Auditors Deloitte Haskins & Sells and the KPMG affiliate BSR Associates, who are under fire for their alleged laps in the IL&FS scam, Friday questioned the justification for the corporate affairs ministry’s demand to seek a five-year ban on them.
The Serious Fraud Investigation Office (SFIO), in its probe into IL&FS Financial Services (IFIN), has found that the company fraudulently sanctioned loans to IL&FS group entities to avoid declaring stressed assets, sources told FE.
Global steel giant ArcelorMittal confirmed Wednesday that its Italian arm AMI has raised concerns with the government about the Crescita law decree which removes the existing legal safeguards to operate the facility. The law decree is expected to be ratified into law by June 29.
The investigation by the Serious Fraud Investigation Office (SFIO) into the affairs of IL&FS Financial Services (IFIN), which is the basis on which the ministry of corporate affairs has filed a chargesheet in a Mumbai court against the company management, found that BSR & Associate
Anil Aggarwal’s Vedanta Resources and Sajjan Jindal-led JSW Energy have placed very low bids of about Rs 1 crore per megawatt for an incomplete stressed power project in Odisha, leaving lenders worried over big haircuts for about 15GW of such non-commissioned assets.
Even as investigating agencies probe former top executives of IL&FS Group for alleged irregularities in the business affairs of the company, an internal investigation report of the group reveals an alleged nexus between one of them, Ramesh Bawa, former MD of IL&FS Financial Service (IFIN), and the Ansal Group.
Embattled tycoon Anil Ambani Tuesday vowed to cut debt of his group to “bare” minimum and said more than Rs 35,000 crore of loans have been paid back in the last 14 months and all future payment obligations will be met in a timely manner.
In order to wrap up inactive entities, the IL&FS board will initiate voluntary liquidation of 15 small group companies soon, a senior official with knowledge of the matter said.
The board of IL&FS has extended the deadline for submission of claims to June 20 following an order passed by the National Company Law Appellate Tribunal. The earlier deadline was June 5. In a release on Monday,
Infrastructure company Larsen & Toubro (L&T) Monday said its construction arm has bagged ‘large’ orders across various business segments in the domestic as well as international market.