Making its second arrest in the IL&FS case, the Serious Fraud Investigation Office (SFIO) Saturday arrested former IL&FS Financial Services chief Ramesh C Bawa, official sources said. They said Bawa, who had served as managing director and CEO, was arrested on the grounds of abusing his powers at the company through fraudulent conduct. He also […]
Category: Roads
IL&FS mess: India’s shadow banks run out of options, sell bonds to public
Faced with high borrowing costs and a sustained shortage of liquidity in India’s money markets, shadow banks are increasingly pitching bonds with high coupon rates to the public, who may not be aware of the risks they’re taking on. Still roiling from the shock of defaults at Infrastructure Leasing & Financial Services Ltd., non-bank financing […]
Whistle-blower letter: Deloitte faces SFIO probe in IL&FS case
The Serious Fraud Investigation Office (SFIO) has initiated investigations into a whistle-blower complaint sent by a Deloitte employee and will summon its top officials for questioning to find out whether the Infrastructure Leasing & Financial Services (IL&FS) group’s auditor deliberately ignored several red flags in the company’s books, recommended creating complex structures, and in a […]
NCLAT directs IL&FS to submit information about four group entities
The National Company Law Appellate Tribunal (NCLAT) on Monday directed debt-ridden IL&FS to submit information over investment made by pension and provident funds in its four group firms, and also sought details of financial liabilities of those entities. These four ‘amber’ companies are — Hazribagh Ranchi Expressway, Jharkhand Road Project Implementation Company, Moradabad Bareily Expressway, […]
Elections halt expressway projects totalling Rs 55,000 crore in UP
The 2019 Lok Sabha election have virtually put the brakes on three mega expressway projects totalling about Rs 55,000 crore in Uttar Pradesh. The three proposed projects, which have been put in abeyance due to the model code of conduct include Ganga Expressway, Bundelkhand Expressway and Gorakhpur Link Expressway estimated to cost nearly Rs 36,000 […]
IL&FS crisis raises questions about rating agencies: Injeti Srinivas
The unravelling of IL&FS, the debt-laden infrastructure financing and construction company, has hurt the credibility of rating agencies, said Corporate Affairs Secretary Injeti Srinivas Thursday. India Ratings & Research, ICRA, and Credit Analysis and Research Ltd gave IL&FS the highest rating of AAA when the company’s subsidiary, IL&FS Transport Networks, defaulted in June, said Srinivas […]
NIIF, ROADIS to create a platform to invest $2 billion in road projects
National Investment and Infrastructure Fund (NIIF) and PSP Investment owned ROADIS will together create a platform to invest $2 billion in road projects, the two entities said in a joint statement. “The platform will invest up to $ 2 billion of equity to target Toll Operate Transfer (TOT) models, acquisitions of existing road concessions and […]
IL&FS lent Rs 175 cr to Siva Group at Hari Sankaran’s behest: SFIO petition
Even after IL&FS Financial Service Limited (IFIN) could not recover advances worth Rs 500 crore to Sivasankaran group entities, a loan of Rs 175 crore was sanctioned to an arm of the group at the behest of Hari Sankaran, the former vice-chairman and managing director of IL&FS group, said the petition filed by the Serious […]
IL&FS financial arm’s GNPAs touch 90% in Dec against 5% in Mar 2018: Board
The Infrastructure Leasing & Financial Services (IL&FS) board on Wednesday presented a status report on the group’s financials and the asset monetisation plan, six months after the government-appointed panel took over the reins of the company. The board said the asset monetisation plan for the beleaguered infrastructure finance player was in good shape as far […]
Bharat Road Network surges 20% after arm wins arbitration against NHAI
Bharat Road Network shares soared 20 per cent to hit the upper circuit of Rs 115.20 on the BSE after the company said its arm has won an arbitration award of Rs 322.77 crore against the National Highways Authority of India (NHAI) for a project in Odisha. The company said it had referred the matter […]
Belt and road without China? If competitors join, it may just be possible
Italy’s new role in the Belt and Road Initiative has alarmed G-7 allies fearful of China’s expanding reach. Give it time: This project is going to look a lot less Chinese as it unfolds. At the moment, the heft of the funding for President Xi Jinping’s global infrastructure project comes from policy banks, such as […]
Road building in India second cheapest in Asia, says AIIB study
Road building in India is cheapest in Asia after the Philippines, a study by the Asian Infrastructure Investment Bank (AIIB) has noted. The result holds despite making allowances for cross-currency differences as well as variations in local cost due to labour and others, AIIB has noted. The other countries compared to India in the exercise […]