ILFS MESS


Moneylife Digital Team 11 June 2021
The economic offences wing (EOW) of Chennai Police on Friday arrested Ravi Parthasarathy, former chief of crisis-hit Infrastructure Leasing & Financial Services (IL&FS) in the Rs200 crore cheating and criminal breach of trust case filed by 63 moon technologies ltd. Mr Parthasarathy was...

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On 11th July, Mauritius-based AIDQUA Holdings, which has a 27.89% stake in New Tirupur Area Development Corporation (NTADCL), filed an intervention petition before the National Company Law Appellate Tribunal (NCLAT).    The failed Infrastructure Leasing & Financial Services (IL&FS)...

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Moneylife Digital Team 20 June 2019
The Enforcement Directorate (ED) has arrested two former top officials of the Infrastructure Leasing & Financial Services Ltd (IL&FS) under its money-laundering probe into alleged financial irregularities of the crisis-hit group. This is the fourth arrest by investigating agencies in the...

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Moneylife Digital Team 31 May 2019
The Serious Frauds Investigation Office (SFIO) filed its first charge sheet against IL&FS Financial Services, one of the two major companies of IL&FS (Infrastructure Leasing & Financial Services), the 347-company conglomerate that is in serious financial trouble.    The criminal...

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Moneylife Digital Team 22 May 2019
The Enforcement Directorate (ED) on Wednesday carried out raids in Mumbai on residences of former directors of fraud-hit Infrastructure Leasing & Financial Services (IL&FS). The top executives whose homes were searched by ED include Rajesh Kotian, Shehzaad Dalal, Manu Kochhar and Mukund...

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Moneylife Digital Team 13 April 2019
The Serious Frauds Investigation Office (SFIO) is understood to have arrested Ramesh C Bawa, former chief executive (CEO) of IL&FS Financial Services (IFIN), who had switched off his phone and vanished after the Supreme Court of India dismissed his petition challenging the SFIO’s powers to...

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Moneylife Digital Team 11 April 2019
Even as the Supreme Court has dismissed a petition filed by Ramesh C Bawa, former chief executive officer (CEO) of IL&FS Financial Services (IFIN), the man himself appears to have given investigation agencies like the Serious Fraud Investigation Office (SFIO) and the Enforcement Directorate...

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Sucheta Dalal Sucheta Dalal 10 April 2019
An anonymous whistleblower, who claims to be part of the “senior management team at Deloitte, Haskins and Sells LLP (Deloitte)” and has been “privy to several internal irregularities in providing professional services to the IL&FS (Infrastructure Leasing & Financial Services) group” has...

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Moneylife Digital Team 04 April 2019
Total outstanding debt of fraud-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) group is Rs99,354 crore and not Rs91,000 crore as being stated. This includes fund based outstanding principal of Rs94,216 crore and non-fund-based outstanding, including bank guarantees and letters...

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Moneylife Digital Team 04 April 2019
It now appears that as much as 90% of the loans advanced by IL&FS Financial Services Ltd (IFIN), the lending arm of the infrastructure conglomerate, Infrastructure Leasing and Financial Services Ltd (IL&FS) have turned bad. This again underlines the deep corruption and culpability of the...

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Sucheta Dalal Sucheta Dalal 04 April 2019
The Serious Frauds Investigation Office (SFIO) is meticulously trying to unravel the dubious loans granted and round-tripped by Infrastructure Leasing and Financial Services Ltd (IL&FS) by seeking information from all borrowers on their links with the 346 entities in the failed infrastructure...

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Moneylife Digital Team 02 April 2019
The Serious Fraud Investigation Office (SFIO) has arrested Hari Sankaran, former chairman of Infrastructure Leasing & Financial Services (IL&FS), in connection with the ongoing investigations into the affairs of IL&FS and its group entities. This is the first arrest in the fraud-hit IL&FS...

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Sucheta Dalal Sucheta Dalal 01 April 2019
In a shocking revelation of new information, it turns out that the government of India, in 2009, had issued a sovereign guarantee on behalf of Infrastructure Leasing & Financial Services (IL&FS), which is at the centre of what is fast turning out to be one the biggest financial scandals in...

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Sucheta Dalal Sucheta Dalal 06 March 2019
Although couched in politically correct accounting-speak, accounting and consulting major, Grant Thornton (GT), has systematically exposed what is clearly a massive fraud, mismanagement of funds, capricious actions and total disregard for regulators and regulation by the previous top...

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Moneylife Digital Team 20 February 2019
Even as provident fund (PF) and pension fund trusts, which have invested in the bonds issued by debt-ridden Infrastructure Leasing and Financial Services Ltd (IL&FS), are fearing big losses, the finance ministry had said that such superannuated bonds do not carry any government guarantee and...

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Moneylife Digital Team 20 February 2019
The Enforcement Directorate (ED) is carrying out searches at six places in Delhi, Mumbai & Gurugram in connection with a case registered in the Infrastructure Leasing and Financial Services Ltd (IL&FS) matter.   The ED has registered a case against former top officials of IL&FS,...

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Moneylife Digital Team 12 February 2019
The National Company Law Appellate Tribunal (NCLAT), while lifting the moratorium, has asked Infrastructure Leasing and Financial Services (IL&FS) and its group companies to service their debt obligations.    Earlier, the NCLAT had imposed a 90-day moratorium on loan recovery from all...

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Moneylife Digital Team 21 January 2019
Rating company has downgraded the debt-laden Infrastructure Leasing and Financial Services (IL&FS) by several notches citing cash crunch pressure. The rating company has downgraded the company’s bonds and long term loans to BB from AA+. "The downgrade of ratings takes into account the...

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Moneylife Digital Team 11 January 2019
The National Company Law Appellate Tribunal (NCLAT) on Friday suggested that asset sale of Infrastructure Leasing and Financial Services (IL&FS) should be under supervision or oversight of a retired judge from the Supreme Court.    While staying arbitration proceedings against the...

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Debt-ridden IL&FS has received more than 30 expressions of interest (EOIs) for the domestic roads vertical housed under its subsidiary, IL&FS Transportation Networks Ltd.   "More than 30 expressions of interest were received for acquiring IL&FS' interests in its domestic road...

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