The flagship lending unit of Infrastructure Leasing & Financial Services Ltd (IL&FS) has seen 90 per cent of its loans go sour, a company executive said on Wednesday, as the current management tries to recover dues from external agencies to pay its debt. IL&FS Financial Services Ltd, commonly called IFIN, has seen its share of […]
Category: Roads
Roads
With Rs. 25,000 crore, NCD holders have the second highest exposure to IL&FS after PSBs
It’s not just public sector banks (PSBs) and NBFCs that are worried about their exposure to IL&FS. Investors holding non-convertible debentures (NCDs) worth nearly Rs. 25,000 crore are in the same boat. According to data released by IL&FS, investors holding its NCDs have the second largest exposure after PSBs, which have to recover loans in […]
IL&FS Financial Services gross NPA at 90%: Uday Kotak
The flagship lending unit of Infrastructure Leasing & Financial Services Ltd (IL&FS) has seen 90 per cent of its loans go sour, a company executive said on Wednesday, as the current management tries to recover dues from external agencies to pay its debt. IL&FS Financial Services Ltd, commonly called IFIN, has seen its share of […]
New operating committee for IL&FS
The new board of IL&FS has appointed CS Rajan as Managing Director of the ailing company to oversee the ongoing asset monetisation process. Rajan will be part of an operating committee, which will report to the board. N Sivaraman has been appointed Chief Operating Officer and Vineet Nayyar Executive Vice-Chairman Uday Kotak, the Non-Executive Chairman […]
Bharat Road Network hits upper circuit; unit gets arbitration award
Bharat Road Network shares climbed as much as 20 per cent to Rs 112.2, their biggest intra-day percentage gain since February 7. The company said on Monday its unit got an arbitration award of Rs 323 crore ($46.59 mln) in arbitration proceedings between the unit & NHAI. More than 91,297 shares changed hands, compared to […]
SFIO arrests former IL&FS chief Hari Sankaran
The Serious Fraud Investigation Office (SFIO) on Monday arrested former IL&FS Chairman Hari Sankaran in connection with the ongoing probe into the group. “Sankaran has been arrested on the grounds of abusing his powers at IL&FS Financial Services Ltd through his fraudulent conduct and in granting loans to entities which were not creditworthy or have […]
NCLAT seeks financial details of 13 IL&FS group entities
The National Company Law Appellate Tribunal (NCLAT) on Friday asked the government and the IL&FS to provide financial details, including amounts payable to creditors, regarding 13 group entities. A two-member bench headed by Chairman Justice S. J. Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for […]
Govt moves NCLT seeking immunity for IL&FS board members
The government on Monday filed an application with the National Company Law Tribunal (NCLT) here, seeking immunity for newly-appointed directors of the crippled IL&FS group from any future adverse outcomes. The Corporate Affairs Ministry has moved the Mumbai NCLT seeking protection for these directors from any future adverse proceedings as a precautionary measure. Meanwhile, IL&FS […]
‘White tapping’ of Bengaluru roads an eyesore: FKCCI
Developmental bodies, being the arms of government such as the Bruhat Bengaluru Mahanagara Palike (BBMP), the city’s civic body and others, apparently are attending to their allotted works with lax interest, charged Sudhakar S Shetty, President, FKCCI, in a release. To elucidate, the BBMP’s work laying concrete roads recently christened as ‘White Tapping’ is more […]
In 3 years, 52 road assets worth Rs. 37,019 cr were sold: ICRA
ICRA Rating has said that merger and acquisitions in the domestic road sector have witnessed a spurt between 2015 and 2018. A total of 52 road projects worth Rs. 37,019 crore have been sold during the three years. “Out of the total 52 projects, six were sold at a discount and 46 at a premium […]
IL&FS Transportation Networks defaults on NCD redemption payment
IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payment of ₹ 20.91 crore due on principal and interest of non-convertible debentures (NCDs) because of insufficient funds. The principal amount and interest due and payable on March 18, 2019…was not paid to the debenture holders due to insufficient funds, the […]
NCLAT accepts RBI request to be impleaded as ‘party respondent’ in IL&FS case
The National Company Law Appellate Tribunal (NCLAT) has accepted the RBI’s impleadment request as a “party respondent” in the appeal filed by the Centre against NCLT’s historic February 25 order in the IL&FS case. As the regulatory authority overseeing banks and non-banking finance companies, the central bank had submitted to the NCLAT that it was […]