Diabytes
Infrastructure Leasing & Financial Services News
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A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the accounts of the debt-ridden IL&FS and its 300 group entities, which are unable to pay their debt.
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IL&FS was awarded the contract for building the strategic14.2 km-long Zojila tunnel to provide all-weather connectivity between Srinagar, Kargil and Leh.
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On November 12, the company had initiated the process for divesting its stake in both the subsidiaries. The group has 348 subsidiaries, nearly half of which are overseas.
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Besides, Sebi is looking to make it mandatory for liquid funds to mark to market the value of all bonds that have maturity of 30 days or more.
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The Life Insurance Corporation (LIC) has the largest shareholding in IL&FS.
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One of the shareholders, who is also one of the founding members of the IL&FS group, has informed that shareholders won't subscribe to the rights at a rate above Rs 500 per share.
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LIC was only seen rescuing debt-ridden public enterprise.
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