The special Prevention of Money Laundering Act PMLA court has closed the money laundering proceedings against former chairman of Infrastructure Leasing & Financial Services (IL&FS), Ravi Parthasarathy, after the court was informed about his death. However, the enforcement directorate ED strenuously opposed the plea for declaring the case against him to be abated. Parthasarathy s lawyer on Monday informed the court about his death in April this year and pleaded to drop the proceedings against him. The court had then sought a reply from the ED. The ED had opposed the plea claiming that the proceedings against Parthasarathy could not be dropped in view of the charge of criminal conspiracy related to the proceeds of crime levelled against him and others and in view of the glaring facts showing how the proceeds were generated layered integrated in regular business transactions. The court however discarded the ED's objection observing that the simple answer from the ED was expected whether the trial should continue by abating it to the extent of the deceased accused but the ED contended that said application has to be rejected

Infrastructure Leasing and Financial Services Ltd (IL&FS) Tuesday said G Mahalingam and Deepak Mohanty have been inducted on its board as non executive directors, effective October 15, 2022. Mahalingam has served as executive director of RBI and whole time director of Sebi. Mohanty was executive director of RBI

The ministry of corporate affairs MCA has nominated two directors - G Mahalingam and Deepak Mohanty - on the board of IL&FS.

The Ministry of Corporate Affairs (MCA) has nominated two directors - G Mahalingam and Deepak Mohanty - on the board of IL&FS. The appointment of these two directors has been approved by both the MCA and National Company Law Tribunal

The National Company Law Tribunal (NCLT) has approved the sale of infra lender IL&FS' headquarters, a 10-storey iconic property in Mumbai's business district Bandra-Kurla Complex (BKC), to global alternative investment major Brookfield Asset Management. Brookfield's affiliate firm Chronos Properties has emerged as the successful bidder to acquire the marquee property for over Rs 1,080 crore. IL&FS has already received 10 % of the total consideration and the deal may be concluded in FY23.

Since toll was scrapped on the 9 2km DND Flyway which connects Noida's Sector 15A to Delhi's Maharani Bagh, the road bridge has been conspicuously losing its sheen and showing signs of falling into neglect. The flyway is now riddled with craters on both the Delhi and Noida sides The recent spell of rain has washed away the bitumen layer, leaving the road that has not been resurfaced for a long time pockmarked with rough patches

There have been major board-level changes at Infrastructure Leasing and Financial Services (IL&FS) with G C Chaturvedi stepping down from the Board and Nand Kishore being appointed MD. C S Rajan,the former CMD, will now be the non-executive chairman. The changes come six months after Uday Kotak, who was originally appointed by the government to oversee the resolution, stepped down from the board. With the group's resolution not complete, the government may appoint new members to the Board

After a moratorium of over three years, IL&FS lenders will receive an estimated Rs 16,361 crore in the third quarter from the proceeds of the resolution of 191 special purpose vehicles (SPVs), said two people with knowledge of the matter. Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.

Noida Toll Bridge Company Ltd., a Special Purpose Vehicle formed to build, own operate and transfer the DND flyway is seeking Rs 100 crores to undertake major repairs on the crucial link road between Noida and Delhi. The issue plaguing India's first eight lane access control highway is the lack of any defined sources of income with revenue drying up following adverse positioning by state government departments in Delhi and Noida. Toll collection on the DND flyway from commuters had been stopped in October 2016 after an Allahabad High Court order found two provisions relating to levy and collection of fee in the concession agreement to be inoperative.

Aditya Birla Sun Life Mutual Fund has exited loss-making IL&FS group-promoted Jharkhand Road Projects Implementation Company (JRPICL). It has sold its entire exposure to Edelweiss Alternative Assets Advisor Fund at a 24% discount, said three people aware of the development.The Edelweiss fund on July 12 purchased Rs 900 crore non-convertible debentures (NCDs) from Aditya Birla Sun Life MF and a Singapore fund, whom the MF had advised.