ILFS MESS


Sucheta Dalal Sucheta Dalal 08 November 2018
Umesh Baveja, founder-chairman of RAHI (Regional Aviation Holdings International), will never forget his milestone 50th birthday. Life, as he knew it ended that day, as he lay on the floor at Arthur Road jail (Mumbai), among rows of under-trials with space of less than 3x7 feet per person....

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Debashis Basu Debashis Basu 05 November 2018
The prominent corporate headquarters of Infrastructure Leasing & Financial Services (IL&FS), one of the earliest to come up in the bustling financial district of Bandra-Kurla in Mumbai, is on the block. Selling its headquarters is one of minor options for cash-strapped IL&FS , which has a...

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Moneylife Digital Team 01 November 2018
GN Bajpai, the member on the newly appointed board at Infrastructure Leasing & Financial Services Ltd (IL&FS) has resigned from the board with immediate effect due to personal reasons, say reports. Mr Bajpai was former chairman of SEBI.   Mr Bajpai was one of the seven directors...

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Moneylife Digital Team 31 October 2018
The new board at Infrastructure Leasing & Financial Services Ltd (IL&FS), headed by banker Uday Kotak has so far found erosion of significant amount of money among the group companies through "adoption of circuitous transactions to circumvent regulatory prescriptions".   While...

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Moneylife Digital Team 31 October 2018
The new board of directors of Infrastructure Leasing & Financial Services (IL&FS) Ltd, headed by Uday Kotak has submitted resolution options to the National Company Law Tribunal (NCLT) at Mumbai. These include significant capital infusion, divestments, and debt restructurings at IL&FS at...

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Sucheta Dalal Sucheta Dalal 31 October 2018
On 24 August 2018, at the board meeting of New Tirupur Area Development Corp Ltd (NTADCL), a director played an audio-clip of a threat he had received. The threat, issued at the audit committee meeting on 25 May 2018 came from S Bhat, a nominee director of the failed Infrastructure Leasing &...

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Moneylife Digital Team 30 October 2018
Life Insurance Corporation of India (LIC) increased its investment in Infrastructure Leasing and Financial Services Ltd (IL&FS) way beyond the stipulated 15% without seeking any permission or approval from the Insurance Regulatory and Development Authority (IRDAI). In fact, LIC completely...

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Moneylife Digital Team 25 October 2018
UPDATED on 29 November 2018, to include clarification from Vistra ITCL, which, in 2016 took over IL&FS Trust Co Ltd   Every passing day, there is some new revelations coming out from the mess of Infrastructure Leasing and Financial Services (IL&FS) and its 348 group companies. IL&FS...

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Sucheta Dalal Sucheta Dalal 16 October 2018
As recently as in July 2018, through a disclosure to the stock exchanges, IL&FS Employee Welfare Trust (EWT) brazenly ripped off the beleaguered parent organisation—Infrastructure Leasing and Financial Services (IL&FS). The scam was fully disclosed in an announcement to the stock exchanges on...

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Moneylife Digital Team 15 October 2018
Midas Touch Investors' Association (Midas Touch), a well-known investor organisation, has requested Arun Jaitley, Minister of Finance, for detailed investigation in the Infrastructure Leasing and Financial Services (IL&FS) mess by Central Bureau of Investigation (CBI).   According to...

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Moneylife Digital Team 15 October 2018
The National Company Law Appellate Tribunal (NCLAT) on Monday stayed all proceedings against Infrastructure Leasing and Financial Services (IL&FS) and its 348 group companies till further order.   The order came over an urgent petition moved by the Ministry of Corporate Affairs after...

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Moneylife Digital Team 12 October 2018
The new board of Infrastructure Leasing & Financial Services (IL&FS) headed by Uday Kotak has started replacing nominee directors on various subsidiaries of the conglomerate   In a statement, IL&FS says, "...the board approved formation of a core operating committee under Vineet...

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Sucheta Dalal Sucheta Dalal 12 October 2018
UPDATED on 15 October 2018 at 6.50pm to add more information from REDD Intelligence   While all eyes are on the tottering behemoth Infrastructure Leasing & Financial Services (IL&FS) and its hundreds of hydra-headed subsidiaries, more and more details are coming out of the ingenious...

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Moneylife Digital Team 11 October 2018
The risk of a counterparty's failure causing jump-to-default in Indian asset-backed security (ABS) transactions has been highlighted by the recent default of Infrastructure Leasing and Financial Services (IL&FS), a large Indian non-bank financial institution (NBFI), says a ratings...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 08 October 2018
Dr DC Anjaria, independent director and former audit committee chairman of Gujarat International Finance Tec-City—GIFT City, had filed a fresh civil application demanding investigation of GIFT-City by Serious Fraud Investigation Office (SFIO), as has been ordered by the NCLT (National...

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Sucheta Dalal Sucheta Dalal  and   Yogesh Sapkale Yogesh Sapkale 05 October 2018
The government has got the Serious Frauds Investigation Office (SFIO) to take charge of IL&FS’s servers in Mumbai and has started an audit. Unfortunately, the SFIO is a lame duck, with most of its investigations and findings unceremoniously buried by the Ministry of Corporate Affairs (MCA)....

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Moneylife Digital Team 05 October 2018
While responding to Rahul Gandhi’s allegations that more and more financial scams are coming out under the watch of the current regime, finance minister Arun Jaitley claimed that the problem of Infrastructure Leasing & Financial Services (IL&FS) is a creation of the Congress...

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Sucheta Dalal Sucheta Dalal 04 October 2018
Jolted by the massive systemic risk that the defaults of Infrastructure Leasing & Financial Services (IL&FS) can create, a sleeping government has, finally, sacked a part of the board of directors of IL&FS on 1st October and injected seven new directors. It has also ordered an investigation...

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Clinton Fernandes 04 October 2018
Many debt schemes, especially those considered very safe for investing, were affected heavily after IL&FS defaulted last month. The loss in net asset value (NAV) of debt schemes exposed to debt papers of IL&FS was sharp, more than 8% in some cases.   Due to such heavy losses,...

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Moneylife Digital Team 03 October 2018
The Infrastructure Leasing & Financial Services Ltd (IL&FS) group, which has defaulted on several short-term obligations, raising a scare of contagion across the financial and real economy, may force its lenders to write off Rs30,000 crore of their loans, according to numbers crunched by REDD...

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