EXECUTIVE SUMMARY
The ‘Interim Report of IL&FS and Its Subsidiaries’ dated November 30, 2018 by the Serious Fraud Investigation Office (SFIO), which was submitted by the Ministry of Corporate Affairs (MCA) to the National Company Law Tribunal (NCLT), not only reveals the shenanigans of IL&FS’s senior management but also puts the spotlight...
EXECUTIVE SUMMARY
For the beleaguered non-bank finance company (NBFC) sector, banks are the single largest component of external funding. This source peaked at the end of September 2018, in the aftermath of the default of IL&FS, a private unlisted infrastructure developer and financer. However, in the beginning of the last...
Reliance Naval Engineering (RNE) will in all
likelihood be classified as non-performing by all the concerned banks in the
consortium for the quarter ended March 31, 2018. Long facing difficulty meeting
its financial obligations, the company finally fell short in the December
quarter. In the March quarter, banks in the consortium were unable...
EXECUTIVE SUMMARY
The Central Bureau of Investigation (CBI), India’s premier federal police investigation agency, finally filed a First Information Report (FIR) and charged Chanda Kochhar, former CEO, ICICI Bank, her husband, Deepak Kochhar and V. N. Dhoot, managing director, Videocon Group, with cheating ICICI Bank in the Rs 32.5 bn Videocon loan...
Axis Bank is back in the spotlight for rewarding senior management for a disastrous performance. It was a year in which profits and profitability collapsed with the souring of corporate loans, the regulator penalised the bank for fudged accounts, the share price stagnated and no dividend was declared. Yet...
Even though the government has intervened and installed a new board, the IL&FS saga continues with no resolution in immediate sight. Daily reports of defaults of IL&FS group companies are heightening concerns in the financial market. This is happening in the back drop of the rupee in free fall, stock market...
For the last 5 years, the profitability of HDFC Bank, India’s largest
bank by market capitalisation, has declined even though its critical net
interest margin (NIM) has remained constant. Interestingly, to maintain its
pristine margin, the bank has focused on taking on more risk in the form of
unsecured retail loans. Such a...
Mumbai: It is the season of resignations for the independent directors of India Inc’s corporate boards.
The recent stormy exit of R. Chandrashekhar from the board of Yes Bank caught the media’s attention, after which the private sector lender had to issue an apology to the stock exchanges and retract its earlier statement that his resignation was...
