Financially troubled Infrastructure Leasing & Financial Services (IL&FS) Engineering and Construction Company is witnessing early improvement in its road portfolio with a go-ahead to start work on one of its road projects, which was earlier up for foreclosure. The company also saw settlement of one of its arbitration claims earlier this month. “This is to […]
Category: Roads
Construction major L&T secures three board positions in IT firm Mindtree
Construction major L&T, which is in the midst of a hostile takeover of Mindtree Ltd, has secured three board positions at the IT services firm, giving the former a firm control over the company where it is eyeing over 66 per cent stake. Also, Mindtree co-founder Subroto Bagchi, who will retire next month, has not […]
Mindtree approves appointment of 3 L&T nominees as board directors
In the mid of an open offer process, Mindtree board on Thursday approved the appointment of L&T’s nominees as directors, which included the engineering major’s Chief Executive Officer (CEO) and Managing Director S N Subrahmanyan and its Chief Financial Officer (CFO) Ramamurthi Shankar Raman, among others. In an exchange filing, the IT firm said its […]
ED arrests two former IL&FS executives in alleged money laundering case
The Enforcement Directorate (ED) on Wednesday arrested two former top executives — Arun Kumar Saha and Karunakaran Ramchand — for their alleged involvement in money laundering activities at Infrastructure Leasing & Financial Services (IL&FS) group. Saha was former joint managing director (MD) of IL&FS Financial Services, while Ramchand was former MD of IL&FS Transportation Networks […]
Delhi traffic cop spreads road safety awareness with rap songs
Sandeep Shahi, a head constable in Delhi traffic police has a swanky method to spread road safety awareness as he has mastered the art of rapping. Shahi has also other ways to persuade motorists to abide by traffic rules. He uses a mirror to make them feel guilty. The cop also buys helmets from his […]
Probe alleges 22 audit violations by Deloitte, KPMG arm in IL&FS unit
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detected as part of a wide-ranging probe into […]
Ex-CEO of IL&FS arm helped Fitch official buy villa, says probe report
Investigation into the IL&FS fraud has found that a top executive allegedly helped a senior official of Fitch Ratings purchase a duplex villa at a discount when a circuitous transaction with a defaulter borrower was underway in 2012-13. In a statement on Wednesday, a Fitch Group spokesperson said it is probing the matter. “Fitch was […]
IL&FS case: IFIN ex-CEO helped rating agency official buy villa at discount
Investigation into the high-profile IL&FS fraud has showed that the then CEO of the group’s financial services arm IFIN helped a senior director of a leading rating agency buy a duplex villa worth crores at a discount when an important circuitous transaction with a defaulter borrower was underway in 2012-13. The probe by the government’s […]
Govt moves NCLT for 5-year ban on IL&FS Financial Services auditors
The Ministry of Corporate Affairs (MCA) moved the National Company Law Tribunal on Monday to bar the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins & Sells and BSR & Associates — from business for five years for alleged collusion with the IFIN management and failure in reporting mismanagement. The application filed by the […]
India’s infra push: Attractive schemes for private players, says Gadkari
To further give a push to the country’s infrastructure, big plans are lined up that include roping in an advisor for asset monetisation and offering attractive schemes to private players, including identified 3,000 kms of projects, Union Minister Nitin Gadkari said. Plans are also afoot to make the vehicle scrapping policy more attractive, besides expediting […]
IL&FS top brass hushed up whistleblower’s warning of fraud in 2017: Probe
The long-running fraudulent activities at crisis-ridden IL&FS could have come to light much earlier in 2017, but for a cover-up job done by the top management in connivance with the independent directors on a whistleblower complaint, an SFIO investigation has revealed. The detailed probe by the Serious Fraud Investigation Office (SFIO) into the affairs of […]
Mumbai court admits SFIO complaint against IL&FS Financial Services
The Mumbai sessions court on Friday admitted the criminal complaint filed by Serious Fraud Investigation Office (SFIO) against IL&FS Financial Services (IFIN), and 29 other entities and individuals, which include IFIN’s former directors, auditors, C Sivasankaran and his group and various other people. The court will take cognizance of the matter and issue notices to […]