State owned GAIL has emerged as the highest bidder for the seven operating wind power of IL&FS generating 874 MW of Energy. This is the first major transaction in the resolution process.
GAIL EMERGES AS HIGHEST BIDDER FOR WIND ASSETS PORTFOLIO OF IL&FS The process was launched through a public invitation for expressions of interest, dated November 29, 2018. At the end of the binding bidding process, reached after comprehensive due-diligence including site visits across 12 sites spread across 7 states, GAIL (India) Limited has emerged as the highest bidder for 7 operating wind power plants (“SPVs”) having a total generation capacity of 874 MW.
Former IL&FS Financial Services CEO and MD, Mr Ramesh Bawa, has been sent to judicial custody by a magistrate in Mumbai.
RBI on Tuesday told the NCLAT that banks will have to classify the accounts of debt ridden IL&FS accounts and its Group companies as NPAs in terms of its master circular and the Supreme Court judgement
The Bombay High Court held the order by the Metropolitan court of sending Mr Hari Sankaran to Judicial custody as illegal. However, Mr Sankaran's custody was extended till April 30
SFIO has found the audit of Deloitte Haskin and Sells did not exercise adequate due diligence while auditing the books of IL&FS arm
SFIO has told the Mumbai Court that Ramesh Bawa, CEO and MD of IFIN, played a direct role in diverting as much as Rs 17.5K crore to make the accounts of certain borrowers and group companies look healthy
The Government is looking to claw back bonuses and other benefits that accrued to the ousted top executives of IL&FS for leaving the company in a financial mess
SFIO on Saturday arrested IL&FS Chief Ramesh Bawa for alleged irregularities in sanctions and disbursement of loans
Of the 22 Road Assets of IL&FS Transport which are slated to get bidding next month, four have an unserviceable debt of Rs 1050 crore.