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India Business News: New Delhi: Fraud-tainted IL&FS, IL&FS Financial and ITNL have undertaken a massive restatement of accounts, with IL&FS's loss now estimated at Rs 9,60.
Several top executives of the three companies and auditors associated with some of them now face criminal charges due to the irregularities. Additionally, both auditors and their firms are undergoing disciplinary procedures. Meanwhile, the new leadership has divested a substantial portion of assets to settle a significant portion of debts owed to creditors.
IL&FS Group seeks judicial intervention against banks declaring it a wilful defaulter and taking action against board members. Approaches NCLAT against RBI and 11 public sector banks. Board dealing with Rs 94,000 crore bad debt. Banks' actions aimed at pressuring the group into meeting debt demands.
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.
It may be noted that IL&FS Transportation Network is a subsidiary of IL&FS, which filed for bankruptcy in 2018, , Central Bureau of Investigation (CBI)
The Central Bureau of Investigation (CBI) has filed an FIR against IL&FS Transportation Network Ltd and its directors on charges of defrauding 19 banks of Rs 6,524 crore between 2016 and 2018.The banks affected by this alleged fraud include ...