IL&FS
IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL).
IL&FS gets creditors' approval for sale of education business
12 Nov 2019 3:25 PM

The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore.

The independent watchdog for the auditing profession is looking into alleged accounting issues at IL&FS and Infosys, following directives from the government.
Govt starts hiring process for National Financial Reporting Authority
24 Oct 2019 6:59 PM

There have been legal challenges for the NFRA, set up under the Companies Act, 2013.

The proposal, which the regulator said would enable rating agencies to get timely information on possible defaults, was approved by Sebi's board at its meeting in Mumbai on Wednesday.
Sebi for tighter norms for full disclosure on loan defaults with rating agencies
22 Aug 2019 12:26 PM

Officials said there have been occasions when some entities have sought to take the benefit of certain regulatory gaps.

While Deloitte had stopped auditing IL&FS Group, which owes over Rs 95,000 crore to lenders and other financial institutions, by the end of FY2017-18, BSR was the statutory auditor of IL&FS Financial Services (IFIN) and resigned only in June this year-nine months after the company was sent to the bankruptcy court.
NCLAT refuses interim relief to Deloitte, BSR Associates in IL&FS case
20 Aug 2019 7:05 PM

NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter, the bench said.

Addressing the press on the sidelines of the national banking conference being organised by the industry lobby Ficci, RBI governor Shaktikanta Das ruled out ordering an asset quality review of the large NBFCs, says the RBI is not thinking about conducting one for now as it had done for the banks in late 2016 and early 2017.
RBI rules out asset quality review of NBFCs for now
19 Aug 2019 1:15 PM

IL&FS group's failure has made banks highly risk averse to the NBFC sector, leading to a severe liquidity crunch.

IL&FS declined to comment on the findings within the report.
IL&FS may not have disclosed bad loans for years: RBI report
15 Aug 2019 9:40 AM

The Indian government took control of IL&FS late last year after it defaulted on some of its debt.

The partial guarantee would help rework the Asset Liability structure within three months to have positive Asset Liability Management in each bucket for the first three months and on cumulative basis for the remaining period.
Govt issues guidelines for Rs 1-lakh cr partial guarantee scheme for NBFCs
14 Aug 2019 8:57 AM

NBFCs, including HFCs, came under stress following series of defaults by group companies of IL&FS in September last year.

Amid continuing efforts to deal with corporate misdoings and strict actions being initiated against erring entities under the companies law, Corporate Affairs Secretary Injeti Srinivas said there is a lot of introspection happening at the level of boards of companies. (Photo: File)
Enforcement actions have generated 'lot of soul searching' at cos: Srinivas
12 Aug 2019 5:41 PM

In recent times, the ministry has initiated stringent action against various entities, including auditors, in the IL&FS scam, among others.

The proposal is likely to be presented for approval by Sebi's board at its meeting later this month, the officials said.
Sebi mulls tighter norms for full disclosure on loan defaults with rating agencies
06 Aug 2019 6:06 PM

The move is aimed at helping the rating agencies get timely information about the rated entity's financial strength.

I think the credit flow will gather greater momentum very soon, said RBI governor Shaktikanta Das.
Bank lending to non-bank firms set to gather pace: RBI governor
26 Jul 2019 1:32 PM

RBI was closely monitoring top 50 NBFCs, and had a good understanding of cash flows of these firms, said Shaktikanta Das.


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