IL&FS Says Addressed Aggregate Debt of About Rs32,000 crore
Moneylife Digital Team
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Crisis-hit Infrastructure Leasing & Financial Services (IL&FS) says the group has addressed a debt worth about Rs32,000 crore as of date.
In a statement, IL&FS says, The aggregate debt of Rs32,000 crore addressed comprises around Rs21,600 crore of debt addressed basis cash balances and about Rs10,300 crore of additional net recovery expected from resolution and restructuring applications filed with the Mumbai bench of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), the approvals for which are awaited.
The management and the new board of the group maintains its estimates of addressing aggregate debt of over Rs56,000 crore by FY22, out of an overall debt of over Rs99,000 crore as of October 2018.
WHAT IS IL&FS CRISIS IL&FS Crisis Infrastructure Leasing & Financial Services (IL&FS) is a non-banking financial company (NBFC), or shadow bank . Established over 30 years ago, the conglomerate funds infrastructure projects across India. Some of the projects it has helped develop are 9-km Chenani-Nashri tunnel (India’s longest road tunnel), Delhi-Noida Toll Bridge, Ranchi-Patratu Dam Road, Baleshwar-Kharagpur Expressway, Tripura Power Project, and Gujarat International Finance Tech-City (GIFT). Among IL&FS shareholders are LIC, SBI, Japan s Orix Corporation, HDFC and CBI. The subsidiaries of IL&FS include transportation network subsidiary IL&FS Transportation Networks Ltd (ITNL), engineering and procurement company IL&FS Engineering and Construction Co Ltd and financier IL&FS Financial Services Ltd.
Deloitte s appointment as statutory auditor of IL&FS in 2017-18 illegal : NFRA
National Financial Reporting Authority conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019
PTI | December 11, 2020 | Updated 09:51 IST
According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was illegal , since the entity was not eligible to be appointed as an auditor due to violations
The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was illegal . The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020.
The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020. The watchdog conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019. The SAQRR covers issues which were not covered in the AQR Report. According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was illegal , since the entity was not eligible to be appointed as an auditor due to violations. Those are subsisting business relationships on the date of appointment and provision of non-audit services directly or indirectly of the Companies Act, 2013.