ILFS MESS


Debashis Basu Debashis Basu 02 October 2018
Alarmed by the possibility of a contagion from the defaults of Infrastructure Leasing & Financial Service (IL&FS) spreading across the financial sector and the real economy, the government has promptly acted to change the IL&FS board. The swift action is commendable; but this was the easy...

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Sucheta Dalal Sucheta Dalal 02 October 2018
While the media was occupied with the government’s sudden move to replace the board of Infrastructure Leasing and Financial Services (IL&FS), another drama was playing out at the swanky headquarters of the firm.    The Serious Frauds Investigation Office (SFIO) was primed to spring...

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Moneylife Digital Team 01 October 2018
The National Company Law Tribunal (NCLT), after hearing the government’s petition, has approved the takeover of the board of Infrastructure Leasing and Financial Services  (IL&FS). It has approved the appointment of a set of government nominees.    The new board would comprise GC...

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Moneylife Digital Team 01 October 2018
UPDATED 1.04pm on 1 Oct 2018   The Indian government has finally decided to intervene in the Infrastructure Leasing & Financial Services Ltd (IL&FS) issue by moving to the National Company Law Tribunal (NCLT) for changing management at debt-ridden conglomerate, says media...

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Sucheta Dalal Sucheta Dalal 28 September 2018
Not a day passes without startling new information about Infrastructure Leasing & Financial Services that exposes how every regulatory organisation has failed the Indian people all over again, by sleeping on its job or failing to use the powers statutorily available to it.    The...

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Moneylife Digital Team 25 September 2018
Debt-ridden Infrastructure Leasing & Finance Services Ltd (IL&FS) has filed an application with Mumbai Bench of the National Company Law Tribunal (NCLT) seeking certain relief like compromise or arrangement with members or creditors under Section 230 of the Companies Act 2013.    As...

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Moneylife Digital Team 24 September 2018
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have asked IL&FS Transportation Networks Ltd to clarify on a news about majority stake purchase by Japan's Orix Corp in the company's parent Infrastructure Leasing & Financial Services (IL&FS).   Following the news, NSE...

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Sucheta Dalal Sucheta Dalal 21 September 2018
In a letter to employees today, Mr Hari Shankaran, vice chairman and close associate of founder Ravi Parthasarathy announced a series of measures to deal with the crisis at IL&FS. However, what is clear is that the same management team remains in charge with the exception of Mr Ramesh Bawa...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 20 September 2018
The Abu Dhabi Investment Authority and the Tamil Nadu government are doing a due diligence on the controversial Tirupur Water Project set up by the cash-strapped Infrastructure Leasing and Financial Services (IL&FS) more than two decades ago.    Abu Dhabi Investment Authority is the...

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Moneylife Digital Team 15 September 2018
Infrastructure Leasing & Financial Services (IL&FS), the debt-ridden conglomerate, has appointed Sunil Behari (SB) Mathur as its new chairman. Mr Mathur replaced Hemang Bhargava. Following step down by its founder Ravi Parthsarathy on 20 July 2018, IL&FS had appointed Mr Bhagava as...

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Clinton Fernandes 15 September 2018
In the previous week, rating agencies ICRA, CARE and India Ratings downgraded the bonds, long-term loans and short-term commercial papers of Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries. It is interesting to note that IL&FS did not seek ratings from...

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Sucheta Dalal Sucheta Dalal 14 September 2018
Infrastructure Leasing & Financial Services (IL&FS), the massive conglomerate of over 174 direct and indirect subsidiaries, is unravelling fast. Like the cops in Bollywood movies, the regulators and rating agencies have woken up to the implications of IL&FS’s imploding only after it began to...

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Moneylife Digital Team 10 September 2018
CARE Ratings has downgraded its rating on Rs4,800 crore non-convertible debentures (NCD) of IL&FS Financial Services Ltd (IFIN) to 'BB' from 'AA+' while keeping the ratings on credit watch with negative implications. Instruments with ‘BB’ rating are considered to have moderate risk of default...

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Moneylife Digital Team 07 September 2018
Infrastructure Leasing & Financial Services (IL&FS), the an unlisted infrastructure behemoth with scores of complex subsidiaries, some of which are listed and a giant load of debt, has called an emergency meeting of its board of directors for raising funds. The financial services...

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Sucheta Dalal Sucheta Dalal 04 September 2018
Infrastructure Leasing & Financial Services (IL&FS) has reportedly defaulted on a short-term loan worth hundreds of crores from Small Industries Development Bank of India (SIDBI). Since this was termed as bad debt or non-performing asset (NPA), SIDBI has reportedly asked one of its senior...

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Sucheta Dalal Sucheta Dalal 23 August 2018
On 8th August, I wrote about an unprecedented case where the independent director and audit committee head of Gujarat International Finance Tec-City (GIFT City) had filed a public interest litigation (PIL) alleging that the showpiece Rs70,000-crore project had virtually been gifted away. The...

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Sucheta Dalal Sucheta Dalal 09 August 2018
Gujarat International Finance Tec-City—GIFT City for short, a showpiece project of the Gujarat government, faces an extraordinary public interest litigation (PIL) filed by DC Anjaria, Gift City’s first independent director and former audit committee chairman. The petition alleges that this...

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