MCA and IL&FS Board are investigating why concerns raised by junior analyst at a rating agency about the financial irregularities at the infrastructure financier were ignored by the top management at the creditworthiness evaluator
In what may be the first step by IL&FS towards resolution of its debt concerns, the company may soon begin servicing debt of 13 group (amber) companies. These companies have an outstanding debt of over Rs 16000 crore.
How did the auditors fail to see the crisis that had been brewing in the company for several years? Every time there is a corporate crisis, the audit firms and the auditors are the first ones to be blamed.
IL&FS Board is considering recasting some of its loans from banks and MFs. The Board is considering restructuring proposals from lenders for one of its SPVs in UP and open to considering such proposals for other projects
ORIX Corporation of Japan which owns 49% stake in each of 7 operating wind power plants of the IL&FS Group has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited.
ORIX Corporation of Japan (“ORIX”), owner of 49% stake in each of 7 operating wind power plants (“SPVs”) of the IL&FS Group, has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Limited (“IWEL”). This intent to buy 51% stake is in exercise of ORIX’s right under the terms of an existing MoU wherein ORIX can match the Price offered by the highest bidder for purchasing IWEL’s Stake in the Wind SPVs.
Board may invoke claw back option for bonus and benefits and file charges for accounting fraud - ET report
Board of IL&FS has issued notices to BSR Associates and Deloitte asking them why they should not be removed from allegedly failing to highlight shortcomings while reviewing the books of IFIN and its subsidiaries - ET Report
In the three-four months the resolution timelines under IBC would be better adhered to. Prepackaged group insolvencies, which involved agreeing to resolution plan before declaring bankruptcy, could also be attempted, said Mr Srinivas Injeti, Corporate Affairs Secretary, MCA
AS the probe continues in IL&FS case, government officials say the auditors have many questions to answer "prime facie" as they are supposed to act as gate keepers and detect widespread irregularities