FS Infrastructure Debt Fund Series 1-A (IDF) — on Tuesday. The scheme redeemed Rs. 314 crore to investors on the due date. The five-year close-ended scheme which had raised Rs. 238 crore from various institutional […]
IL&FS Ethiopia staff move NCLT to recover salary dues
Employees of Infrastructure Leasing & Financial Services Ltd’s (IL&FS) subsidiary in Ethiopia are planning to move the National Company Law Tribunal (NCLT) in a bid to recover their salary dues. About 44 employees working for ITNL-Elsamex SA have not been paid salaries since August 2018. This comes after the cash-strapped company asked the employees to […]
China’s Belt and Road meet ends, affirms respect for sovereignty and territorial integrity
A total of 283 items of practical outcomes were achieved during the preparatory process and the holding of the forum China’s high-profile 2nd Belt and Road Forum ended Saturday with the signing of deals worth USD 64 billion and affirming respect for sovereignty and territorial integrity towards Beijing’s trillion-dollar BRI projects, a key demand of […]
NCLT slaps contempt notices on two bank honchos, ex-IL&FS chief
The Mumbai Bench of the National Company Law Tribunal (NCLT) has issued contempt notices and has given two weeks’ time to Amitabh Chaudhry, Managing Director and CEO of Axis Bank, and Zareen Daruwala, CEO, Standard Chartered Bank India, along with Ramesh Bawa and his wife to respond. It also posted the matter for further hearing […]
IL&FS Transportation Networks re-designates Dilip Bhatia as CEO
IL&FS Transportation Networks Ltd, a company of the crisis-hit IL&FS group, on Friday announced re-designation of Dilip Bhatia as its chief executive officer. “The board of directors has re-designated Bhatia as chief executive officer of the company effective April 4,” IL&FS Transportation Networks Ltd (ITNL) said in a filing to BSE. Bhatia, it said, continues […]
IL&FS begins asset monetisation process
In a bid to pay off its debt, Infrastructure Leasing & Financial Services Ltd (IL&FS) has started the process to sell a 49 per cent stake in a Chinese road asset company. IL&FS subsidiary ITNL International Pte Ltd holds the equity stake in Chongqing Yuhe Expressway Company Limited, a company incorporated in China. The Chinese […]
China to recalibrate Belt and Road, defend scheme against criticism
China is expected to promote a recalibrated version of its Belt and Road initiative at a summit of heads of state this week in Beijing, seeking to allay criticism that its flagship infrastructure policy fuels indebtedness and lacks transparency. The policy championed by Chinese President Xi Jinping has become mired in controversy, with some partner […]
RKEC bags Rs. 521-cr bridge project in West Bengal
RKEC Projects, in a joint venture with China’s Qingdao Construction Engineering, has bagged a project worth Rs. 521 crore to construct a four-lane bridge across the Ganga near Farakka in West Bengal. The project is among the 12 such bridges to be constructed over the river, envisaged by Prime Minister Narendra Modi, and is expected […]
Nearly 30 per cent of national highway toll charges now collected electronically
Almost 30 per cent of toll charges from national highways are now being collected electronically, up from 25 per cent four months ago. The National Highways Authority of India (NHAI), the highways body that supervises the process, now sees almost 1 million electronic transactions on a daily basis, say sources in the know. NHAI collects […]
High Court spikes land acquisition process for Chennai-Salem expressway
In a major setback to the Tamil Nadu government, the Madras High Court on Monday quashed the land acquisition process for the controversial Rs. 10,000-crore Chennai-Salem greenfield expressway, stating that the project would have an adverse effect on the environment and water bodies. With 10 days left for the Lok Sabha elections and bypolls to […]