Pro-rata debt servicing for ‘amber’ companies of IL&FS is learnt to have been discussed at a recent meeting of a high-level committee. At present, companies of IL&FS under the ‘green’ category are servicing debt. Amber companies are those which were capable to service debts of only certain senior secured creditors. They can not service debt […]
Category: Roads
GIC Q4 PAT down 19.7% at Rs 603 cr on provisioning for IL&FS exposure
State-owned reinsurer General Insurance Corporation on Thursday reported a 19.7 per cent decline in its profit after tax (PAT) in the March quarter (Q4) and a 31.30 per cent fall in the financial year 2018-19 (FY19) on account of accelerated provisioning for exposure to IL&FS and tax provisions on profits made from sale of investments […]
Over Rs 1 trillion of HAM highway projects under NHAI tie up debt: Crisil
Hybrid annuity projects worth Rs 1 trillion offered by the National Highways Authority of India (NHAI) have achieved debt funding says an analysis by Crisil. A moderation in the pace of highway projects awarded in fiscal 2019 gave developers the latitude to arrange for funding and focus on execution. Less than 3,000 km of projects […]
IL&FS money laundering case: ED widens probe, carries out fresh raids
The Enforcement Directorate (ED) has widened its probe into the money laundering case of alleged financial fraud in the Infrastructure Leasing & Financial Services (IL&FS). On Wednesday, the enforcement sleuths conducted search operations at the business premises and residences of four former directors of the cash-strapped IL&FS Financial Services (IFIN). According to an ED official, […]
IL&FS crisis may lead to consolidation in NBFC sector: Fitch Ratings
The debt crisis in IL&FS has adversely impacted growth of the NBFC sector in India and might lead to its consolidation, said a report by Fitch Ratings on shadow banking. Non-banking financial companies (NBFCs) are commonly referred to as the shadow banking sector. The report comes against the backdrop of the Reserve Bank of India’s […]
Sale of business verticals most feasible option, says new IL&FS board
The newly appointed directors of Infrastructure Leasing & Financial Services (IL&FS) have decided that “an asset level resolution and the sale of business verticals comprising of a basket of companies and other entities” is the most feasible option for the resolution of the company’s debt, the Ministry of Corporate Affairs (MCA) told the National Company […]
Debt-ridden IL&FS initiates claims management process for 70 group entities
Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) Tuesday said it has initiated claims management process for 70 group entities. “The claims process is being run to crystallise the financial and operational liabilities of the group to facilitate distribution of proceeds from the resolution process,” it said. “The new board of IL&FS, as part of the […]
Move National Securities Clearing Corp for trade annulment: SAT tells IL&FS
The Securities Appellate Tribunal Wednesday directed IL&FS Securities Services to approach National Securities Clearing Corporation regarding its plea for annulment of certain trades that were executed for stock broker Allied Financial Services. IL&FS Securities, a clearing member, had contended that settlement of trades were done on the basis of fraudulently transferred collateral by Allied Financial […]
IL&FS crisis: Independent directors under corp affairs ministry scanner
Independent directors of various IL&FS companies are under the scanner of the corporate affairs ministry for alleged lapses in carrying out their duties as financial problems continued to brew at the diversified group, according to sources. The crisis at IL&FS, which is estimated to have a debt burden of over Rs 94,000 crore, came to […]
NCLAT refuses to stay Jaypee Infratech creditors’ voting on NBCC plan
The National Company Law Appellate Tribunal (NCLAT) refused Tuesday to stay voting by Committee of Creditors (CoC) of Jaypee Infratech Limited (JIL) in which the lenders are set to decide on NBCC India Limited’s offer for the debt-laden realty firm. The final decision of JIL’s lenders will, however, be subject to the outcome of an […]
NCLT rejects ICICI’s plea to start insolvency proceedings against Era Infra
The National Company Law Tribunal (NCLT) has rejected ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure (India) Ltd on the grounds of “duplicacy” of claims. A two-member bench headed by NCLT President Justice M M Kumar observed that ICICI Bank has already raised similar claims against its parent company Era Infra Engineering, which […]
L&T March quarter profit rises 8% to Rs 3,418 cr on improved operations
Engineering conglomerate Larsen & Toubro (L&T) reported an 8-per cent rise in its consolidated profit after tax (PAT) at Rs 3,418 crore owing to improved operations. The company’s management indicated business environment remains challenging, though early signs of private investment were visible. For the January to March 2019 period, L&T reported PAT at Rs 3,418.24 […]