The group said the Rs 7,300-crore shortfall in the September target has been rolled over for achievement in subsequent quarters.
Nayyar was appointed the executive vice-chairman in 2018 and has been leading the IL&FS resolution.
This is Kotak's second extension on IL&FS board, after the government extended his term for a year in October last year
As per the report, BSR and other entities in its network used “de facto” the KPMG trademark and branding to provide audit and non-audit services while making “clearly futile attempt to show a de jure (legal) separation from KPMG.”
Hemant Kanoria pointed out that fear of defaults is causing banks to refrain from fresh lending
The regulator has also imposed a monetary penalty of Rs 25 lakh on Sen, having found him guilty of professional misconduct and complicity in the fraudulent presentation of the company's financial statements.
Aggregate value of debt being addressed is now estimated as over Rs 57,000 crore – with around Rs 50,500 crore likely to be addressed by March 2021
Regarding an appeal against SEBI order imposing Rs 25 lakh penalty on India Ratings, the tribunal directed the rating agency to deposit the amount with the regulator within four weeks, which would be subject to the result of the appeal.
The RBI has noted that market financing conditions for NBFCs, assessed through various market metrics, have shown sign of deterioration post the outbreak of COVID-19, especially for lower rated /private sector NBFCs.
The stake sale was approved by the National Company Law Tribunal last month.
IL&FS Transportation Networks India Limited passed lucrative contracts to GHV India Private Limited through suspicious transactions and rigged bidding, says report by Grant Thornton.
The order said that IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government.
The High Court ruling on April 20 was a relief for the two audit firms that moved court against the government’s decision to ban them from auditing activities for five years and initiate criminal proceedings against them.
“The divestment of IWPSL has resulted in a consideration of Rs 6.05 crore to IL&FS Energy that will be kept in an escrow account for its lenders,” the group said in a release.
Kapoor, 62, had sought bail claiming that his prevailing medical condition puts him at the risk of contracting coronavirus infection in jail.
Infrastructure Leasing and Financial Services (IL&FS) had received time-bound binding bids for these five road projects, but the validity of those bids expired on February 29.
A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the National Company Law Tribunal, saying it can not be termed as "illegal".
The RBI's liquidity inducing measures and announcements have helped government bond yields to drop to 8.05-8.08 levels, but corporate bond yields have risen further by about 40-50 bps post-IL&FS crisis.
A penalty was charged to the rating agencies over the IL&FS case as they failed to assign ratings appropriate to the financial health of the company, and deliberately delayed the downgrading of the IL&FS' ratings.
The tribunal have also asked some of the lenders to file revised framework proposed by the Ministry of Corporate Affairs within a week, stating their position in the resolution of IL&FS group, which has a cumulative debt of over Rs 90,000 crore.
The regulator undertook an examination with respect to the role of the credit rating agencies (CRAs), including CARE Ratings Ltd and ICRA Ltd, in assigning rating to various NCDs of Infrastructure Leasing and Financial Services (IL&FS).
Kumar, an Indian Administrative Officer (IAS) of 1986 batch, was appointed director to the board of lL&FS by the Ministry of Corporate Affairs from December 21, 2018, and then took over as DMD of the group from December 24, 2018, for a period of one year.
The real threat for India may not be from stepped up flow of refugees from across the borders, but from the spiking levels of youth unemployment.
After the crisis at diversified IL&FS came to light last year, the ministry had superseded its board and since then various measures have been taken to address the issues as well as repay outstanding dues of the group.
The scam-ridden infra lending major reported revenue of Rs 824 crore, massively down from Rs 1,734 crore in the previous year.