A go getter in Prime Minister Narendra Modi’s cabinet, Union Minister Nitin Jairam Gadkari in his second innings has lined up big plans — from infusing Rs 15 trillion in highways to propelling GDP growth by globalising khadi and MSME products. After taking charge of Road Transport and Highways and Micro, Small & Medium Enterprises […]
Category: Roads
Delhi HC asks NHAI to pay Rs 143 crore to PNC Infratech within 8 weeks
Rejecting the National Highways Authority of India’s (NHAI) contention against an arbitral tribunal award, the Delhi High Court has asked the state-run agency to pay a sum of nearly Rs 143 crore to PNC Infratech Limited within eight weeks for causing delay in the widening of National Highway 24 between Garhmukteshwar and Moradabad. NHAI had […]
ED summons senior executives of Deloitte in IL&FS money laundering case
Trouble is mounting for audit firms as the Enforcement Directorate (ED) issued summons to senior executives of Deloitte Haskins and Sells in connection with an ongoing money laundering probe against Infrastructure Leasing & Financial Services (IL&FS). According to enforcement sleuths, audit firms and auditors are likely to be called for probe soon. Confirming the development, […]
IL&FS scam: Here is the list of key players and allegations they are facing
The Serious Fraud Investigation Office (SFIO) has filed its first charge sheet against the top officials and directors of IL&FS, its auditors, Deloitte Haskins & Sells, BSR and Associates and C Sivasankaran in the IL&FS Financial Services (IFIN) fraud case. Here is the list of key players and the allegations they are facing. None of […]
IL&FS case: SFIO recommends action against auditors, steps to recoup losses
Having initiated a crackdown on a suspected coterie of fraudsters in the IL&FS case, the government’s financial fraud probe agency SFIO has recommended necessary action against the guilty auditors and also a detailed internal investigation by the RBI to identify reasons for the delay in detecting the lapses. The Serious Fraud Investigation Office (SFIO) has […]
SC allows SFIO to reopen and recast IL&FS accounts for last five years
The Supreme Court on Tuesday allowed the Serious Fraud Investigation Office (SFIO) to reopen and recast the accounts of Infrastructure Leasing & Financial Services (IL&FS) and two of its key subsidiaries of five years starting 2012-13 (FY13). The order came on a plea moved by the Ministry of Corporate Affairs (MCA), which sought to examine […]
IL&FS ‘Secret Society’ connived at fraud, to face prosecution (IANS Special)
The dubious and highly contentious role played by independent directors in IL&FS has been thrown into stark relief by the latest SFIO charge sheet in the matter. IANS had also highlighted this last week. The SFIO recommended that prosecution be sanctioned against directors and independent directors of the company on account of collective responsibility of […]
Probe nails IL&FS management ‘who ran business as personal fiefdom’
Launching a massive crackdown on perpetrators of the IL&FS scam, the Serious Fraud Investigation Office (SFIO) has charged the erstwhile top management members of the group’s financial services subsidiary IFIN of forming a “coterie” with its auditors and independent directors to defraud the company while running the business as their “personal fiefdom”. Officials also said […]
MCA moves NCLT against Deloitte, BSR over fraud at IL&FS subsidiary
The ministry of corporate affairs (MCA) has launched a prosecution against Deloitte Haskins and Sells as well as BSR and Associates LLP and their former auditors for their role in “perpetuating the fraud” at IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS). The ministry’s regional director had moved National Company Law Tribunal (NCLT) […]
IL&FS group companies labeled green allowed to start servicing debt
The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that if the Infrastructure Leasing & Financial Services (IL&FS) companies placed under the amber category were not able to be reclassified into the green category by the next date of hearing on July 12, the appellate tribunal will pass orders asking such companies to service […]
IIT Hyderabad’s novel technique may help build enduring roads in India
Researchers at the Indian Institute of Technology (IIT) Hyderabad have developed a novel modelling technique which they say could help in the construction of long-lasting roads in the country. The technique called Reliability-Based Design Optimization (RBDO) can predict the performance of road surfaces or pavements and compare these predictions with conventional road designs, researchers said. […]
PM Narendra Modi’s $1.4-trillion infrastructure promise faces a roadblock
Don’t get your hopes up that India’s infrastructure will start to look like China’s after Narendra Modi’s historic victory. Modi’s Bharatiya Janata Party (BJP) made big promises in its election manifesto, among them Rs 100 trillion ($1.4 trillion) of investments in infrastructure by 2024 that would double the length of highways by 2022 and lead […]