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.
We look at strong companies. We tell them to conserve liquidity and conserve cash so that they can survive this period of downturn and come out stronger, says Shahzaad Dalal.
The Mangalore Special Economic Zone Limited (MSEZL) is facing stiff opposition from the landholders who are resisting acquisition of their lands.
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 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 ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
Kolkata tops the list with 617 cancellations, New Delhi stands second with 203, followed by Mumbai at 190.
Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms
'The effect will be seen two-three quarters down the line.'
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
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.
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
'Most importantly, marking a departure from the past, the RBI has made it clear that it is not overtly worried about the level of the local currency,' notes Tamal Bandyopadhyay.
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
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.
'Clearly, the depositors of cooperative banks need the maximum protection.'
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
Take a call to stay put or opt our based on whether you think the company will be able to find a strategic investor, suggests Sanjay Kumar Singh.
'Why are FMPs used as a vehicle for promoter funding against listed shares?' asks Debashis Basu.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
A glance back at some of the important ups and down Indian Inc faced in 2018.
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