The Employees Provident Organisation (EPFO) is reviewing the investments made by companies, managing their own provident fund, towards crisis-hit Infrastructure Leasing & Financial Services (IL&FS). The EPFO has written to 1,374 companies managing the employees’ provident fund (EPF) accounts of their employees on their own, known as exempted firms, asking them about the exposure towards […]
Category: Roads
Banks can’t declare accounts of debt-ridden IL&FS as NPA without NCLAT nod
No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets (NPAs) without NCLAT’s permission, the appellate tribunal said on Monday. A two-member National Company Law Appellate Tribunal (NCLAT) bench, headed by Chairman Justice S J Mukhopadhaya, said that this is done in the interest of IL&FS […]
IL&FS, subsidiaries can be declared NPAs only after nod, says NCLAT
The National Company Law Appellate Tribunal (NCLAT) on Monday ruled that accounts of Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries could not be classified as non-performing assets (NPAs) without approval from the tribunal. “Without going into the rival contention of the parties, we make it clear that due to non-payment of dues by […]
347 infra projects worth Rs 150 cr each show cost overruns of Rs 3.2 trn
As many as 347 infrastructure projects, each worth Rs 150 crore or more, have shown cost overruns to the tune of over Rs 3.2 lakh crore owing to delays and other reasons, a Ministry of Statistics and Programme Implementation report said. The ministry monitors infrastructure projects worth Rs 150 crore and above. “Total original cost […]
Second round of auction for road monetisation scrapped on low bids
The government has cancelled the second round of auction for road monetisation after companies offered low bids. The Union government had offered eight stretches of highways under the toll-operate-transfer (TOT) model in August 2018. Bids were opened in December 2018 where Cube Highways emerged the winner by quoting Rs 4,612 crore, way below the base […]
IL&FS bond toxicity spreads rapidly, hits 4.7 million PLI policy holders
The IL&FS bond toxicity contagion is spreading rapidly. The virus has now spread to a rather large body of savers, in this case insured, which coming as it does just before the general election is not good news for the government. With a concerned Trinamool Congress top gun and West Bengal Chief Minister Mamata Banerjee […]
EPFO writes to Finance Ministry on exposure to crisis-hit IL&FS bonds
Concerned over its exposure to IL&FS bonds, the Employees Provident Fund Organisation (EPFO) has intimated the Ministries of Finance and Corporate Affairs and sought its help in protecting the retirement fund money of large numbers of people. “Letters have been written to the Finance Minister and also to Corporate Affairs,” Central Provident Fund Commissioner Sunil […]
Canada’s OMERS Infrastructure picks 22.4% stake in IndInfravit Trust
Canada-based OMERS Infrastructure has picked a 22.4% stake in IndInfravit trust for a consideration of Rs 870 crore, the fund said in a media statement. OMERS’ investment in the infrastructure investment trust (InVIT) marks the fund’s first infrastructure investment in India. IndInfravit holds a portfolio of five operational toll road projects – namely- Krishnagiri Thopur […]
UP hits top gear to acquire land for Rs 14,700-cr Bundelkhand Expressway
The Uttar Pradesh government has accelerated land acquisition process for the flagship Bundelkhand Expressway, which is estimated to cost Rs 14,716 crore. So far, the state has acquired 1,011 hectares, or 27 per cent of the required 3,642 hectares across 182 villages for the Expressway, which would link arid Bundelkhand region with the Agra-Lucknow Expressway […]
Ashoka Buildcon wins Rs 1,382-crore contract from NHAI in Karnataka
Ashoka Buildcon Thursday said it has won a Rs 1,382 crore highway contract in Karnataka from National Highways Authority of India (NHAI). The contract to build 56 km highway stretch is under hybrid annuity mode (HAM) under which the government provides 40 per cent of the project cost to start work, while the remaining investment […]
IL&FS crisis: ED files PMLA case, conducts raids in Delhi-NCR, Mumbai
The Enforcement Directorate (ED) Wednesday conducted raids on at least six locations in Mumbai and Delhi-NCR region in connection with the multi-crore IL&FS payment default crisis, officials said. They said the action by the central probe agency came after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) in the alleged […]
ED files money laundering case against IL&FS former chairman, 19 others
The Enforcement Directorate (ED) has slapped a money-laundering case on debt-laden Infrastructure Leasing & Financial Services’ (IL&FS’) former chairman Ravi Parthasarthy, vice-chairman Hari Sankaran, two subsidiaries and 18 others for allegedly siphoning off funds obtained from investors to develop infrastructure projects of Rs 74 crore. The move comes after the Delhi Economic Offences Wing (EOW) […]