IL&FS | The Asian Age

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Reserve Bank of India Governor Urjit Patel. (Photo: PTI)

Parliamentary panel to summon RBI governor Patel on IL&FS controversy

The RBI governor had blamed the bank management for lapses.

24 Oct 2018 11:03 AM

The Uday Kotak-led IL&FS management, readying a turnaround plan for the debt-ridden shadow bank, is preparing a list of subsidiaries that could be wound up. The list, which will be submitted to the NCLT on October 31, will also feature the arms that could be revived.

IL&FS may sell financial services, energy arms

Uday Kotak’s lieutenant Raghunath is architect of the revival plan.

22 Oct 2018 9:24 AM

The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27.

IL&FS Investment Managers non-executive director resigns from board

This is in continuation to a spate of resignations of the board of directors from IL&FS and its group firms.

19 Oct 2018 5:50 PM

The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) said on Monday it had halted plans for a USD 1 billion fund with Infrastructure Leasing and Financial Services Group (IL&FS) while the Indian firm undergoes a restructuring.

Saudi-based ICD halts plan for USD 1 billion fund with IL&FS

The ICD is a multilateral development institution that supports the economic development of its 53 member countries.

15 Oct 2018 2:09 PM

IL&FS' lawyer argued the company would face 70 to 80 legal suits across the country if the moratorium was not granted.

NCLAT stays proceedings against IL&FS, group companies

NCLT had turned down its plea for 90 days moratorium over the loans taken by the IL&FS and its subsidiaries.

15 Oct 2018 12:59 PM

The NDA/BJP government is looking increasingly cornered on every governance paradigm. However, its weakest link is the gross mismanagement of the Indian economy. (Representational image)

BJP’s rule has been bad for the economy

Respected financial analysts are of the view that Rs 57,000 crores out of this Rs 91,000 crores is already a non-performing asset (NPA).

14 Oct 2018 2:07 AM

The newly appointed board of cash-strapped Infrastructure Leasing and Financial Services (IL&FS) in its second meeting on Friday initiated austerity measures for personnel and operating expenses.

IL&FS' new board initiates austerity measures

The firm and its subsidiaries have defaulted on several debt repayments recently due to liquidity crisis.

12 Oct 2018 7:39 PM

The sheer negligence and incompetence of the board of directors had brought the company to ruin. The holding company IL&FS alone has a mountain of debt staring at its face, in the vicinity of Rs 57,000 crores, out of the total group debt.

Untangling knots at IL&FS will be long and arduous

A closed user group (CUG) enjoyed the fruits of a poisoned tree for 30 years as all oversight mechanisms failed to nail the malfeasance.

10 Oct 2018 12:08 AM

State Bank of India (SBI) said on Tuesday it will buy good quality assets worth Rs 45,000 crore from NBFCs that are facing liquidity crunch triggered by a series of debt repayment defaults by financial conglomerate IL&FS and its subsidiaries. (Photo: PTI)

SBI to buy assets worth Rs 45,000 cr from NBFCs to resolve liquidity crisis

The country's largest lender said that it has stepped up target purchase of good quality portfolio of assets from NBFCs.

09 Oct 2018 7:07 PM

Bank of Baroda on Tuesday said it's loan account to debt-laden Infrastructure Leasing and Financing Services (IL&FS) continues to remain standard at present.

IL&FS loan account remains standard, says Bank of Baroda

The state-run lender said it continues to lend to non-banking financial companies and housing finance companies.

09 Oct 2018 7:00 PM

IL&FS was proud to state in its 2017-2018 annual report that it enjoyed the highest credit ratings.

IL&FS: Emerging India’s very own ‘robber baron’

The new management has been quick to reassure investors that the value in IL&FS shares will not be allowed to be eroded.

09 Oct 2018 12:21 AM

The newly constituted board of the beleaguered IL&FS under the chairmanship of Uday Kotak may meet this week again to chalk out the future course of action to resolve the current financial crisis, according to a source.

IL&FS board likely to meet again this week

It will consume time to explore the exact reasons behind the present mess.

07 Oct 2018 2:13 PM

The scrip of IL&FS Engineering and Construction Company touched its upper circuit limit of Rs 25.32, up 10 per cent.

Two IL&FS group cos defy broader market trend; surge up to 10 pc

Shares of IL&FS Investment Managers also witnessed similar trend and jumped by 5 per cent.

05 Oct 2018 1:31 PM

In the past one month, IL&FS and its subsidiaries, with a consolidated debt of over Rs 91,000 crore, have made a series of defaults in terms of repayment of loans, commercial papers and NCDs.

Cong seeks white paper on IL&FS, questions board’s credibility

He also raised questions over reports that the National Highways Authority of India (NHAI) was being roped in to buy out some of IL&FS’ assets.

05 Oct 2018 3:17 AM

Finance Minister Arun Jaitley on Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact. (Photo: PTI)

Govt determined to contain IL&FS crisis to avoid any adverse impact: Jaitley

The government earlier this week superseded the board of IL&FS.

04 Oct 2018 7:10 PM

State-owned Central Bank of India, one of the key shareholders of debt-ridden IL&FS Ltd, is unlikely to participate in the proposed Rs 4,500 crore rights issue of the company, according to sources.

Central Bank of India may not participate in rights issue of IL&FS

Central Bank of India had 7.67 per cent stake in IL&FS at the end of March 2018.

03 Oct 2018 7:53 PM

The argument put forward by the leaders of the BJP and others was that India did not depend on exports for its economic growth, and that the huge domestic market and the consumption it entailed was good enough to keep the economy in shape and the global developments were marginal. (Representational image)

India’s ostrich club and the global recession

The moral of the market economy is that small disasters trigger bigger ones, potentially.

03 Oct 2018 1:31 AM

The IL&FS case raises an important issue regarding its 150-plus subsidiaries as the health of these entities too could be in doubt.

Hopes rise for IL&FS revival

The appointment of a new board of well-known names, including a top banker, raises hopes for the revival of IL&FS.

03 Oct 2018 1:23 AM

The shares of IL&FS Engineering soared 20 per cent while that of IL&FS Transportation and IL&FS Investment Managers surged 19.50 per cent and 10 per cent respectively.

Move gets thumbs up

Markets reacted positively to government’s swift action, according to analysts.

02 Oct 2018 1:55 AM

The new board has been given time till October 8 to meet and elect a new chairman.

Fearing gloom, govt takes over debt-hit IL&FS

This is the third time in less than 10 years that the government has been forced to step in and supersede the board of a listed company in India.

02 Oct 2018 1:37 AM

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Shobhaa De