New Delhi: The NCLAT Wednesday asked IL&FS group companies, which are being upgraded to ‘green’ category, to start servicing their debts as per the payment schedule. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya said the IL&FS board should allow the new entities, which are coming into ‘green’ list from ‘amber’ to […]
Category: Roads
IRB Infrastructure Q4 net profit dips 13% to ₹208 crore
NEW DELHI: IRB Infrastructure Developers Tuesday reported a 13.24% decline in consolidated net profit to ₹208.01 crore during the quarter ended March 31, 2019. The highways developer had clocked a consolidated net profit of ₹239.77 crore in the corresponding quarter of 2017-18, it said in a regulatory filing to the BSE. Total consolidated income for […]
L&T shares at record high as infra stocks find favour
New Delhi: Shares of the infrastructure major Larsen and Toubro (L&T) on Monday was at 52-week high at ₹1,582.80 on both the equity benchmark indices as the company raised its stake in IT firm Mindtree Ltd by about 2% between 20-24 May by picking up shares of over ₹316 crore. The shares of the firm […]
BJP’s ₹100 trillion infra investment promise to play out in NDA’s second term
Mumbai: The Bharatiya Janata Party’s (BJP) promise to invest ₹100 trillion in infrastructure across the next five years has fired up optimism in the sector, with the party securing a thumping win in the 17th Lok Sabha elections. The last five years have seen massive spending in roads, railways, water, irrigation and urban infrastructure. With […]
IL&FS money-laundering case: ED conducts fresh raids in Mumbai
New Delhi/Mumbai: The Enforcement Directorate Wednesday carried out fresh searches in Mumbai in connection with its money laundering probe in the multi-crore IL&FS payment default crisis, officials said. They said the residences and offices of at least four directors of the firm are being raided. The central agency had first carried out searches in this […]
IL&FS crisis may lead to consolidation in NBFC sector: Fitch Ratings
New Delhi: 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 […]
Inside the audit lapses that led to IL&FS crisis
Mumbai: Every time there is corporate scam, audit firms and auditors are the first ones to be blamed. This time, too, after the Infrastructure Leasing and Financial Services Ltd (IL&FS) crisis, the auditors, especially the “big three”—EY, Deloitte and KPMG—are in the dock. Yet, larger questions remain about the changing role of the Institute of […]
IL&FS weighs plan to recast part of its stressed loans from banks, MFs
MUMBAI: Infrastructure Leasing and Financial Services Ltd (IL&FS) Tuesday said its board is considering a plan to recast some of its stressed loans from banks and mutual funds. In an affidavit submitted to National Company Law Appellate Tribunal (NCLAT), IL&FS said its board is already considering a restructuring proposal from lenders for one of its […]
IL&FS initiates claim process for 70 group entities
Mumbai: 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 […]
45 IL&FS firms, said to be round-tripping funds & loans, closed
New Delhi: Infrastructure Leasing and Financial Services Ltd (IL&FS) shuttered 45 of its 347 group firms that were allegedly used to round-trip loans and funds, said a person aware of the development, requesting anonymity. The debt-laden company also almost halved its workforce to 8,000 permanent and contract employees, the person said. IL&FS said in a […]
Essel Group to sell 3 road assets to CDPQ
Mumbai: Essel Infraprojects Ltd has agreed to sell three of its road projects to Caisse de dépôt et placement du Québec (CDPQ), Canada’s second-largest fund manager, said two people aware of the development, as the Subhash Chandra-promoted Essel Group company seeks to trim its massive debt. The assets are expected to fetch a combined enterprise […]
IL&FS to return incomplete road projects to NHAI for rebidding
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) Ltd has agreed to return under-construction road projects to the National Highways Authority of India (NHAI) for fresh bidding, according to the minutes of IL&FS’s 22 April board meeting. In a meeting with NHAI officials, IL&FS did not object to inviting fresh bids for the under-construction projects provided […]