ILFS MESS


Moneylife Digital Team 21 January 2019
Rating company has downgraded the debt-laden Infrastructure Leasing and Financial Services (IL&FS) by several notches citing cash crunch pressure. The rating company has downgraded the company’s bonds and long term loans to BB from AA+. "The downgrade of ratings takes into account the...

Read More



Moneylife Digital Team 11 January 2019
The National Company Law Appellate Tribunal (NCLAT) on Friday suggested that asset sale of Infrastructure Leasing and Financial Services (IL&FS) should be under supervision or oversight of a retired judge from the Supreme Court.    While staying arbitration proceedings against the...

Read More



IANS 11 January 2019
Debt-ridden IL&FS has received more than 30 expressions of interest (EOIs) for the domestic roads vertical housed under its subsidiary, IL&FS Transportation Networks Ltd.   "More than 30 expressions of interest were received for acquiring IL&FS' interests in its domestic road...

Read More



Moneylife Digital Team 02 January 2019
The National Company Law Tribunal (NCLT) has allowed the government to re-open and re-cast the past five years' financial accounts of Infrastructure Leasing & Financial Services (IL&FS) and  its subsidiaries IL&FS Transportation Networks Ltd (ITNL) and IL&FS Financial Services Ltd...

Read More



Moneylife Digital Team 26 December 2018
The Institute of Chartered Accountants of India (ICAI), in its interim report has said statutory auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) acted in a 'negligent and fraudulent manner' and prepared incorrect financial statements of the debt-laden group. Deloitte...

Read More



Moneylife Digital Team 21 December 2018
One of the points noted by the Serious Frauds Investigation Office (SFIO) report on IL&FS (Infrastructure Leasing and Financial Services) is the ever-greening of loans by its subsidiary IL&FS Financial Services Ltd (IFIN). But these are clearly not any old loans. Why would these companies...

Read More



Moneylife Digital Team 18 December 2018
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has initiated process to sell road assets of its subsidiary IL&FS Transportation Networks Ltd (ITNL) and invited expression of interest (EoI) proposals from buyers.   According to the company, the decision is based on the...

Read More



Moneylife Digital Team 17 December 2018
The National Company Law Appellate Tribunal (NCLAT) on Monday deferred to 20 December 2018 its hearing in the Infrastructure Leasing and Financial Services (IL&FS) moratorium case.   According to BTVI, the hearing could not take place today due to absence of NCLAT...

Read More



Moneylife Digital Team 13 December 2018
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has initiated the process to sell its fleet of 36 luxury cars and has invited bids from prospective buyers. Last date for submission for the bids is 18 December 2018 . In addition, the debt-ridden group is also selling guest-house...

Read More



Moneylife Digital Team 12 December 2018
Market regulator Securities Exchange Board of India (SEBI) said it has started adjudication against credit rating agencies (CRA) in the Infrastructure Leasing & Financial Services (IL&FS) scam. The rating agencies have been accused of not reporting the deteriorating financials of...

Read More



The Infrastructure Leasing and Financial Services (IL&FS) scandal is like an onion, for every layer that one peels off, a fresh new layer is uncovered. We find layers upon layers of dubious dealing and regulatory negligence that had been brought to the attention of regulators, long before...

Read More



Moneylife Digital Team 08 December 2018
Infrastructure Leasing & Financial Services (IL&FS), and its key subsidiaries like IL&FS Financial Services Ltd (IFIN), IL&FS Transportation Network Ltd (ITNL) had literally crushed the group's step down units by imposing heavy finance and fees, mostly collected upfront, making them...

Read More



Moneylife Digital Team 07 December 2018
Top executives of Infrastructure Leasing & Financial Services (IL&FS), including Ravi Parthasarathy, Hari Sankaran and Arun Kumar Saha, misused Employee Welfare Trust (EWT) and "the trust deed was instituted fraudulently with criminal intention to gain unlawful benefits," reveals the...

Read More



On Monday, 4th December, even as the Serious Frauds Investigation Office (SFIO) was asking for a freeze on the assets of top officials of IL&FS (Infrastructure Leasing & Financial Services), I received copies of a set of letters written by a whistleblower with explosive information. He...

Read More



Moneylife Digital Team 05 December 2018
The ministry of corporate affairs (MCA), in its submission before the National Company Law Tribunal (NCLT), has revealed details of its finding on several instances of misreporting of income, dubious transactions, conflict of interest, ever-greening of loans and rampant personal enrichment of...

Read More



Moneylife Digital Team 03 December 2018
The government on Monday sought attachment of properties of a few more directors of debt-ridden Infrastructure Leasing & Financial Services (IL&FS). The counsel for the ministry sought to freeze all assets, securities, lockers, bank accounts of Ravi Parthasarathy and Hari...

Read More



Moneylife Digital Team 29 November 2018
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) has initiated the process to sell its renewable energy business and has invited expression of interest (EoI) proposals from prospective buyers.   IL&FS's assets from the renewable energy business put on the block include,...

Read More



In a damage-control exercise, which also helps reduce the magnitude of the IL&FS (Infrastructure Leasing & Financial Services) crisis, the Gujarat government has decided to step in and buy the 50% stake that the beleaguered company held in its prestigious GIFT City (Gujarat International...

Read More



Moneylife Digital Team 28 November 2018
A tragic turn of events has put seven employees of IL&FS in Ethiopia in danger due to non-payment by the company. In a tweet put out by Neeraj Raghuwanshi, it has come to light that employees, including himself, are being kept hostage by the local labour and staff for the past four days as...

Read More



The spanking world-class Rapid Metro, which became operational in Gurgaon (now Gurugram) in 2013, has certainly added lustre to the modern township built by DLF. But the project is based entirely on fraudulent and fabricated ridership claims, to get government sanctions, right of way for land...

Read More

Free Helpline
Legal Credit
Feedback