India, Pakistan to hold first meet on Kartarpur Corridor at Attari today

Indian and Pakistani officials will meet at Attari, near Amritsar, on Thursday to finalise modalities of the corridor to the Kartarpur Sahib gurdwara, with India keen for visa-free access to the pilgrims to the historic shrine across the border. The first-ever meeting on the issue, coming amid heightened tensions between both countries in the wake […]

IL&FS board charges former directors of money laundering, criminal intent

Tasked with cleaning up of mammoth financial mess at embattled IL&FS, its government-appointed board has charged 14 former directors of group firm IL&FS Financial Services Ltd (IFIN) of facilitating money laundering, sanctioning loans in violation of rules and causing “huge financial stress and losses” to the company. In show-cause notices issued to the 14 former […]

Grant Thornton’s IL&FS audit finds irregularities in deals worth Rs 13K cr

Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm. IL&FS Group, which operates at least 24 direct subsidiaries, 135 indirect subsidiaries, six joint ventures and four associate companies, is sitting on debt […]

Servicing loans without default: L&T Halol Shamlaji Tollway tells NCLT

L&T Halol Shamlaji Tollway, a special purpose vehicle (SPV) of L&T Infrastructure Development Projects, has informed the National Company Law Tribunal’s (NCLT’s) Chennai Bench that its debt with a consortium of banks has been restructured and is being serviced properly, as against the allegations in an insolvency petition by Oriental Bank of Commerce (OBC). The […]

369 infrastructure projects facing cost overruns, 366 delayed: Report

As many as 369 infrastructure projects of the total 1,420 under implementation are facing cost overruns, while another 366 are significantly delayed, according to a report. The report “Infrastructure & Real Estate: A fulcrum for Change & Economic Growth” by Property consultant ANAROCK and Association of Infrastructure Industry (India) said the government should accord high […]

IL&FS lenders to continue making provisions for loans to the group

With limited prospects for recovery of loans to Infrastructure Leasing and Financial Services (IL&FS) and its subsidiaries in the near term, lenders will continue to make provisions for loans to the group. In February, the National Company Law Appellate Tribunal (NCLAT) had ruled that lenders can’t treat loan exposures as non-performing assets (NPAs) without the […]

One way traffic resumes on Jammu-Srinagar highway after five days closure

After remaining closed for the past five days, Kashmir-bound traffic from here was allowed on the Jammu-Srinagar national highway Saturday even as fresh snowfall and rains lashed parts of the state, officials said. Thousands of vehicles were stranded after the 270-km strategic highway, the only all-weather road linking Kashmir with rest of the country, was […]

Delhi needs to look beyond highways to solve traffic, pollution woes

Delhi has laid the foundation stone for at least two new road projects in the last month–the 170-km-long Saharanpur National Highway Corridor and 27.6-km-long Northern Peripheral Road or Dwarka Expressway–promising to ease traffic, save commute time and reduce pollution by emissions from cars idling in traffic. The logic of building bigger roads to ease congestion […]