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The NCLT hearing comes nearly a month after approving the government's decision to replace the company's board of directors and replace it with members of its own list of candidates, a move similar to that of the case of Satyam Computer Services, hitting fraud, 2009. IL & FS Transportation Networks (ITNL), a listed subsidiary of Infrastructure Leasing & Financial Services (IL & FS), announced Tuesday that it had defaulted on its debt. The repayments were due in six separate refunds on October 29 and 30; the company cited insufficient funds.
On Wednesday, the board of the holding company IL & FS & # 39; Uday Kotak, chaired by Uday Kotak, will be informed by the board of directors of the national company law court on the stimulus plan of the in infrastructure in difficulty.
about a month after approving the government's decision to replace the company's board at the time and replace them with members of its own list of candidates, an initiative similar to the Satyam case Computer Services, victim of fraud, in 2009.
The newly formed board of directors met for the last time over the weekend to discuss the potential resolution plan that would be presented to the NCLT Wednesday. The board approved the appointment of Alvarez & Marsal for the preparation of a detailed restructuring plan, as well as Arpwood and JM Financial as financial advisers. According to reports, a stimulus package could mean a potential sale of major and non-core badets and could include raising funds through the sale of road badets in order to meet repayment obligations.
Meanwhile, government sources have also indicated a publication plan. The review included an IL & FS sale to an interested and financially strong investor, as well as liquidity injection at the group level.
The problems of IL & FS arose after an announcement in September of the inability to meet its obligations. some commercial and inter-company paper deposits that occurred shortly after its founder, Ravi Parthasarathy, resigned, citing health reasons. Admittedly, the group has continued to miss repayments, even after the government-appointed board of directors took over the operations, although it has managed to obtain court compensation from the bank. Appeal in bankruptcy until 13 November.
the banks stated that their exposure to the company remained standard in their accounts.
IL & FS has an accumulated debt of more than 91,000 crores of rupees and the exposure of the banking sector to the company amounts to about 53,000 crores of rupees, or 16% of the rupees. all loans.
The announcement of the Il & FS group failures, a complex structure consisting of 348 subsidiaries, badociates and direct joint ventures, caused panic among participants in the Indian money markets, resulting in a sell-off in the markets, particularly those non-bank financial institutions and housing finance companies, while increasing liquidity as a result of pressure on corporate bond yields.
The lender's largest investors include the country's largest life insurer, the Life Insurance Corporation, the State Bank of India and HDFC, and the Japanese Orix Corp.
Following an urgent hearing requested by the government, the October 1 court, chaired by MK Shrawat and Ravi Kumar Duraisamy, approved the names of six directors – Uday Kotak, Executive Director Kotak Mahindra Bank; GN Bajpai, former chairman of Securities and Exchange Board of India; GC Chaturvedi, President of ICICI Bank; Vineet Nayyar (also former vice president of Tech Mahindra), Malini Shankar and Nand Kishore, members of the newly formed board of directors, from the list of candidates proposed by the Ministry of General Affairs.
from the BSE and NSE and the latest net badet value, from the mutual fund portfolio, calculate your tax using the income tax calculator. Like us on Facebook and follow us on Twitter .
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