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.
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.
The ministry informed the tribunal that former head of ILFS Financial Services Ramesh Chandra Bawa withdrew/transferred Rs 1 crore and Rs 14 lakh from Axis Bank accounts in two instances which are in violation of the December 3, 2018 order of the tribunal which had frozen these accounts.
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.
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
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 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.
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
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 ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
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.
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 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.
With eight of the nine apparel parks failing to take off, the government proposes to review the scheme and come out with a new one by March end.
The current episode highlights the structural vulnerabilities in the liquidity management practices of Indian NBFIs
PSB executives said loans to group holding company IL&FS and entities might still be treated as "standard".
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.
Punjab National Bank joined hands with the Infrastructure Leasing and Financial Services for setting up a private equity fund for investing in domestic companies mainly in telecom, oil and gas, ports, water supply and surface transport segments.
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 Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
One fear among regulators is that allowing side pocketing could lead to fund managers taking higher risks. Even in the US, side pocketing is not allowed in mutual funds, only in hedge funds
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"
Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms
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.
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.
Japan's Orix Corporation, which was in talks with Reliance Industries (RIL) to sell its 23.87 per cent stake in Infrastructure Leasing and Finance Company (IL&FS), has bowled a googly.
Life Insurance Corporation of India, Housing Development Finance Corporation and State Bank of India together own a little over 45 per cent in IL&FS. The deal is expected to be valued around $2.5 billion.
JV formed for Saudi infra projects, focus on contracts from other countries as well.
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.
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.
India's largest private equity fund management company IL&FS Investment Managers Ltd said on Tuesday it will invest $100 million in QVC Realty making it the first venture capital-backed real estate start-up in the country.
Continuing the efforts to strengthen its presence in telecom JV with Hutchison, Ruias' Essar Group is considering buying Max Telecom and IL&FS's 3.16 per cent stake in the Hutch-Essar joint venture.
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.
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.
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