SEBI gives breather to IL and FS subsidiary

Markets regulator SEBI disposed of proceedings against IL&FS Financial Services Ltd without issuing any direction against it in a matter pertaining to alleged violation of underwriter norms. Continue Reading

Government seeks more time to complete IL&FS resolution

The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations. Continue Reading

HDIL under govt scanner; look out circular issued against MD, director

The government has issued a look out circular against two directors of realty firm HDIL after preliminary findings allegedly revealed financial irregularities at the company, according to a senior official. A look out circular is issued against a person directing the immigration authorities to ensure that he or she does not leave India through an airport or seaport. Continue Reading

HC refuses to allow Goyal to leave India, seeks Centre’s response

A Delhi High Court today refused to allow Jet Airways founder Naresh Goyal to leave India and sought response of the Centre on his plea challenging a look out circular issued against him. Continue Reading

ILFS case: Deloitte & BSR question MCA’s ban demand

Auditors Deloitte Haskins & Sells and KPMG’s affiliate BSR Associates, who are under fire for alleged lapses in connection with the IL&FS scam, questioned Ministry of Corporate Affairs’ (MCA) demand for a five-year ban on them. Continue Reading

Big news for small borrowers: Govt to roll out universal debt relief schemeĀ 

The Ministry of Corporate Affairs (MCA) of the Indian government is working on a universal debt relief scheme for small borrowers. It is aimed to help small farmers, artisans, and micro enterprises to start and build businesses without the worry of falling under personal debt by making changes in the Insolvency and Bankruptcy Code (IBC). Continue Reading