Based on internal evaluation and legal opinion, the management was of the opinion that the company has the ability to ultimately recover the aforesaid ICDs
Given that there are hundreds of players in the shadow banking space, it's hard to make a credible estimate of potential NPAs. That creates more scope for panic, says Devangshu Datta.
Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?
The general nervousness because of the IL&FS default will prevail in the system for now.
China, North Korea's closest ally on Monday expressed shock over the death of its dictator Kim Jong Il as Beijing braced to back his youngest son, Kim Jong Un as the next leader.
With this India has become only the sixth air force in the world to have such a force multiplier.
Japan's march to the 2026 World Cup continued on Tuesday as Hajime Moriyasu's side handed China a 3-1 defeat in Xiamen while Iran eked out a late 3-2 win over Kyrgyzstan and South Korea were held to a 1-1 draw by Palestine.
HSBC has acquired the stake from E*Trade Mauritius ( 43.85 per cent) and an additional 29.36 per cent stake from IL&FS. In addition, HSBC has paid a non- compete fee of Rs 82.45 crore ($19.4 million) for a three-year period to IL&FS.
Arai En 305-il Kadavul, by Simbhudevan, is a riot of comedy, but doesn't fail to jerk a tear or two. Go for it.
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
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.
Earlier in the day, an IndiGo A320 passenger aircraft landed successfully at 1.32 pm at runway 08/26 of the under-construction Navi Mumbai International Airport, paving the way for the Navi Mumbai International Airport Ltd (NMIAL) to seek an aerodrome licence from the aviation safety regulator Directorate General of Civil Aviation (DGCA) to start commercial flight services.
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
The Company Law Board (CLB) on Thursday allowed infrastructure finance company IL&FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju.
Two-time Olympic medallist PV Sindhu overcame a sluggish start to defeat world number seven Han Yue of China in a thrilling contest, progressing to the quarterfinals of the Denmark Open Super 750 badminton tournament on Thursday.
Indications of this came when Kim Jong Il skipped the parade commemorating the 60th anniversary of the foundation of North Korea on September 9. However, North Korean officials were quick to dismiss speculations about Kim Jong's health as baseless rumours spread by the West.
PV Sindhu cruised into the women's singles final with a dominating straight-game win over fellow Indian Unnati Hooda in the semis.
IL&FS Mutual Fund is eyeing acquisitions and plans to launch six more schemes to increase its assets under management to over Rs 3,000 crore (Rs 30 billion) by the end of this fiscal.
The new board will have to provide the NCLT a road map for turning around the company by October 31, which, Kotak said, is challenging, given that the company's issues represent a "moving target"
Perhaps the way forward could be the introduction of uniform rating standards - on the lines of accounting standards for the accounting profession - with a separate regulating authority for enforcing those standards, says Sudipto Dey.
Declining to be identified, sources said the company, which is the third largest transmission company in the country, did not find the expertise provided by IL&FS to the consultancy business up to the mark and accordingly, decided to end the JV.
Infrastructure major IL&FS has replaced the B Ramalinga Raju family as promoters of crisis-hit Maytas Infra and will pump in Rs 55 crore (Rs 55 million) to revive the company.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Days before B Ramalinga Raju admitted to fraud, a handful of financial services companies, including DSP Merrill Lynch, IL&FS Financial Services and Deutsche Bank's non-banking finance company, sold Satyam Computer Services shares pledged with them.
PV Sindhu says if she remains injury-free and in peak physical condition, she will aim for a third medal.
Disputing circumstances of North Korean leader Kim Jong-il's death, South Korean intelligence has said that the leader did not travel by train the day he died.
The financial services sector, including NBFCs and housing finance companies (HFCs), have historically been the largest borrowers from MFs.
Vladimir Putin -- who only travels to countries (like China, North Korea) where he cannot be arrested and extradited to The Hague to face the International Court of Justice -- embraces Kim Jong Un on his arrival in Pyongyang early on Wednesday, June 19, 2024.
IL&FS Financial Services has acquired 14.5 per cent stake in Maytas Infra, promoted by former Satyam chairman B Ramalinga Raju's kin, through invocation of pledge and off-market transactions.
In the case of Satyam Computer Services, L&T had acquired 8 per cent stake after the company's founder B Ramalinga Raju admitted to fraud, and had demanded representation on the company's board. The plea, however, did not find support. The promoters of Maytas had pledged shares with the two institutions and Sicom to raise funds.
Though President Barack Obama is yet to voice America's approach to the new North Korean "Respected Comrade", top United States lawmakers have wished his father, the late Kim Jong Il, "a warm corner in hell", alongside the likes of Muammar Gaddafi, Osama bin Laden, Hitler and Stalin.
IL&FS, which has a mandate to sponsor, develop and commercialise infrastructure projects and provide value-added financial services, will seek to provide a wide range of investment banking services to cater to the needs of Indian and international customers in Middle East and African markets.
North Korean leader Kim Jong-il has died at the age of 69, state-run television has announced. Kim, who has led the communist nation since the death of his father in 1994, died on a train while visiting an area outside the capital, the BBC reports.
Financial services company IL&FS Investsmart Ltd has fixed a price band of Rs 110 to Rs 125 for equity shares of Rs 10 each for its initial public offering.
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Keki Mistry, bottom, left, vice-chairman, Housing Development Finance Corporation (HDFC), tells Joydeep Ghosh that debt fund investors could become risk-averse, leading to problems for other non-banking financial companies.
