Corporate fraud investigation body Serious Fraud Investigation Office (SFIO) has asked the Reserve Bank of India (RBI) to undertake an internal investigation to understand why there was the delay in taking required action in the IL&FS fraud case by auditors BSR & Associates LLP and Deloitte
Of the Rs 94,000 crore of the overall debt of Infrastructure Leasing and Financial Services (IL&FS), almost Rs 61,000 crore, which has been put under the red category, is difficult to recover and might turn into non-performing assets.
The government-appointed board of the debt-ridden IL&FS has started the claims management process for 70 group companies as a part of its debt resolution process, the company said in a statement on Tuesday. Grant Thornton will oversee the execution of the process.
IL&FS has initiated a claims management process for its 70 Group entities in an effort to clarify financial liabilities and facilitate the settlement process. In a letter, a copy of which is with BusinessLine, the troubled infrastructure financing company has listed out that it has classified 5 Indian group entities in the “green” category, which means it is ready to be sold off.
Following an NCLAT order, the Reserve Bank of India (RBI) has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS.
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.
Six month after taking charge of the troubled IL&FS, its new board, led by Uday Kotak, Kotak Mahindra Bank MD, on Wednesday said despite launching a number of resolution processes, it continues to face tough challenges since there are layers of business verticals across geographies with multiple stakeholders.
The Serious Fraud Investigation Office (SFIO) on Monday arrested former IL&FS chairman Hari Sankaran in connection with the ongoing investigations into the financial affairs of the company and its group entities. He has been sent into SFIO custody till April 04.
The National Company Law Appellate Tribunal (NCLAT) Friday asked the newly-appointed board of debt-ridden IL&FS to submit details of the group’s dues. A two-member bench headed by Chairman Justice S J Mukhopadhaya
The Reserve Bank on Tuesday moved the NCLAT seeking modification of its order that restrained banks from declaring accounts of IL&FS and its group companies as NPAs even as the tribunal asked the banking regulator not to make it a “prestige issue”.