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| foundation = 1987 <ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3688660 |title=Infrastructure Leasing & Financial Services Limited: Private Company Information - BusinessWeek |publisher=Investing.businessweek.com |date= |accessdate=28 September 2010}}</ref>
| foundation = 1987 <ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=3688660 |title=Infrastructure Leasing & Financial Services Limited: Private Company Information - BusinessWeek |publisher=Investing.businessweek.com |access-date=28 September 2010}}</ref>
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| key_people = {{ubl|[[Uday Kotak]]<br>{{small|(Chairman)}}<ref>{{cite web|title=Board of Directors|url=http://www.ilfsindia.com/about-us/management/}}</ref> |C.S. Rajan<br>{{small|(Managing Director)}}<ref>{{cite news|url=https://www.moneycontrol.com/news/business/cs-rajan-appointed-md-of-ilfs-vineet-nayyar-named-executive-vice-chairman-3756901.html/amp|title=CS Rajan appointed MD of IL&FS, Vineet Nayyar named Executive Vice-Chairman|work=moneycontrol|accessdate=5 April 2019}}</ref>}}
| key_people = {{ubl|[[Uday Kotak]]<br>{{small|(Chairman)}}<ref>{{cite web|title=Board of Directors|url=http://www.ilfsindia.com/about-us/management/}}</ref> |C.S. Rajan<br>{{small|(Managing Director)}}<ref>{{cite news|url=https://www.moneycontrol.com/news/business/cs-rajan-appointed-md-of-ilfs-vineet-nayyar-named-executive-vice-chairman-3756901.html/amp|title=CS Rajan appointed MD of IL&FS, Vineet Nayyar named Executive Vice-Chairman|work=moneycontrol|access-date=5 April 2019}}</ref>}}
| industry = Infrastructure Development and Finance
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'''Infrastructure Leasing & Financial Services Limited (IL&FS)''' is an Indian infrastructure development and finance company.<ref name="offwebsite">{{cite web |title=Our work |url=https://www.ilfsindia.com/our-work/transportation/ |website=Official website |publisher=IL & FS |accessdate=29 September 2018}}</ref>
'''Infrastructure Leasing & Financial Services Limited (IL&FS)''' is an Indian infrastructure development and finance company.<ref name="offwebsite">{{cite web |title=Our work |url=https://www.ilfsindia.com/our-work/transportation/ |website=Official website |publisher=IL & FS |access-date=29 September 2018}}</ref>


It operates through more than 250 subsidiaries including IL&FS Investment managers, IL&FS financial services and IL&FS Transportation networks India Limited (ITNL).<ref>{{cite news |last1=Bahl |first1=Raghav |title=IL&FS Lessons For PM Modi From Two Singhs, Manmohan And Jaswant |url=https://www.bloombergquint.com/opinion/ilfs-lessons-for-pm-modi-from-two-singhs-manmohan-and-jaswant#gs.BabFA1A |accessdate=29 September 2018 |agency=Opinion |publisher=Bloomberg Quint}}</ref> Its projects include some of the largest infrastructure projects in [[India]] including India's [[List of longest tunnels|longest tunnel]], [[Dr. Syama Prasad Mookerjee Tunnel]], which opened for traffic in April 2017.<ref>{{cite web
It operates through more than 250 subsidiaries including IL&FS Investment managers, IL&FS financial services and IL&FS Transportation networks India Limited (ITNL).<ref>{{cite news |last1=Bahl |first1=Raghav |title=IL&FS Lessons For PM Modi From Two Singhs, Manmohan And Jaswant |url=https://www.bloombergquint.com/opinion/ilfs-lessons-for-pm-modi-from-two-singhs-manmohan-and-jaswant#gs.BabFA1A |access-date=29 September 2018 |agency=Opinion |publisher=Bloomberg Quint}}</ref> Its projects include some of the largest infrastructure projects in [[India]] including India's [[List of longest tunnels|longest tunnel]], [[Dr. Syama Prasad Mookerjee Tunnel]], which opened for traffic in April 2017.<ref>{{cite web
| url=http://www.itnlindia.com/projects_details.aspx?page_id=17&sec_id=4&ProjectID=26
| url=http://www.itnlindia.com/projects_details.aspx?page_id=17&sec_id=4&ProjectID=26
| title=IL&FS Transportation Networks Ltd - Chenani-Nashri Tunnel Project Page
| title=IL&FS Transportation Networks Ltd - Chenani-Nashri Tunnel Project Page
| accessdate=2017-04-02}}</ref> After the company defaulted on its loans in 2018, the [[Government of India]] took control of the company and appointed a new board..
| access-date=2017-04-02}}</ref> After the company defaulted on its loans in 2018, the [[Government of India]] took control of the company and appointed a new board..


== History ==
== History ==
IL&FS was formed in 1987 as an "RBI registered Core Investment Company" by three financial institutions, namely the [[Central Bank of India]], [[Housing Development Finance Corporation]] (HDFC) and [[Unit Trust of India]] (UTI), to provide finance and loans for major infrastructure projects.<ref name="quint">{{cite news |last1=Duggal |first1=Ira |title=The Rise And Stumble of IL&FS |url=https://www.bloombergquint.com/business/2018/08/08/the-rise-and-stumble-of-ilfs#gs.VGYnWYk |accessdate=30 September 2018 |publisher=Bloomberg Quint |date=8 August 2018}}</ref> Gradually, as the organisation needed better financing, it additionally opened itself to two large international players, namely [[Mitsubishi]] (through Orix corporation Japan) and the [[Abu Dhabi Investment Authority|Abu Dhabi Investment authority]]. Subsequently, [[Life Insurance Corporation|Life Insurance Corporation India]], Orix and ADIA became its largest shareholders, a pattern that continues to this day.<ref>{{cite web |title=Group profile - genesis and foundation |url=https://www.ilfsindia.com/about-us/group-profile/ |website=ilfsindia.com |publisher=IL and FS official website |accessdate=26 September 2018}}</ref>
IL&FS was formed in 1987 as an "RBI registered Core Investment Company" by three financial institutions, namely the [[Central Bank of India]], [[Housing Development Finance Corporation]] (HDFC) and [[Unit Trust of India]] (UTI), to provide finance and loans for major infrastructure projects.<ref name="quint">{{cite news |last1=Duggal |first1=Ira |title=The Rise And Stumble of IL&FS |url=https://www.bloombergquint.com/business/2018/08/08/the-rise-and-stumble-of-ilfs#gs.VGYnWYk |access-date=30 September 2018 |publisher=Bloomberg Quint |date=8 August 2018}}</ref> Gradually, as the organisation needed better financing, it additionally opened itself to two large international players, namely [[Mitsubishi]] (through Orix corporation Japan) and the [[Abu Dhabi Investment Authority|Abu Dhabi Investment authority]]. Subsequently, [[Life Insurance Corporation|Life Insurance Corporation India]], Orix and ADIA became its largest shareholders, a pattern that continues to this day.<ref>{{cite web |title=Group profile - genesis and foundation |url=https://www.ilfsindia.com/about-us/group-profile/ |website=ilfsindia.com |publisher=IL and FS official website |access-date=26 September 2018}}</ref>


Currently, its institutional shareholders include [[Life Insurance Corporation of India]] (LIC), [[ORIX]] and [[Abu Dhabi Investment Authority]], with small shareholdings by a few Indian banks. [[State Bank of India]] (SBI) was a share holder till 2017, after which it sold its stake in the company. A few foreign investors including [[Greenspring Associates|Greenspring associates]] remain investors in its subsidiary companies, especially IL&FS transportation and IL&FS infrastructure services.<ref>{{cite web |title=I & FS transportation - official website |url=http://www.itnlindia.com/ |website=Official website |publisher=IL & FS transportation networks ltd. |accessdate=26 September 2018}}</ref><ref>{{cite web |title=Our portfolio |url=https://www.greenspringassociates.com/portfolio/ |website=greenspringassociates.com |publisher=Greenspring associates |accessdate=26 September 2018}}</ref><ref>{{cite web
Currently, its institutional shareholders include [[Life Insurance Corporation of India]] (LIC), [[ORIX]] and [[Abu Dhabi Investment Authority]], with small shareholdings by a few Indian banks. [[State Bank of India]] (SBI) was a share holder till 2017, after which it sold its stake in the company. A few foreign investors including [[Greenspring Associates|Greenspring associates]] remain investors in its subsidiary companies, especially IL&FS transportation and IL&FS infrastructure services.<ref>{{cite web |title=I & FS transportation - official website |url=http://www.itnlindia.com/ |website=Official website |publisher=IL & FS transportation networks ltd. |access-date=26 September 2018}}</ref><ref>{{cite web |title=Our portfolio |url=https://www.greenspringassociates.com/portfolio/ |website=greenspringassociates.com |publisher=Greenspring associates |access-date=26 September 2018}}</ref><ref>{{cite web
| url=http://greenspringassociates.com/direct-investments
| url=http://greenspringassociates.com/direct-investments
| date=2013-11-07
| date=2013-11-07
| title=Direct Investments
| title=Direct Investments
| work=Greenspring Associates
| work=Greenspring Associates
| accessdate=2013-11-07}}</ref>
| access-date=2013-11-07}}</ref>


In 2012, [[A2Z Group]] acquired the property management subsidiary of IL&FS (IL&FS Property Management & Services Ltd) in a cash and stock deal. The deal was done through its subsidiary A2Z Infraservices Ltd for ₹ 25&nbsp;[[crore]]. While ₹7&nbsp;crore cash payment was made to IL&FS Infrastructure Equity Fund and IL&FS Employees Welfare Trust, the infrastructure major also took a 20% stake in A2Z Infraservices by way of a [[stock swap]].<ref>{{cite web|title=A2Z acquires IL&FS|url=http://in.mobile.reuters.com/article/article/idINIndia-53438320101208|publisher=Reuters|accessdate=5 March 2012}}</ref>
In 2012, [[A2Z Group]] acquired the property management subsidiary of IL&FS (IL&FS Property Management & Services Ltd) in a cash and stock deal. The deal was done through its subsidiary A2Z Infraservices Ltd for ₹ 25&nbsp;[[crore]]. While ₹7&nbsp;crore cash payment was made to IL&FS Infrastructure Equity Fund and IL&FS Employees Welfare Trust, the infrastructure major also took a 20% stake in A2Z Infraservices by way of a [[stock swap]].<ref>{{cite web|title=A2Z acquires IL&FS|url=http://in.mobile.reuters.com/article/article/idINIndia-53438320101208|publisher=Reuters|access-date=5 March 2012}}</ref>


In April 2019, its newly constituted board informed investors that the company had 302 entities through which it currently operates.<ref name="2019april9">{{cite web|url=http://www.ilfsindia.com/media/2324/update-on-ilfs-3-apr-2019.pdf|title=Briefing on IL & FS 3 April 2019|website=IL and FS Official website|publisher=IL&FS - Board of Directors|accessdate=9 April 2019}}</ref>
In April 2019, its newly constituted board informed investors that the company had 302 entities through which it currently operates.<ref name="2019april9">{{cite web|url=http://www.ilfsindia.com/media/2324/update-on-ilfs-3-apr-2019.pdf|title=Briefing on IL & FS 3 April 2019|website=IL and FS Official website|publisher=IL&FS - Board of Directors|access-date=9 April 2019}}</ref>


== Group companies ==
== Group companies ==
[[File:IL&FS - Bandra Kurla Complex, Mumbai.jpg|thumb|right|IL&FS headquarters at the [[Bandra Kurla Complex]] in Mumbai]]
[[File:IL&FS - Bandra Kurla Complex, Mumbai.jpg|thumb|right|IL&FS headquarters at the [[Bandra Kurla Complex]] in Mumbai]]
IL&FS has 256 group companies as of 2018, including subsidiaries, joint venture companies and associate entities.<ref>{{cite news |title=Funds worth Rs 160 bn getting stuck led to this mess: IL&FS tells staff |url=https://www.business-standard.com/article/economy-policy/il-fs-tells-staff-financial-mess-due-to-rs16-000cr-stuck-funds-118091201070_1.html |accessdate=26 September 2018 |agency=PTI |work=Business Standard|date=13 September 2018}}</ref> Though on the surface, the company appears to have 23 direct subsidiaries, 141 indirect subsidiaries (including special purpose vehicles for different projects), 6 joint ventures and 4 associate companies, each of them is further subdivided into additional legal entities, with much cross ownership as well as ownership by investment vehicles of various governments.<ref name="quint" />
IL&FS has 256 group companies as of 2018, including subsidiaries, joint venture companies and associate entities.<ref>{{cite news |title=Funds worth Rs 160 bn getting stuck led to this mess: IL&FS tells staff |url=https://www.business-standard.com/article/economy-policy/il-fs-tells-staff-financial-mess-due-to-rs16-000cr-stuck-funds-118091201070_1.html |access-date=26 September 2018 |agency=PTI |work=Business Standard|date=13 September 2018}}</ref> Though on the surface, the company appears to have 23 direct subsidiaries, 141 indirect subsidiaries (including special purpose vehicles for different projects), 6 joint ventures and 4 associate companies, each of them is further subdivided into additional legal entities, with much cross ownership as well as ownership by investment vehicles of various governments.<ref name="quint" />


While some of its subsidiaries (such as IL&FS Transport) ran into high losses in 2018 and found it difficult to repay their loans, others (such as IL&FS investment managers) posted profits of ₹72.5 crore in 2018, a 33% profit after tax.<ref name="ar2018">{{cite book |title=Annual report 2018 |date=1 August 2018 |publisher=IL&FS Investment Managers |location=Mumbai |page=7 |url=http://www.ilfsinvestmentmanagers.com/annual_reports.aspx |accessdate=18 October 2018}}</ref>
While some of its subsidiaries (such as IL&FS Transport) ran into high losses in 2018 and found it difficult to repay their loans, others (such as IL&FS investment managers) posted profits of ₹72.5 crore in 2018, a 33% profit after tax.<ref name="ar2018">{{cite book |title=Annual report 2018 |date=1 August 2018 |publisher=IL&FS Investment Managers |location=Mumbai |page=7 |url=http://www.ilfsinvestmentmanagers.com/annual_reports.aspx |access-date=18 October 2018}}</ref>


Some of them are listed below-
Some of them are listed below-
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| publisher = livemint.com
| publisher = livemint.com
| date = 1 September 2009
| date = 1 September 2009
| accessdate = 2 September 2009
| access-date = 2 September 2009
}}</ref> In September 2009, it picked up a "significant minority stake" in the [[Reliance Industries]]' [[special economic zone]] project in [[Haryana]].<ref>{{cite book
}}</ref> In September 2009, it picked up a "significant minority stake" in the [[Reliance Industries]]' [[special economic zone]] project in [[Haryana]].<ref>{{cite book
| title = RIL takes IL&FS on board for Haryana SEZ
| title = RIL takes IL&FS on board for Haryana SEZ
Line 97: Line 97:
| work = [[The Economic Times]]
| work = [[The Economic Times]]
| date = 2 September 2009
| date = 2 September 2009
| accessdate = 2 September 2009
| access-date = 2 September 2009
}}</ref>
}}</ref>


IL&FS was the principal lender behind the construction of the 9.28&nbsp;km long [[Dr. Syama Prasad Mookerjee Tunnel]], located on the route of [[National Highway 44 (India)|NH 44]] in [[Jammu and Kashmir (union territory)|Jammu and Kashmir]]. Its work was started in July 2011 and the tunnel was opened for traffic after its inauguration by the [[Prime Minister of India|Prime Minister]] of India [[Narendra Modi]] on 2 April 2017. Built on an estimated budget of [[Indian rupee|₹]]3,720 crore (US$550 million), the main tunnel is 13 metres in diametre, while the parallel escape tunnel is 6 metres in diameter. The main and escape tunnels are connected by 29 cross passages located at intervals of every 300 metres. It is the first tunnel in India with a fully integrated tunnel system and is expected to reduce the distance between [[Jammu]] and [[Srinagar]] by 30.11&nbsp;km (18.7&nbsp;mi), reducing the travel time by two hours.
IL&FS was the principal lender behind the construction of the 9.28&nbsp;km long [[Dr. Syama Prasad Mookerjee Tunnel]], located on the route of [[National Highway 44 (India)|NH 44]] in [[Jammu and Kashmir (union territory)|Jammu and Kashmir]]. Its work was started in July 2011 and the tunnel was opened for traffic after its inauguration by the [[Prime Minister of India|Prime Minister]] of India [[Narendra Modi]] on 2 April 2017. Built on an estimated budget of [[Indian rupee|₹]]3,720 crore (US$550 million), the main tunnel is 13 metres in diametre, while the parallel escape tunnel is 6 metres in diameter. The main and escape tunnels are connected by 29 cross passages located at intervals of every 300 metres. It is the first tunnel in India with a fully integrated tunnel system and is expected to reduce the distance between [[Jammu]] and [[Srinagar]] by 30.11&nbsp;km (18.7&nbsp;mi), reducing the travel time by two hours.


IL&FS also has large investments in its own subsidiaries, as well as in the equity market. In September 2018, these amounted to nearly ₹10,000 crores.<ref>{{cite news |title=Valuations of the investments of IL & FS |url=https://www.bloombergquint.com/markets/heres-what-ilfs-values-itself-at#gs.yhNxxec |accessdate=29 September 2018 |publisher=Bloomberg Quint / SBI Cap report |date=29 September 2018}}</ref>
IL&FS also has large investments in its own subsidiaries, as well as in the equity market. In September 2018, these amounted to nearly ₹10,000 crores.<ref>{{cite news |title=Valuations of the investments of IL & FS |url=https://www.bloombergquint.com/markets/heres-what-ilfs-values-itself-at#gs.yhNxxec |access-date=29 September 2018 |publisher=Bloomberg Quint / SBI Cap report |date=29 September 2018}}</ref>


==Ownership==
==Ownership==
As of March 2018, the largest shareholders of IL&FS Investment services were as follows<ref>{{cite web |title=Ownership pattern - March 2018 |url=http://www.ilfsindia.com/media/1989/shareholding-pattern-march-31-2018.pdf |website=ilfsindia.com |publisher=IL & FS - Investors corner |accessdate=26 July 2018}}</ref> {{blist|[[Life Insurance Corporation|LIC]] : 25% |[[ORIX Corporation]], Japan (a part of [[Mitsubishi]] Keiritsu): 23% |IL&FS Employees welfare trust : 12%|[[Abu Dhabi Investment Authority|Abu Dhabi investment authority]] : 12% |[[Housing Development Finance Corporation|HDFC Ltd]] : 9%|[[Central Bank of India|Central bank of India]] : 7% |[[State Bank of India]] : 12% }}
As of March 2018, the largest shareholders of IL&FS Investment services were as follows<ref>{{cite web |title=Ownership pattern - March 2018 |url=http://www.ilfsindia.com/media/1989/shareholding-pattern-march-31-2018.pdf |website=ilfsindia.com |publisher=IL & FS - Investors corner |access-date=26 July 2018}}</ref> {{blist|[[Life Insurance Corporation|LIC]] : 25% |[[ORIX Corporation]], Japan (a part of [[Mitsubishi]] Keiritsu): 23% |IL&FS Employees welfare trust : 12%|[[Abu Dhabi Investment Authority|Abu Dhabi investment authority]] : 12% |[[Housing Development Finance Corporation|HDFC Ltd]] : 9%|[[Central Bank of India|Central bank of India]] : 7% |[[State Bank of India]] : 12% }}


==Defaults on bonds by IL&FS financial services==
==Defaults on bonds by IL&FS financial services==
From July to September 2018, two out of IL&FS's 256 subsidiaries reported having trouble paying back loans and inter corporate deposits to other banks and lenders, resulting in the [[Reserve Bank of India|RBI]] requesting its major share holders to rescue it.<ref name="quint26sep">{{cite news |last1=Saxena |first1=Ridhima |title=RBI Asks Shareholders To Rescue IL&FS |url=https://www.bloombergquint.com/business/rbi-asks-shareholders-to-save-ilfs#gs.R7uc_8s |accessdate=29 September 2018 |publisher=Bloomberg Quint |date=28 September 2018}}</ref> In July 2018, [[The Hindu|Hindu Businessline]] reported that the road arm of IL&FS was having difficulty making payments due on its bonds.<ref>{{cite news |title=Debt downgraded, ILFS road arm says facing defaults |url=https://www.thehindubusinessline.com/news/debt-downgraded-ilfs-road-arm-says-facing-defaults/article24488739.ece#! |accessdate=26 September 2018 |publisher=Hindu businessline |date=22 July 2018}}</ref> In the same month, Business Standard reported that its founder Ravi Parthasarathy would be leaving the firm due to medical reasons, after having headed the firm for 30 years.<ref>{{cite news |last1=Lele |first1=Abhijit Madhav |last2=Mukul |first2=Jyoti |title=Three decades of Ravi Parthasarathy led to IL&FS's lateral growth |url=https://www.business-standard.com/article/companies/three-decades-of-ravi-parthasarathy-led-to-il-fs-s-lateral-growth-118072401393_1.html |accessdate=26 September 2018 |work=Business Standard|date=25 July 2018}}</ref>
From July to September 2018, two out of IL&FS's 256 subsidiaries reported having trouble paying back loans and inter corporate deposits to other banks and lenders, resulting in the [[Reserve Bank of India|RBI]] requesting its major share holders to rescue it.<ref name="quint26sep">{{cite news |last1=Saxena |first1=Ridhima |title=RBI Asks Shareholders To Rescue IL&FS |url=https://www.bloombergquint.com/business/rbi-asks-shareholders-to-save-ilfs#gs.R7uc_8s |access-date=29 September 2018 |publisher=Bloomberg Quint |date=28 September 2018}}</ref> In July 2018, [[The Hindu|Hindu Businessline]] reported that the road arm of IL&FS was having difficulty making payments due on its bonds.<ref>{{cite news |title=Debt downgraded, ILFS road arm says facing defaults |url=https://www.thehindubusinessline.com/news/debt-downgraded-ilfs-road-arm-says-facing-defaults/article24488739.ece#! |access-date=26 September 2018 |publisher=Hindu businessline |date=22 July 2018}}</ref> In the same month, Business Standard reported that its founder Ravi Parthasarathy would be leaving the firm due to medical reasons, after having headed the firm for 30 years.<ref>{{cite news |last1=Lele |first1=Abhijit Madhav |last2=Mukul |first2=Jyoti |title=Three decades of Ravi Parthasarathy led to IL&FS's lateral growth |url=https://www.business-standard.com/article/companies/three-decades-of-ravi-parthasarathy-led-to-il-fs-s-lateral-growth-118072401393_1.html |access-date=26 September 2018 |work=Business Standard|date=25 July 2018}}</ref>


In early September 2018, [[Sucheta Dalal|Moneylife India]] reported that one of IL&FS's subsidiaries had been unable to repay a ₹1,000 crore short-term loan taken from [[SIDBI]], resulting in SIDBI asking one of its officers to resign.<ref>{{cite news |title=IL&FS defaults on Rs 1,000 Crore Short-term Loan from SIDBI? |url=https://www.moneylife.in/article/ilfs-defaults-on-rs1000-crore-short-term-loan-from-sidbi/55209.html |accessdate=29 September 2018 |publisher=Moneylufe India |date=4 September 2018}}</ref> Subsequently, Bloomberg Quint, Business standard and [[The Economic Times|Economic times]] reported that one of the IL&FS group of companies called IL&FS Financial Services Limited had defaulted on its commercial paper payments.<ref>{{cite news |last1=Mukherjee |first1=Andy |title=The IL&FS fiasco represents India's domestic belt and road quicksand |url=https://www.business-standard.com/article/companies/the-il-fs-fiasco-represents-india-s-domestic-belt-and-road-quicksand-118091700153_1.html |accessdate=26 September 2018 |publisher=Business Standard (originally reported by Bloomberg) |date=17 September 2018}}</ref> This led to news of a possible audit by the [[Reserve Bank of India|Reserve bank of India]]. IL&FS Financial Services Ltd., one of the group's many financial subsidiaries had defaulted on repaying about ₹450 [[crore]] worth of inter-corporate deposits to [[Small Industries Development Bank of India]] (SIDBI). On 27 September 2018, IL&FS Financial Services informed the [[Bombay Stock Exchange]] that it had defaulted on a ₹52.4 crore repayment of short-term deposits and ₹104 crore term deposit.<ref name="quint26sep" />
In early September 2018, [[Sucheta Dalal|Moneylife India]] reported that one of IL&FS's subsidiaries had been unable to repay a ₹1,000 crore short-term loan taken from [[SIDBI]], resulting in SIDBI asking one of its officers to resign.<ref>{{cite news |title=IL&FS defaults on Rs 1,000 Crore Short-term Loan from SIDBI? |url=https://www.moneylife.in/article/ilfs-defaults-on-rs1000-crore-short-term-loan-from-sidbi/55209.html |access-date=29 September 2018 |publisher=Moneylufe India |date=4 September 2018}}</ref> Subsequently, Bloomberg Quint, Business standard and [[The Economic Times|Economic times]] reported that one of the IL&FS group of companies called IL&FS Financial Services Limited had defaulted on its commercial paper payments.<ref>{{cite news |last1=Mukherjee |first1=Andy |title=The IL&FS fiasco represents India's domestic belt and road quicksand |url=https://www.business-standard.com/article/companies/the-il-fs-fiasco-represents-india-s-domestic-belt-and-road-quicksand-118091700153_1.html |access-date=26 September 2018 |publisher=Business Standard (originally reported by Bloomberg) |date=17 September 2018}}</ref> This led to news of a possible audit by the [[Reserve Bank of India|Reserve bank of India]]. IL&FS Financial Services Ltd., one of the group's many financial subsidiaries had defaulted on repaying about ₹450 [[crore]] worth of inter-corporate deposits to [[Small Industries Development Bank of India]] (SIDBI). On 27 September 2018, IL&FS Financial Services informed the [[Bombay Stock Exchange]] that it had defaulted on a ₹52.4 crore repayment of short-term deposits and ₹104 crore term deposit.<ref name="quint26sep" />


However, in its replies to investors and the BSE, IL&FS investment services (IVC) clarified that the news items did not relate to it, as these were two completely different legal entities.<ref>{{cite web |title=Letter from company secretary, IL & FS Financial services to Bombay stock exchange |url=https://www.moneycontrol.com/stocks/reports/ilandfs-investment-managers-clarifiesnews-item-12776081.html |website=moneycontrol.com/ |publisher=Money control |accessdate=25 September 2018}}</ref> A similar letter was published by IL&FS Transportation.<ref>{{cite web |title=Letter from IL & FS Transportation (24 September 2018) |url=http://www.itnlindia.com/application/web_directory/Latest%20Updates/Clarification_on_news_article_in_BS_ILFS_240918.pdf |publisher=IL & FS Transportation ltd. |accessdate=26 September 2018}}</ref>
However, in its replies to investors and the BSE, IL&FS investment services (IVC) clarified that the news items did not relate to it, as these were two completely different legal entities.<ref>{{cite web |title=Letter from company secretary, IL & FS Financial services to Bombay stock exchange |url=https://www.moneycontrol.com/stocks/reports/ilandfs-investment-managers-clarifiesnews-item-12776081.html |website=moneycontrol.com/ |publisher=Money control |access-date=25 September 2018}}</ref> A similar letter was published by IL&FS Transportation.<ref>{{cite web |title=Letter from IL & FS Transportation (24 September 2018) |url=http://www.itnlindia.com/application/web_directory/Latest%20Updates/Clarification_on_news_article_in_BS_ILFS_240918.pdf |publisher=IL & FS Transportation ltd. |access-date=26 September 2018}}</ref>


On 1 Oct 2018, the [[Government of India]] took steps to take control of the company and arrest the spread of the contagion to the financial markets. A new board was constituted as the earlier board was deemed to have failed to discharge its duties. The new board consisted of [[Kotak Mahindra Bank]] managing director [[Uday Kotak]], former [[Indian Administrative Service|IAS]] officer & [[Tech Mahindra]] boss [[Vineet Nayyar]], former [[Securities and Exchange Board of India]] chief [[G N Bajpai]], former [[ICICI Bank]] chairman [[G C Chaturvedi]], former IAS officers [[Malini Shankar]] and Nand Kishore.
On 1 Oct 2018, the [[Government of India]] took steps to take control of the company and arrest the spread of the contagion to the financial markets. A new board was constituted as the earlier board was deemed to have failed to discharge its duties. The new board consisted of [[Kotak Mahindra Bank]] managing director [[Uday Kotak]], former [[Indian Administrative Service|IAS]] officer & [[Tech Mahindra]] boss [[Vineet Nayyar]], former [[Securities and Exchange Board of India]] chief [[G N Bajpai]], former [[ICICI Bank]] chairman [[G C Chaturvedi]], former IAS officers [[Malini Shankar]] and Nand Kishore.


The [[Serious Fraud Investigation Office]] (SFIO) started an investigation as there were huge procedural lapses and top management was not reachable. Newspapers reported the lavish salaries management had given itself at the expense of public money. In the absence of adequate supervision by the RBI or shareholders or any [[claw back]] provisions on [[remuneration]], the management treated the company as its fiefdom.<ref>{{cite news |last1=Shah |first1=Palak |title=Can the Centre's white knights rescue IL&FS? |url=https://www.thehindubusinessline.com/money-and-banking/can-the-centres-white-knights-rescue-ilfs/article25105611.ece |accessdate=3 October 2018 |date=2 October 2018}}</ref>
The [[Serious Fraud Investigation Office]] (SFIO) started an investigation as there were huge procedural lapses and top management was not reachable. Newspapers reported the lavish salaries management had given itself at the expense of public money. In the absence of adequate supervision by the RBI or shareholders or any [[claw back]] provisions on [[remuneration]], the management treated the company as its fiefdom.<ref>{{cite news |last1=Shah |first1=Palak |title=Can the Centre's white knights rescue IL&FS? |url=https://www.thehindubusinessline.com/money-and-banking/can-the-centres-white-knights-rescue-ilfs/article25105611.ece |access-date=3 October 2018 |date=2 October 2018}}</ref>


On 2 April 2019, the SFIO arrested the former vice-chairman of IL&FS, [[Hari Sankaran]], in [[Mumbai]] for fraud and causing wrongful loss to the troubled infrastructure lender. He was accused of granting loans to entities that were not credit-worthy or declared as non-performing accounts causing loss to the company and its creditors. The SFIO was granted custody of Sankaran till 4 April.<ref>{{Cite news|url=https://www.business-standard.com/article/companies/first-arrest-in-il-fs-case-former-vice-chairman-sankaran-in-sfio-custody-119040101323_1.html|title=First arrest in IL&FS case, former vice chairman Sankaran in SFIO custody|agency=Press Trust of India|date=2019-04-01|work=Business Standard India|access-date=2019-04-02}}</ref>
On 2 April 2019, the SFIO arrested the former vice-chairman of IL&FS, [[Hari Sankaran]], in [[Mumbai]] for fraud and causing wrongful loss to the troubled infrastructure lender. He was accused of granting loans to entities that were not credit-worthy or declared as non-performing accounts causing loss to the company and its creditors. The SFIO was granted custody of Sankaran till 4 April.<ref>{{Cite news|url=https://www.business-standard.com/article/companies/first-arrest-in-il-fs-case-former-vice-chairman-sankaran-in-sfio-custody-119040101323_1.html|title=First arrest in IL&FS case, former vice chairman Sankaran in SFIO custody|agency=Press Trust of India|date=2019-04-01|work=Business Standard India|access-date=2019-04-02}}</ref>
Line 122: Line 122:
The initial SFIO probe revealed that there were major lapses in [[Deloitte]]'s audit of the IL&FS.<ref>[https://www.cnbctv18.com/finance/sfio-probe-finds-several-lapses-in-deloitte-audit-of-ilfs-financial-services-says-report-3090391.htm SFIO probe finds several lapses in Deloitte audit of IL&FS Financial Services, says report]</ref><ref>[https://www.businesstoday.in/current/corporate/government-may-ban-deloitte-over-allgations-fraud-ilfs-audit/story/341303.html Govt may ban Deloitte over allegations of fraud in IL&FS audit]</ref> The [[Government of India|Government]] had moved to ban Deloitte for its role in the default. However, the [[Bombay High Court]] passed an interim order to prevent "coercive action" by the Government against the firm.<ref>{{Cite web|url=https://www.financialexpress.com/industry/no-coercive-action-against-deloitte-in-ilfs-case-bombay-hc/1739039/|title=No coercive action against Deloitte in IL&FS case: Bombay HC|date=2019-10-18|website=The Financial Express|language=en-US|access-date=2020-02-15}}</ref>
The initial SFIO probe revealed that there were major lapses in [[Deloitte]]'s audit of the IL&FS.<ref>[https://www.cnbctv18.com/finance/sfio-probe-finds-several-lapses-in-deloitte-audit-of-ilfs-financial-services-says-report-3090391.htm SFIO probe finds several lapses in Deloitte audit of IL&FS Financial Services, says report]</ref><ref>[https://www.businesstoday.in/current/corporate/government-may-ban-deloitte-over-allgations-fraud-ilfs-audit/story/341303.html Govt may ban Deloitte over allegations of fraud in IL&FS audit]</ref> The [[Government of India|Government]] had moved to ban Deloitte for its role in the default. However, the [[Bombay High Court]] passed an interim order to prevent "coercive action" by the Government against the firm.<ref>{{Cite web|url=https://www.financialexpress.com/industry/no-coercive-action-against-deloitte-in-ilfs-case-bombay-hc/1739039/|title=No coercive action against Deloitte in IL&FS case: Bombay HC|date=2019-10-18|website=The Financial Express|language=en-US|access-date=2020-02-15}}</ref>


In April 2020 the Indian Government's Corporate Affairs Secretary, Injeti Srinivas, said he expected to recover a substantial part of the company's ₹94,000 crore debt. He said it was strange that nobody foresaw the problem, whether it was statutory auditors, independent directors and credit rating agencies.<ref>{{Cite web|url=https://www.business-standard.com/article/companies/substantial-recovery-likely-against-il-fs-rs-94k-cr-debt-injeti-srinivas-120040500759_1.html|title=Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas|date=5 April 2020|website=Business Standard|url-status=live|access-date=28 April 2020}}</ref>
In April 2020 the Indian Government's Corporate Affairs Secretary, Injeti Srinivas, said he expected to recover a substantial part of the company's ₹94,000 crore debt. He said it was strange that nobody foresaw the problem, whether it was statutory auditors, independent directors and credit rating agencies.<ref>{{Cite web|url=https://www.business-standard.com/article/companies/substantial-recovery-likely-against-il-fs-rs-94k-cr-debt-injeti-srinivas-120040500759_1.html|title=Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas|date=5 April 2020|website=Business Standard|access-date=28 April 2020}}</ref>


On 8 June 2020, IL&FS has concluded sale of its stake in [[Gujarat International Finance Tec-City|GIFT City]] for 32 crore equity value. The sale would reduce its consolidated debt by more than 1,200 crore.<ref>{{Cite news|date=2020-06-08|title=IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms|access-date=2020-06-09}}</ref>
On 8 June 2020, IL&FS has concluded sale of its stake in [[Gujarat International Finance Tec-City|GIFT City]] for 32 crore equity value. The sale would reduce its consolidated debt by more than 1,200 crore.<ref>{{Cite news|date=2020-06-08|title=IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms|access-date=2020-06-09}}</ref>

Revision as of 13:41, 29 January 2021

Infrastructure Leasing & Financial Services (IL&FS)
Company typePublic[1]
IndustryInfrastructure Development and Finance
Founded1987 [2]
Headquarters
Mumbai, Maharashtra
,
India
Key people
Websiteilfsindia.com

Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian infrastructure development and finance company.[5]

It operates through more than 250 subsidiaries including IL&FS Investment managers, IL&FS financial services and IL&FS Transportation networks India Limited (ITNL).[6] Its projects include some of the largest infrastructure projects in India including India's longest tunnel, Dr. Syama Prasad Mookerjee Tunnel, which opened for traffic in April 2017.[7] After the company defaulted on its loans in 2018, the Government of India took control of the company and appointed a new board..

History

IL&FS was formed in 1987 as an "RBI registered Core Investment Company" by three financial institutions, namely the Central Bank of India, Housing Development Finance Corporation (HDFC) and Unit Trust of India (UTI), to provide finance and loans for major infrastructure projects.[8] Gradually, as the organisation needed better financing, it additionally opened itself to two large international players, namely Mitsubishi (through Orix corporation Japan) and the Abu Dhabi Investment authority. Subsequently, Life Insurance Corporation India, Orix and ADIA became its largest shareholders, a pattern that continues to this day.[9]

Currently, its institutional shareholders include Life Insurance Corporation of India (LIC), ORIX and Abu Dhabi Investment Authority, with small shareholdings by a few Indian banks. State Bank of India (SBI) was a share holder till 2017, after which it sold its stake in the company. A few foreign investors including Greenspring associates remain investors in its subsidiary companies, especially IL&FS transportation and IL&FS infrastructure services.[10][11][12]

In 2012, A2Z Group acquired the property management subsidiary of IL&FS (IL&FS Property Management & Services Ltd) in a cash and stock deal. The deal was done through its subsidiary A2Z Infraservices Ltd for ₹ 25 crore. While ₹7 crore cash payment was made to IL&FS Infrastructure Equity Fund and IL&FS Employees Welfare Trust, the infrastructure major also took a 20% stake in A2Z Infraservices by way of a stock swap.[13]

In April 2019, its newly constituted board informed investors that the company had 302 entities through which it currently operates.[14]

Group companies

IL&FS headquarters at the Bandra Kurla Complex in Mumbai

IL&FS has 256 group companies as of 2018, including subsidiaries, joint venture companies and associate entities.[15] Though on the surface, the company appears to have 23 direct subsidiaries, 141 indirect subsidiaries (including special purpose vehicles for different projects), 6 joint ventures and 4 associate companies, each of them is further subdivided into additional legal entities, with much cross ownership as well as ownership by investment vehicles of various governments.[8]

While some of its subsidiaries (such as IL&FS Transport) ran into high losses in 2018 and found it difficult to repay their loans, others (such as IL&FS investment managers) posted profits of ₹72.5 crore in 2018, a 33% profit after tax.[16]

Some of them are listed below-

Infrastructure Services
  • IL&FS Energy Development Company Limited: energy sector arm involved in development of power generation and transmission projects
  • IL&FS Infrastructure Development Corporation Limited: advisory and project development
  • IL&FS Transportation Networks Limited: involved in the development and implementation of projects related to surface transport (highways, flyovers, bridges and roads)
  • IL&FS Environmental Infrastructure & Services Limited
  • IL&FS Education and Technology Services Limited (Headed by RCM Reddy)[17]
  • New Tirupur Area Development Corporation Limited (an SPV to implement the Tirupur Area Development Programme)
  • Noida Toll Bridge Company Limited (an SPV to operate and maintain the DND Flyway connecting Delhi with Noida)
Financial Services
  • IL&FS Financial Services Limited (Investment Banking Arm of IL&FS)
  • IL&FS Investment Managers Limited (domestic private equity fund management)
  • ORIX Auto Infrastructure Services Limited (services related to transport finance and transport infrastructure)
  • IL&FS Trust Company Limited - ITCL (services: debenture and bond trusteeship, trusteeship and investor representative for securitised paper, services as security trustee and facility agent, secure document management, scanning, processing and records management, and paralegal services)
Technology Services
  • IL&FS Technologies Ltd. (IT Arm of IL&FS group)

Projects

IL&FS has several projects in different sectors including Transportation, Area Development, e-Governance, Health Initiatives, Cluster Development, Finance, Power, Ports, Water and Waste Water, Urban Infrastructure, Environment, Education, and Tourism.

In 2009, it became the new promoter of the Maytas Infra Ltd. and in January 2011, Maytas Infra was taken over by IL&FS and renamed to IL&FS Engineering and Construction Company Limited[18] In September 2009, it picked up a "significant minority stake" in the Reliance Industries' special economic zone project in Haryana.[19]

IL&FS was the principal lender behind the construction of the 9.28 km long Dr. Syama Prasad Mookerjee Tunnel, located on the route of NH 44 in Jammu and Kashmir. Its work was started in July 2011 and the tunnel was opened for traffic after its inauguration by the Prime Minister of India Narendra Modi on 2 April 2017. Built on an estimated budget of ₹3,720 crore (US$550 million), the main tunnel is 13 metres in diametre, while the parallel escape tunnel is 6 metres in diameter. The main and escape tunnels are connected by 29 cross passages located at intervals of every 300 metres. It is the first tunnel in India with a fully integrated tunnel system and is expected to reduce the distance between Jammu and Srinagar by 30.11 km (18.7 mi), reducing the travel time by two hours.

IL&FS also has large investments in its own subsidiaries, as well as in the equity market. In September 2018, these amounted to nearly ₹10,000 crores.[20]

Ownership

As of March 2018, the largest shareholders of IL&FS Investment services were as follows[21]

Defaults on bonds by IL&FS financial services

From July to September 2018, two out of IL&FS's 256 subsidiaries reported having trouble paying back loans and inter corporate deposits to other banks and lenders, resulting in the RBI requesting its major share holders to rescue it.[22] In July 2018, Hindu Businessline reported that the road arm of IL&FS was having difficulty making payments due on its bonds.[23] In the same month, Business Standard reported that its founder Ravi Parthasarathy would be leaving the firm due to medical reasons, after having headed the firm for 30 years.[24]

In early September 2018, Moneylife India reported that one of IL&FS's subsidiaries had been unable to repay a ₹1,000 crore short-term loan taken from SIDBI, resulting in SIDBI asking one of its officers to resign.[25] Subsequently, Bloomberg Quint, Business standard and Economic times reported that one of the IL&FS group of companies called IL&FS Financial Services Limited had defaulted on its commercial paper payments.[26] This led to news of a possible audit by the Reserve bank of India. IL&FS Financial Services Ltd., one of the group's many financial subsidiaries had defaulted on repaying about ₹450 crore worth of inter-corporate deposits to Small Industries Development Bank of India (SIDBI). On 27 September 2018, IL&FS Financial Services informed the Bombay Stock Exchange that it had defaulted on a ₹52.4 crore repayment of short-term deposits and ₹104 crore term deposit.[22]

However, in its replies to investors and the BSE, IL&FS investment services (IVC) clarified that the news items did not relate to it, as these were two completely different legal entities.[27] A similar letter was published by IL&FS Transportation.[28]

On 1 Oct 2018, the Government of India took steps to take control of the company and arrest the spread of the contagion to the financial markets. A new board was constituted as the earlier board was deemed to have failed to discharge its duties. The new board consisted of Kotak Mahindra Bank managing director Uday Kotak, former IAS officer & Tech Mahindra boss Vineet Nayyar, former Securities and Exchange Board of India chief G N Bajpai, former ICICI Bank chairman G C Chaturvedi, former IAS officers Malini Shankar and Nand Kishore.

The Serious Fraud Investigation Office (SFIO) started an investigation as there were huge procedural lapses and top management was not reachable. Newspapers reported the lavish salaries management had given itself at the expense of public money. In the absence of adequate supervision by the RBI or shareholders or any claw back provisions on remuneration, the management treated the company as its fiefdom.[29]

On 2 April 2019, the SFIO arrested the former vice-chairman of IL&FS, Hari Sankaran, in Mumbai for fraud and causing wrongful loss to the troubled infrastructure lender. He was accused of granting loans to entities that were not credit-worthy or declared as non-performing accounts causing loss to the company and its creditors. The SFIO was granted custody of Sankaran till 4 April.[30]

The initial SFIO probe revealed that there were major lapses in Deloitte's audit of the IL&FS.[31][32] The Government had moved to ban Deloitte for its role in the default. However, the Bombay High Court passed an interim order to prevent "coercive action" by the Government against the firm.[33]

In April 2020 the Indian Government's Corporate Affairs Secretary, Injeti Srinivas, said he expected to recover a substantial part of the company's ₹94,000 crore debt. He said it was strange that nobody foresaw the problem, whether it was statutory auditors, independent directors and credit rating agencies.[34]

On 8 June 2020, IL&FS has concluded sale of its stake in GIFT City for 32 crore equity value. The sale would reduce its consolidated debt by more than 1,200 crore.[35]

References

  1. ^ https://www.bloombergquint.com/business/government-moves-nclt-against-ilandfs#gs.LeI09ME
  2. ^ "Infrastructure Leasing & Financial Services Limited: Private Company Information - BusinessWeek". Investing.businessweek.com. Retrieved 28 September 2010.
  3. ^ "Board of Directors".
  4. ^ "CS Rajan appointed MD of IL&FS, Vineet Nayyar named Executive Vice-Chairman". moneycontrol. Retrieved 5 April 2019.
  5. ^ "Our work". Official website. IL & FS. Retrieved 29 September 2018.
  6. ^ Bahl, Raghav. "IL&FS Lessons For PM Modi From Two Singhs, Manmohan And Jaswant". Bloomberg Quint. Opinion. Retrieved 29 September 2018.
  7. ^ "IL&FS Transportation Networks Ltd - Chenani-Nashri Tunnel Project Page". Retrieved 2 April 2017.
  8. ^ a b Duggal, Ira (8 August 2018). "The Rise And Stumble of IL&FS". Bloomberg Quint. Retrieved 30 September 2018.
  9. ^ "Group profile - genesis and foundation". ilfsindia.com. IL and FS official website. Retrieved 26 September 2018.
  10. ^ "I & FS transportation - official website". Official website. IL & FS transportation networks ltd. Retrieved 26 September 2018.
  11. ^ "Our portfolio". greenspringassociates.com. Greenspring associates. Retrieved 26 September 2018.
  12. ^ "Direct Investments". Greenspring Associates. 7 November 2013. Retrieved 7 November 2013.
  13. ^ "A2Z acquires IL&FS". Reuters. Retrieved 5 March 2012.
  14. ^ "Briefing on IL & FS 3 April 2019" (PDF). IL and FS Official website. IL&FS - Board of Directors. Retrieved 9 April 2019.
  15. ^ "Funds worth Rs 160 bn getting stuck led to this mess: IL&FS tells staff". Business Standard. PTI. 13 September 2018. Retrieved 26 September 2018.
  16. ^ Annual report 2018. Mumbai: IL&FS Investment Managers. 1 August 2018. p. 7. Retrieved 18 October 2018.
  17. ^ bloomberg.com https://www.bloomberg.com/research/stocks/private/person.asp?personId=209884790&privcapId=51871994. Retrieved 22 February 2019. {{cite web}}: Missing or empty |title= (help)
  18. ^ C R Sukumar (1 September 2009). IL&FS may partner foreign firms to improve Maytas Infra position. livemint.com. Retrieved 2 September 2009.
  19. ^ Arun Kumar (2 September 2009). RIL takes IL&FS on board for Haryana SEZ. Retrieved 2 September 2009. {{cite book}}: |work= ignored (help)
  20. ^ "Valuations of the investments of IL & FS". Bloomberg Quint / SBI Cap report. 29 September 2018. Retrieved 29 September 2018.
  21. ^ "Ownership pattern - March 2018" (PDF). ilfsindia.com. IL & FS - Investors corner. Retrieved 26 July 2018.
  22. ^ a b Saxena, Ridhima (28 September 2018). "RBI Asks Shareholders To Rescue IL&FS". Bloomberg Quint. Retrieved 29 September 2018.
  23. ^ "Debt downgraded, ILFS road arm says facing defaults". Hindu businessline. 22 July 2018. Retrieved 26 September 2018.
  24. ^ Lele, Abhijit Madhav; Mukul, Jyoti (25 July 2018). "Three decades of Ravi Parthasarathy led to IL&FS's lateral growth". Business Standard. Retrieved 26 September 2018.
  25. ^ "IL&FS defaults on Rs 1,000 Crore Short-term Loan from SIDBI?". Moneylufe India. 4 September 2018. Retrieved 29 September 2018.
  26. ^ Mukherjee, Andy (17 September 2018). "The IL&FS fiasco represents India's domestic belt and road quicksand". Business Standard (originally reported by Bloomberg). Retrieved 26 September 2018.
  27. ^ "Letter from company secretary, IL & FS Financial services to Bombay stock exchange". moneycontrol.com/. Money control. Retrieved 25 September 2018.
  28. ^ "Letter from IL & FS Transportation (24 September 2018)" (PDF). IL & FS Transportation ltd. Retrieved 26 September 2018.
  29. ^ Shah, Palak (2 October 2018). "Can the Centre's white knights rescue IL&FS?". Retrieved 3 October 2018.
  30. ^ "First arrest in IL&FS case, former vice chairman Sankaran in SFIO custody". Business Standard India. Press Trust of India. 1 April 2019. Retrieved 2 April 2019.
  31. ^ SFIO probe finds several lapses in Deloitte audit of IL&FS Financial Services, says report
  32. ^ Govt may ban Deloitte over allegations of fraud in IL&FS audit
  33. ^ "No coercive action against Deloitte in IL&FS case: Bombay HC". The Financial Express. 18 October 2019. Retrieved 15 February 2020.
  34. ^ "Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas". Business Standard. 5 April 2020. Retrieved 28 April 2020.
  35. ^ "IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore". The Economic Times. 8 June 2020. Retrieved 9 June 2020.

External links

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