In three separate but similarly-worded orders, Sebi said the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of the rating agencies.
Al-Nassr ensured all three Saudi Pro League teams reached the Asian Champions League Elite semi-finals as Stefano Pioli's side handed Yokohama F Marinos a 4-1 defeat on Saturday.
Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts.
India likely to play on fresh pitches
What ex-IL&FS top brass got for loans? Foreign trips, private jets and chopper rides.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
The entire construction of the Navi Mumbai airport project is expected to be completed in five phases.
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.
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.
Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has sold the entire stake in the waste management arm IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), an arm of the PE major Everstone Group, the companies said in separate statements. Though the value of the deal was not specifically disclosed, the crippled IL&FS -- which is under bankruptcy proceedings in NCLT -- said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses. IL&FS Environmental Infrastructure & Services (IEISL) is one of the leading integrated waste management companies that is into municipal solid waste management apart from presence across various segments including construction and demolition, collection and transportation and waste to energy and currently manages over 8,400 tonnes per day solid municipal waste.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
Alvarez & Marsal will develop a detailed restructuring plan for the group to demonstrate to shareholders and lenders that it was self-sufficient in repaying its liabilities. So far, the IL&FS management had been working on its revival plan.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
It is the first airport in the country to have multi-modal connectivity. This includes a linkage to the project via road, rail, and a metro system.
Airlines must ensure that all check-in counters at the Delhi airport are fully staffed to minimise passenger inconvenience as smog has started affecting the flight operations, Aviation Minister Rammohan Naidu directed on Wednesday. The minister gave this direction during a meeting with representatives of major airlines, Delhi International Airport Limited (DIAL), officials of the Ministry of Civil Aviation, Directorate General of Civil Aviation (DGCA) and the Bureau of Civil Aviation Security (BCAS).
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.
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.
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.
Under the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial positions.
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.
Glimpses from the Indian Air Force participation in the multinational Red Flag 24 exercise at the US air force's Eielson base in Alaska.
Even erstwhile independent directors were being paid substantial remuneration including commission. The median annual salary of IL&FS employees was Rs 13.1 lakh.
The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
Modi also met the construction workers who worked meticulously amid harsh conditions to complete the tunnel.
PV Sindhu still has the hunger to succeed, and the primary aim is to help her regain consistency, says her new coach Anup Sridhar, who has been roped in by the two-time Olympic medallist on a trial basis following the Paris Games.
Since the IPKF's withdrawal from Sri Lanka in March 1990, the LTTE's once-powerful influence in Tamil Nadu has faded.
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
The first tranche was raised a few weeks ago and the company was looking to raise more if needed.
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.
Metropolitan Stock Exchange of India (MSE) plans to raise Rs 120 crore from investors in an attempt to stay afloat. The beleaguered exchange's board has approved issuance of 1.19 billion equity shares of face value Rs 1 at a premium of Rs 1 through private placements, according to a disclosure on its website.
About 24 fund houses saw a decline in their debt AUMs in the past one year.
PSB executives said loans to group holding company IL&FS and entities might still be treated as "standard".
But it does not mention its views on the government demand to ban these two auditors for five years from business.
She looked like the prettiest princess of them all.
The IL&FS group has a complicated structure, with the holding company owning stakes in its financial services arm as well as the subsidiaries that operate its infrastructure assets.
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms
The NCLAT said the RBI cannot restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS
The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR as respondents as they were the signatories of the audit reports of the company.
