The board of Infrastructure Leasing & Financial Services Ltd (IL&FS) has redesignated Vineet Nayyar as its executive vice-chairman and appointed CS Rajan as managing director, six months after the new board was appointed by the government under an order from the National Company Law Tribunal
The government Monday filed an application with the National Company Law Tribunal (NCLT) here, seeking immunity for the newly appointed directors of the subsidiaries of the crippled IL&FS group from any future adverse outcomes.
In a damning report, Grant Thornton has highlighted how IL&FS’ committee of directors facilitated round-tripping and ever-greening of loans and also provided credit to stressed companies despite their financial problems being published in the media.
Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm.
No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets (NPAs) without NCLAT’s permission, the appellate tribunal said Monday.
The crisis in the debt-ridden Infrastructure Leasing and Financial Services (IL&FS) is set to be addressed by undertaking asset-level sale process first before putting in place a plan for a single group-level or vertical-level resolution, sources said.
Pension funds and provident fund trusts, which collectively have invested ‘thousands of crores in bonds issued by IL&FS group, have filed intervening petitions in the National Company Law Appellate Tribunal
The National Company Law Appellate Tribunal (NCLAT) on Monday allowed 22 companies of crisis-hit IL&FS group, which were classified in green category based on their financial health, to service their debt obligations.
The Central Provident Fund Commissioner (CPFC) has stepped in to protect thousands of middle-class salaried people, who run the risk of losing crores invested in IL&FS group companies through standalone trustees.
A report highlighting fraudulent and irresponsible conduct by the top executive of IL&FS has claimed they used the Employee Welfare Trust (EWT) for personal gains at the cost of the company by carrying forward amendments