NFRA has highlighted at least nine major loopholes atleast in its report. ITNL’s financial exposure to its subsidiaries, associates and joint ventures amounting to Rs 3,346 crore was not valued.
The government through a gazette notification extended the term of Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank, till April 2, 2022.
Accused Ramchand Karunakaran, who played a prominent role in siphoning off funds, was one of the directors of IL&FS Rail Ltd and the managing director of IL&FS Transportation Network Ltd.
Another Rs 14,643 crore is expected from applications filed with courts, taking its total recovery to Rs 43, 673 crore or 44% of the total group debt.
The transaction will help the group address Rs 2,600 crore of its overall debt of close to Rs 99,000 crore (as of October 2018).
It is informed that an NPA Account, viz IL&FS Transportation Network Limited (ITNL) with outstanding dues of Rs 149.98 crore has been declared as fraud