IL&FS Financial Services defaulting on payments as low as Rs4 lakh
IL&FS Financial Services has defaulted on its payment obligations on loans and interest payments as low as Rs 4 lakh from October 31 to November 4.
 
In a regulatory filing with stock exchanges, the company has said the company was unable to service its obligations in respect of term loans and interest payments.
 
Providing the intimation of default in payment obligations, IL&FS Financial Services defaulted on seven such payments beginning October 31 to November 4.
 
The situation is serious considering the default on interest payments in some cases is as low as Rs 4 lakh and Rs 6 lakh.
 
On October 31 itself, it defaulted on five interest payments of Rs 0.04 crore, Rs 0.28 crore, Rs 0.19 crore, Rs 0.28 crore and Rs 5.17 crore.
 
The next day the default was for a much bigger amount of Rs 36.16 crore and on November 4, it was for Rs 0.04 crore.
 
The scam hit IL&FS group has been mired in severe financial and liquidity problems since last year. Many of the group companies have been taken to NCLT.
 
The principal amounts where the defaults are happening are Rs 5 crore, Rs 37.50 crore, Rs 25 crore, Rs 37.50 crore and Rs 75 crore.
 
The defaults are on interest payments on term loans, cash credit facilities and short term loans.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    andi bhagade

    2 weeks ago

    There should be a portal or a website to check bank read flag. It should be in a news with lay man language. So everyone should understand. And it look like RBI Audit was not up to the mark or officers close there eyes purposely. Talking about how to recover depositors funds RBI need to figure out all the best possible ways.

    CBI searches 169 places in bank frauds worth Rs 7,000 cr
    Tightening its noose in bank fraud cases worth Rs 7,000 crore, the Central Bureau of Investigation (CBI) on Tuesday carried out searches at over 169 locations across the country.
     
    A senior CBI official said the agency is conducting searches at around 169 places across the country, including in Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telengana, Uttar Pradesh, Uttarakhand, Dadra and Nager Haveli.
     
    The official said the agency has registered around 35 cases related to bank frauds involving Rs 7,000 crore.
     
    The official, however, did not reveal the names of the banks or the accused involved in the case.
     
    This is not the first time the central probe agency has carried out such a massive search operation. It has carried out several similar searches in bank fraud cases in the last few months.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Dr.Dhananjaya Bhupathi

    2 weeks ago

    https://www.moneylife.in/article/cbi-searches-169-places-in-bank-frauds-worth-rs-7000-cr/58582.html
    1. Such scams/frauds are a way of life in PSBs.
    2. Modi 2.00 is doing a good job to sort out & identify the real culprits.
    3. The RBI audit department, statutory auditors failed; just by ticking the transactions washed their hands.
    4. The tainted-bank boards, CMDs/CEOs/EDs and the concerned staff are accountable; since, it was hatched & implemented at apex level [s] only.
    5. These scams shall continue to haunt, so long as the inherited duds of Adhocism continue to man PMO/UFM.
    6. IBA’s accountability can’t be ruled out; so long as it is unregd with ‘no bye-laws/no audit/no accountability’. With 3Ws [WINE, WOMAN & WEALTH] to influence the duds in PMO/UFM, the entire annual fees collected from its 243 member-banks from 1945-2019 come to INR.1 trillion [Rs.1 lac crore]. It is spent through 3Ws & enables the politicians/fugitives to stash-out Indian wealth. IBA members are from tainted banks, RBI, PMO, & UFM, etc.
    7. https://www.youtube.com/watch?v=4Si8U02s8cQ.
    8. SATYAMAEVA JAYATHE!!!

    Why T Latha Resigned as MD & CEO of Dhanalaxmi Bank?
    T Latha had resigned as managing director (MD) and chief executive (CEO) of Dhanalaxmi Bank resigned in 15 months, although her appointment was for three years. Ms Latha cited ‘personal reasons’ for her resignation, but there is a less known story that has been brewing in the background, which is understood to have triggered the decision.
     
    This pertains to her previous job as general manager (GM) at Punjab National Bank (PNB) during the infamous Nirav Modi scam. The internal investigation has led to a vigilance charge sheet being issued to Ms Latha. Strangely enough, this charge sheet was issued to her on her last day of her service at PNB. Documents perused by us show that the charge sheet issued on 30 June 2018 has sought a major penalty with vigilance overtone. It appears that her appointment as the head of Dhanalaxmi Bank had already been cleared by then. 
     
    Ms Latha responded to the charge sheet in the first week of July 2018. The MD and CEO of PNB then constituted a disciplinary authority to conduct enquiry in this matter. The enquiry officer submitted his findings in February 2019. 
     
    After perusing the charge sheet and Ms Latha’s response to the findings of enquiry officer the disciplinary authority found certain charges as proven and decided to award punishment on 29 June 2019. The punishment was of "reduction in one lower stage in pay scale..." to Ms Latha.
     
    This is understood to have triggered specific regulations under the PNB Officers Service Regulations. An anonymous letter to the Reserve Bank of India is understood to have listed the provisions triggered by PNB rules and said that this makes her vigilance clearance for the Dhanalaxmi Bank job, null and void. 
     
    Section 20(3)(iii) of the Regulations provide that disciplinary ‘proceedings would continue till final order is passed”, even if the officer concerned has retired. The regulations also impact the retirement benefits that the officer is entitled to. 
     
    Ms Latha left PNB to join Dhanalaxmi Bank on 1 July 2018. She was appointed as MD and CEO of Dhanalaxmi Bank for three years following retirement of G Sreeram. Considering this, the award states that the penalty against Ms Latha should be deemed to be issued on 30 June 2018, her last date of service in PNB. 
     
    We understand that the letter to the RBI asked whether Ms Latha had declared the disciplinary proceedings that were pending against her and, if she had, how was she considered ‘fit and proper’ by the RBI. The actual indictment in PNB’s disciplinary proceedings happened only after. 
     
    Moneylife learns that the resignation was a result of the inquiry and the anonymous letter sent by bank officials to the regulator. 
     
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    COMMENTS

    Sudhir Mankodi

    3 weeks ago

    How PNB vigilance department cleared her when disciplinary action was \"contemplated\" against her when she was being considered for the Top Post at DLB. Perhaps, due enquiries were not made by regulatory authority also. what about herself? When the charge sheet under major penalty proceeding with vigilance angle was issue was she not morally obliged to step down at that time? And what about DLB board? They also turned blind eye to these happenings? Possible that few of the borrowers from PNB might have been accommodated by DLB under her stewardship. These, if any, should be thoroughly investigated. No wonder DLB also is facing the trouble requiring it to release full page advertisement in it\'s own defence.

    Compliments for your well researched article, as always!

    K V RAO

    3 weeks ago

    Interesting and quite revealing. Keep us informed with such well informed reports. Also proves that high profile officials when it comes to their own position become dishonest and continue to seek wealth and position even after retirement.

    Ramesh Poapt

    3 weeks ago

    surprising.. if not shocking/joking.

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