The corporate affairs ministry proposed the names of Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.
Joint MD of the company Arun K Saha and MD of transportation network K Ramchand were arrested late evening in Mumbai under the Prevention of Money Laundering Act.
The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the Group to its creditors on pro-rata basis. The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms -- IL&FS, IFIN and ITNL. "The interim distribution shall be confined only to the entities as reflected in Annexure-6 except those excluded and for the amount of Rs 16,361 crores i.e Rs 11,296 crore of cash and Rs 5,065 crores of InvIT Units," said an order by a two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan.
A tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms.
Among other major companies, Cox & Kings made a total investment of $39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
The IL&FS deal marks a sharp turnaround from last year when investor interest in public works plummeted.
The auditors -- the local arms of the Big Four global firms Deloitte Haskins & Sells and KPMG which has BSR & Associates as an affiliate here-had challenged the jurisdiction of the NCLT to ban them.
They have also been accused of extending loans for criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.
Infrastructure development firm Maytas Infra on Thursday said it has bagged an order worth Rs 790 crore (Rs 7.9 billion) from IL&FS Transportation Networks Ltd (ITNL) for road construction work.
Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms
The board will first need to unpack IL&FS - it has 169 group companies with 24 direct subsidiaries, 135 indirect subsidiaries, six joint ventures and four associate companies, says Amit Tondon.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
This move was triggered by a whistleblower complaint sent to Sebi against senior management interference in ensuring good ratings specifically in IL&FS and its subsidiaries.
The 14.15 km tunnel will provide all-weather connectivity to Srinagar, Kargil and Leh.
Investor sentiment got a boost following remarks from the Russian President Putin that allayed fears of an imminent military conflict in Ukraine
Over the past one-and-half years, the number of stocks trading below their respective face value has increased 29 per cent after a sharp correction in stocks of small-cap companies.
The use of such robots can not only save lives but can also help road construction companies cut down on labour costs.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
While slow execution and delays in infrastructure projects have led to a payment crisis as recovery of dues is a big challenge, banks are breathing down their necks for loan repayment.
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
With its new hybrid annuity model, the government is confident of getting more funds from India Inc.
The Sensex ended up 380 points at 27,888 and the Nifty advanced 111 points to end five points shy of 8,400.
Inter-ministerial group to meet on Thursday to finalise model concession pact.
'One of the ways to do that is to ensure that NBFCs have got liquidity.' 'If we don't do that, this mood of gloom will continue.' NBFCs need to be provided with liquidity if they have to start lending.
The assumption clearly was that project execution timelines would be adhered to and revenues would flow in as scheduled.
Mumbai Monorail was to be built in two phases - Phase I of 8.93 km and Phase II of 11.20 km. The first phase ran operations for around three years before services were abruptly halted, owing to a fire incident last year. The second phase now stands completed, but is lying closed.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
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