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Last month, the debt laden IL&FS Group had said it was able to address debt of just around Rs 1,460 crore in the second quarter of 2020-21 as against an earlier estimate of around Rs 8,800 crore during the period(Twitter)

IL&FS subsidiary IFIN to sell external corporate loan book of Rs 5000 cr

By Press Trust of India | Posted by Ayshee Bhaduri | Mumbai
PUBLISHED ON NOV 19, 2020 07:46 PM IST
According to the annual report of IFIN for 2018-19, it had a net loss of Rs 13,272 crore as compared to a net profit of Rs 9.5 crore in 2017-18.
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File photo: Bombay High Court.(Girish Srivastava/HT)
File photo: Bombay High Court.(Girish Srivastava/HT)

HC rejects firm’s petition against IFIN’s decision to declare Rs 100 crore loan as NPA

By Kanchan Chaudhari | Edited by Sparshita Saxena | Hindustan Times, Mumbai
UPDATED ON OCT 31, 2020 02:03 PM IST
The bench comprising Justice Nitin Jamdar and Justice Milind Jadhav refused to believe in Wavell’s claim that it was a victim of the loan scam at IL&FS group.
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Bombay High Court.(Girish Srivastava)
Bombay High Court.(Girish Srivastava)

Bombay HC refuses bail to former IL&FS executive Ramchand Karunakaran

By Kanchan Chaudhari | Edited by Sparshita Saxena | Hindustan Times, Mumbai
UPDATED ON OCT 30, 2020 12:10 PM IST
Karunakaran was arrested by the ED on June 19, 2019, in connection with the proceedings under provisions of the Prevention of Money Laundering Act, 2002.
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On June 7, the Rapid Metro had served a termination notice to the Haryana government, citing inability to operate the service beyond September 8 due to lack of funds.
On June 7, the Rapid Metro had served a termination notice to the Haryana government, citing inability to operate the service beyond September 8 due to lack of funds.

IL&FS to operate Gurugram Rapid Metro till Sept 17, arbitration on cards

By Prayag Arora-Desai | Gurugram, Gurugram
UPDATED ON SEP 09, 2019 11:24 PM IST
Meanwhile, the Rapid Metro and Haryana government are expected to continue negotiations regarding transfer of assets, operation and maintenance of the service.
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The Enforcement Directorate (ED) on Thursday questioned senior Maharashtra Navnirman Sena (MNS) leader Nitin Sardesai in connection with their ongoing investigation in the Infrastructure Leasing and Financial Services Ltd (IL&FS) money laundering case.(Hindustan Times)
The Enforcement Directorate (ED) on Thursday questioned senior Maharashtra Navnirman Sena (MNS) leader Nitin Sardesai in connection with their ongoing investigation in the Infrastructure Leasing and Financial Services Ltd (IL&FS) money laundering case.(Hindustan Times)

IL&FS case: MNS leader quizzed by ED for over 6 hours

By Pratik Salunkhe, Mumbai
UPDATED ON SEP 06, 2019 12:00 AM IST
This is the first time Sardesai appeared before the agency for questioning after he was summoned. During his exit from the ED office, Sardesai refused to comment on the matter.
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(Mint file photo)
(Mint file photo)

NCLT allows IL&FS to sell 7 wind assets to Orix for Rs 4,800 crore

By Shayan Ghosh | livemint, Mumbai
UPDATED ON AUG 29, 2019 02:43 PM IST
Orix Corporation is an equity partner in the group and owns 49% stake in each of these seven operating wind power plants. The seven wind power SPVs include Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja Indiae, Tadas Wind Energy and Kaze Energy.
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MNS chief Raj Thackeray coming out of ED office at Ballard Estate in Mumbai, after being questioned in the IL&FS case, on Thursday, Aug. 22, 2019.(Vijayanand Gupta / HT Photo)
MNS chief Raj Thackeray coming out of ED office at Ballard Estate in Mumbai, after being questioned in the IL&FS case, on Thursday, Aug. 22, 2019.(Vijayanand Gupta / HT Photo)

‘Won’t stop speaking against government’: Raj Thackeray on questioning by ED in IL&FS case

By Naresh Kamath and Pratik Salunke | Hindustan Times, Mumbai
UPDATED ON AUG 23, 2019 09:15 AM IST
Maharashtra Navnirman Sena chief Raj Thackeray remains defiant despite being grilled by ED for 8 hours in connection with the IL&FS money laundering case; says they can quiz him as much as they want.
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Raj Thackery , on Thursday appeared before the Enforcement Directorate in connection with the probe into the Infrastructure Leasing & Financial Services.(Pratik Chorge/HT PHOTO)
Raj Thackery , on Thursday appeared before the Enforcement Directorate in connection with the probe into the Infrastructure Leasing & Financial Services.(Pratik Chorge/HT PHOTO)

The IL&FS case and the Raj Thackeray link, a timeline

By HT Correspondent | Hindustan Times,New Delhi
UPDATED ON AUG 22, 2019 01:22 PM IST
The MNS leader Raj Thackery reached the ED office around 11.30 am, accompanied by wife Sharmila, son Amit and daughter in law Mitali. After Raj entered the office alone, his family members camped at a nearby hotel.
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Maharashtra Navnirman Sena (MNS) chief Raj Thackeray arrives at the ED office on Thursday.(HT PHOTO.)
Maharashtra Navnirman Sena (MNS) chief Raj Thackeray arrives at the ED office on Thursday.(HT PHOTO.)

Raj Thackeray questioned at ED’s Mumbai office for probe into IL&FS case

By Pratik Salunke | Hindustan Times, Mumbai
UPDATED ON JUN 19, 2020 02:41 AM IST
In response to an ED notice, Maharashtra Navnirman Sena chief Raj Thackeray reached the ED’s office in South Mumbai where he is being questioned in the IL&FS case.
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Maharashtra Navnirman Sena (MNS) chief Raj Thackeray arrives at the ED office on Thursday.(HT PHOTO.)
Maharashtra Navnirman Sena (MNS) chief Raj Thackeray arrives at the ED office on Thursday.(HT PHOTO.)

Raj Thackeray reaches ED office for questioning in IL&FS case

By Naresh Kamath | Hindustan Times, Mumbai
UPDATED ON AUG 23, 2019 07:02 AM IST
In response to ED notice, Maharashtra Navnirman Sena chief Raj Thackeray arrived at the ED’s office in South Mumbai for questioning in the IL&FS case.
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ED sources stated they are scanning the details of the deals to check if there was any fund diversion – where the money is used for purposes other than for which it is given.(HT image)
ED sources stated they are scanning the details of the deals to check if there was any fund diversion – where the money is used for purposes other than for which it is given.(HT image)

ED quizzes Rajan Shirodkar, Unmesh Joshi

By Pratik Salunke | MUMBAI
UPDATED ON AUG 21, 2019 03:58 AM IST
IL&FS gave loans and made equity investments worth 860 crore in Kohinoor CTNL, a firm started by Joshi, Shirodkar and Thackeray in 2005.
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The Enforcement Directorate (ED) has summoned Maharashtra Navnirman Sena (MNS) chief Raj Thackeray for questioning on August 22 regarding the ongoing investigation on Infrastructure Leasing & Financial Services (IL&FS) group.(IANS Photo)
The Enforcement Directorate (ED) has summoned Maharashtra Navnirman Sena (MNS) chief Raj Thackeray for questioning on August 22 regarding the ongoing investigation on Infrastructure Leasing & Financial Services (IL&FS) group.(IANS Photo)

IL&FS case: Raj Thackeray to be quizzed on Aug 22

By Pratik Salunke | Hindustan Times, Mumbai
UPDATED ON AUG 20, 2019 10:37 AM IST
The IL&FS group has dues amounting to around 91,000 crore and was taken over by the Indian government late last year after it defaulted on some of its debt.
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The ED, which is probing the money laundering case involving IL&FS, filed a charge sheet on Friday.(REUTERS photo)
The ED, which is probing the money laundering case involving IL&FS, filed a charge sheet on Friday.(REUTERS photo)

IL&FS case: ED charge sheet says panel of directors failed to discharge duties in Mumbai

By Pratik Salunke | Mumbai, Mumbai
UPDATED ON AUG 18, 2019 03:11 PM IST
ED on Friday said the actions taken by a committee of directors (CoDs) of Infrastructure Leasing & Financial Services (IL&FS) were merely a sham and disguised.
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The finance ministry objected to the proposal, citing investments in the troubled IL&FS group companies as one of the factors.((Mint file photo))
The finance ministry objected to the proposal, citing investments in the troubled IL&FS group companies as one of the factors.((Mint file photo))

Citing IL&FS, govt seeks rethink of EPF rate hike

By Rajeev Jayaswal | New Delhi
UPDATED ON JUN 20, 2019 08:27 AM IST
The EPF interest rate was at a five-year low of 8.55% in the 2017-18 fiscal, and the 8.65% proposal, made in the run-up to the general elections in February, would have benefited the roughly 45 million subscribers to the retirement savings accoun
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Former director of IL&FS Hari Sankaran(Mint / File Photo)
Former director of IL&FS Hari Sankaran(Mint / File Photo)

Former director of IL&FS remanded in judicial custody for a fortnight

By HT Correspondent | Mumbai
PUBLISHED ON APR 05, 2019 10:21 AM IST
Hari Sankaran, who was arrested on Monday as part of the investigation into the affairs of IL&FS and its subsidiaries, including IL&FS Financial Services Limited (IFIN), has been remanded in judicial custody for 14 days.
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3 IL&FS officials have been taken into custody over unpaid wages issue. (Representational Image)(HT File Photo)
3 IL&FS officials have been taken into custody over unpaid wages issue. (Representational Image)(HT File Photo)

3 IL&FS officials taken into custody over unpaid wages issue

By Press Trust of India | Mumbai
UPDATED ON DEC 05, 2018 10:09 AM IST
IL&FS arm ITNL through its wholly owned subsidiary, Elsamex SA, has been executing road projects across three sites in Ethiopia. IL&FS has defaulted on paying both taxes and local employee pensions for nine months.
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IL&FS Group and its various subsidiaries, including ITNL, are facing liquidity crisis and have defaulted on various debt payments. As of October 8, 2018, the total debt of the group stood at Rs 94,215.6 crore.(Reuters)
IL&FS Group and its various subsidiaries, including ITNL, are facing liquidity crisis and have defaulted on various debt payments. As of October 8, 2018, the total debt of the group stood at Rs 94,215.6 crore.(Reuters)

Ethiopian police take three IL&FS employees in custody over unpaid wages, five still in captivity of staff

By Press Trust of India | Mumbai
UPDATED ON DEC 04, 2018 07:59 PM IST
Even as five IL&FS employees continue to remain in captivity of unpaid staff in Ethiopia, the local police have taken into custody three Indian officials of the infrastructure company over non-payment of taxes and workers’ salaries, a source said.
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The employees said police and officials are taking the side of locals against the expatriate staff and that they were caught in the “middle of corporate disagreements, blame games and bureaucratic issues.”(Reuters File Photo)
The employees said police and officials are taking the side of locals against the expatriate staff and that they were caught in the “middle of corporate disagreements, blame games and bureaucratic issues.”(Reuters File Photo)

7 employees of IL&FS India detained in Ethiopia since Nov 25 by unpaid local staff: Report

By Nizar Manek and Iain Marlow | Bloomberg, New Delhi/Nigeria
UPDATED ON NOV 30, 2018 11:32 AM IST
Seven Indian workers from infrastructure financing firm IL&FS have been detained since Nov. 25 at three sites in Ethiopia’s Oromia and Amhara states by unpaid local staff, according to an emailed letter from the employees.
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If IL&FS fails to pay the interest amount of Rs 25 crore due to the bank, it will be classified as an NPA account as per the RBI guidelines(HT File Photo)
If IL&FS fails to pay the interest amount of Rs 25 crore due to the bank, it will be classified as an NPA account as per the RBI guidelines(HT File Photo)

IL&FS crisis: IndusInd Bank moves to NCLAT to recover Rs 25 crore interest

By Press Trust of India | Press Trust of India
UPDATED ON NOV 07, 2018 12:01 AM IST
The appellate tribunal has directed to list the matter on November 13, when it would hear the main matter. Last month, the government superseded the board of IL&FS to protect the interest of investors.
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The Serious Fraud Investigation Office this month started an investigation into IL&FS.(File Photo)
The Serious Fraud Investigation Office this month started an investigation into IL&FS.(File Photo)

India considers option of selling debt-ridden lender

By Shruti Srivastava | Bloomberg, New Delhi
PUBLISHED ON OCT 30, 2018 04:31 PM IST
India is examining options including an outright sale of Infrastructure Leasing & Financial Services Ltd., a person with knowledge of the matter said, as the government tries to stem defaults at the lender with $12.6 billion of debt.
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The government-appointed board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) board will update the National Company Law Tribunal (NCLT) on 31 October about the revival plan, after which it will seek consent from lenders and shareholders.(Mint Photo)
The government-appointed board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) board will update the National Company Law Tribunal (NCLT) on 31 October about the revival plan, after which it will seek consent from lenders and shareholders.(Mint Photo)

IL&FS board to invite bid for assets by December

By Gireesh Chandra Prasad | Hindustan Times
PUBLISHED ON OCT 25, 2018 11:15 PM IST
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A two-member bench of the NCLAT on October 15, 2018, stayed all proceedings against IL&FS and other group companies till further order on an urgent petition moved by the ministry of corporate affairs.(Reuters File)
A two-member bench of the NCLAT on October 15, 2018, stayed all proceedings against IL&FS and other group companies till further order on an urgent petition moved by the ministry of corporate affairs.(Reuters File)

NCLAT stays proceedings against IL&FS, group companies till further order

By Press Trust of India | New Delhi
PUBLISHED ON OCT 15, 2018 02:19 PM IST
The NCLAT order came on an urgent petition moved by the ministry of corporate affairs after the Mumbai bench of NCLT had turned down its plea for 90 days moratorium over the loans taken by the IL&FS and its subsidiaries.
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IL&FS had accumulated a whopping $12.6 billion debt burden after a string of defaults, prompting the Centre to move quickly, amid a rapid fall in the sector’s stock prices, to take control of the infrastructure lending giant.(Reuters)
IL&FS had accumulated a whopping $12.6 billion debt burden after a string of defaults, prompting the Centre to move quickly, amid a rapid fall in the sector’s stock prices, to take control of the infrastructure lending giant.(Reuters)

House panel to find out why infra giant IL&FS collapsed

By Saubhadra Chatterji | Hindustan Times, New Delhi
PUBLISHED ON OCT 12, 2018 11:04 PM IST
Parliament’s standing committee on finance will review the IL&FS case that triggered widespread panic in the Indian stock markets after it defaulted on payments.
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Prime Minister Narendra Modi and Finance Minister Arun Jaitley.(PTI FILE PHOTO)
Prime Minister Narendra Modi and Finance Minister Arun Jaitley.(PTI FILE PHOTO)

IL&FS crisis: How the Modi government surprised everyone with takeover

By Saloni Shukla, Vrishti Beniwal & P R Sanjai | Bloomberg, New Delhi/Mumbai
UPDATED ON OCT 04, 2018 05:14 PM IST
Prime Minister Narendra Modi’s government also unveiled an investigation into IL&FS’s management by the Serious Fraud Investigation Office.
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Finance minister Arun Jaitley asked Rahul Gandhi to read a letter written by senior Congress leader KV Thomas on September 20, 2018, who suggested to the government to “support IL&FS”.(AP/File Photo)
Finance minister Arun Jaitley asked Rahul Gandhi to read a letter written by senior Congress leader KV Thomas on September 20, 2018, who suggested to the government to “support IL&FS”.(AP/File Photo)

National saboteur: Jaitley blogs comeback to Congress on IL&FS debt crisis

By Press Trust of India | New Delhi
PUBLISHED ON OCT 01, 2018 10:41 PM IST
Finance minister Arun Jaitley on Monday accused the Congress of trying to spread misinformation about the developments in debt-ridden IL&FS.
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PF6997 New development in Bandra Kurla Complex area, Mumbai, Maharashtra, India.(Alamy Stock Photo)
PF6997 New development in Bandra Kurla Complex area, Mumbai, Maharashtra, India.(Alamy Stock Photo)

Govt takes over indebted lender IL&FS in surprise move

By Saloni Shukla | Bloomberg
UPDATED ON OCT 01, 2018 06:27 PM IST
he dramatic move, which unfolded within the span of a hectic day in Mumbai, underscores the government’s concern about IL&FS’s defaults spreading to other lenders in the world’s fastest-growing major economy.
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Rescuing IL&FS group, which has total debt of $12.6 billion is vital for authorities to stem the risk of default spreading to other lenders.(Alamy Stock Photo)
Rescuing IL&FS group, which has total debt of $12.6 billion is vital for authorities to stem the risk of default spreading to other lenders.(Alamy Stock Photo)

Centre moves to sack board of indebted financier IL&FS, seeks court’s nod

By Bloomberg
UPDATED ON OCT 01, 2018 02:22 PM IST
The government told the National Company Law Tribunal that it wants to take control of IL&FS by “sunset” and appoint 10 directors on a board it constitutes
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