IL&FS
Moneylife Digital Team 31 May 2019
The Serious Frauds Investigation Office (SFIO) filed its first charge sheet against IL&FS Financial Services, one of the two major companies of IL&FS (Infrastructure Leasing & Financial Services), the 347-company conglomerate that is in serious financial trouble

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Moneylife Digital Team 22 May 2019
The Enforcement Directorate (ED) on Wednesday carried out raids in Mumbai on residences of former directors of fraud-hit Infrastructure Leasing & Financial Services (IL&FS). The top executives whose homes were searched by ED include Rajesh Kotian, Shehzaad Dalal, Manu Kochhar and Mukund Sapre.

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Orix Corporation of Japan, owner of 49 per cent stake in the seven operating wind power plants (SPVs) of the IL&FS Group, has expressed its intent to buy out the remaining 51 per cent stake held by IL&FS Wind Energy Ltd.

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Moneylife Digital Team 15 May 2019
The new board of scam-hit Infrastructure Leasing & Financial Services (IL&FS) is evaluating the option of calling back all bonuses and benefits paid to former directors of three group companies for past five-year financial years.

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The RBI on Wednesday withdrew its earlier circular which mandated banks and financial institutions to disclose their outstanding to IL&FS and its group companies including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against NPAs

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Given the extent of the malfeasance due to the extraordinary risk exposure to virus-infected IL&FS bonds (IANS has done a series of stories), the Finance Ministry has now asked Employees' Provident Fund Organisation (EPFO) whether the fund has enough surplus to pay the 8.65 per cent interest rate for 2018-19.

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The NCLAT on Thursday reversed its own interim order to allow lenders with exposure to IL&FS and its group companies to classify them as non-performing assets (NPAs), in line with RBI norms, but restrained them from moving to recover any dues from the beleagured group or group companies till their resolutions are undertaken.

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The Reserve Bank of India (RBI) on Wednesday directed banks and financial institutions to disclose their outstanding to IL&FS and its group companies including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against NPAs.

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Moneylife Digital Team 13 April 2019
The Serious Frauds Investigation Office (SFIO) is understood to have arrested Ramesh C Bawa, former chief executive (CEO) of IL&FS Financial Services (IFIN), who had switched off his phone and vanished after the Supreme Court of India dismissed his petition challenging the SFIO’s powers to arrest him.

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Moneylife Digital Team 11 April 2019
Even as the Supreme Court has dismissed a petition filed by Ramesh C Bawa, former chief executive (CEO) of IL&FS Financial Services (IFIN), the man himself appears to have given investigation agencies like the Serious Fraud Investigation Office (SFIO) and the Enforcement Directorate (ED) the slip

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An anonymous whistleblower, who claims to be part of the “senior management team at Deloitte, Haskins and Sells LLP (Deloitte)” and has been “privy to several internal irregularities in providing professional services to the IL&FS (Infrastructure Leasing & Financial Services) group” has written to us outlining how the audit firm benefited by helping the failed group fudge its accounts year after year

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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

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Moneylife Digital Team 13 December 2018
Market regulator Securities and Exchange Board of India (SEBI) has allowed mutual funds to create segregated portfolios with respect to debt and money market instruments subject to various safeguards.

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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 deteriorating financials of IL&FS.

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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 head quarters of the firm

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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)

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