Orix corporation of Japan has completed the acquisition of additional 51% stake in seven IL&FS assets, thereby now owning 100 per cent in these assets, held by IL&FS Wind Energy Limited.
FIRST SET OF COMPANIES SOLD BY THE NEW BOARD The IL&FS Group has completed the sale process of its 51% stake, held through IL&FS Wind Energy Limited (IWEL) in 7 operating wind power SPVs (with 874 MW of generation capacity) to ORIX Corporation of Japan (ORIX). With this development, ORIX, which previously owned 49% in each of the 7 SPVs now has 100% ownership.
IL&FS has waived a confidentiality clause that had prevented law firm Cyril Amarchand Mangaldas from sharing all details of its engagement with the previous management to facilitate a fairer and quicker probe which would fix responsibilities for what is emerging as India's biggest bankruptcy
The SFIO has asked India's top law firms and consultants to disclose all information they have on IL&FS. The Central agency under MCA has sought information for the past 10 years when the firm had advised and represented IL&FS for its subsidiaries and group companies. T
The government appointed management committee of the IL&FS group says it expects at least half of the Group debt be resolved, recovered or restructured by March 2020
Uday Kotak-led board to address half Rs 97K crore debt through asset monetisation, restructuring and floating Invits
"We should be able to recover, restructure, resolve over 50% and cross the 50% mark based on our best judgement " said Mr Kotak, Chairman, IL&FS
The Board of Directors of IL&FS addressed the media on the completion of One year term.
The SFIO and other regulators have asked four credit rating agencies - CARE ICRA India Ratings and Brickwork - for information on money they received from IL&FS and its subsidiaries as rating and non-rating fees to determine if there was any round tripping of funds or favor granted, said three people familiar with the development.
Debt laden IL&FS has started repaying the creditors of three group entities , with outstanding claims of Rs 5,071 crore, according to affidavit filed with appellate tribunal on Thursday