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    20 views130 pages

    Affidavit 5th Progress Report Vol IV

    Uploaded by

    Divya Goyal

    Copyright:

    © All Rights Reserved
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    of 130
    Vol. IE of 12 BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, BENCH AT MUMBAI COMPANY PETITION NO. 3638 OF 2018 IN THE MATTER OF: PETITION UNDER SECTION 241 AND 242 OF THE COMPANIES ACT, 2013 In the matter of Union of India, Ministry of Corporate Affairs, Through Regional Director (Western Region) «+» Petitioner Versus Infrastructure Leasing and Financial Services Limited & Ors. ..- Respondents INDEX Affidavit on behalf of the Petitioner dated August 13, 2019 ANNEXURE1 Copy of the Fifth Report on Progress and Way Forward for Respondent No. | and its group companies/ entities to the Petitioner (with annexures) etme uawouinen gy & (Siem eT Fur Spray erg at ey pron Hy 2p ida ud unapea cut 2 woe ges pe Guedaury wsxusosuy ue Spojeus st Sunde ® \nnyo J0 ems (L1420)0y) PoNUN) ered siEPUEULS ISAO 02 eunxeuuy wo Jo peng ae s/ey) pou spenug eIonnse yu dnoip BbeI09 0g eunxeuuy wrstermemre | worwy He) peunmsmnson ereerenn BD BE go? vivo. pena :(614J9)9y) PaMUN BENE WHOTE INNO 0% aunxeuuy eto |uonL eS g sen euy gras HO OES SE ‘saoud jv ase] amp or mauraxcudr uo stadso seat "TOE ‘BBs 22] F-SL'E SouRTEG sp yno ose2] 0} Aeauspun ave Syos pue paseo] u3>q seq aneds yo“ bs sory gy ymasard ye erp payeaipar osye sey Auedusoo ayy, 3S9q]720 291. senpsaao om Saureej> yo ss200xd om oy st 1 PWN pormsoyaT sey AuediaOD OTL SPE RED wy SoHE (GTOe AMD FY RUNG PET Ta PONENT v0 40 ear (ozs J8)0y) eM EME WeWeBUEY SeMEDEY EOURRqUY 0z eunxouuy pooner eubiny «Temi AMOS HE 5) a ying doe pag ea 4 Eee fore SAL OL ara ‘me ad ey Sua esas Ee 9 FRY Sea | won | . csorwvn| came AEIUEES |e 1a ole pepe Me , be nies LP MON a ay yng 40 eR (122 30}0u) peML ZMLI TeMUED ekySIY O Oz einxeuuy 1) Usa sy sures yuu ago wot dag ep Jo wouayfoymt pe cee 9 fp 3 soon ane ten ep te a/3 wlEle/8/ 2/4) 5/8 8|slal aly WivO 40 emg (278 s8/0W) peu SENG SIAIVED DN UNIEA Oz eunxauuy sabe ten uo ves seusemeuny aTenun eID ERO BE 8 ‘gpg spr oy od pee span ey 2 5p dovarpng uae pen 11 ye wong pty pe ape ory wp ORT Ve NRE vo Jo Bena :izz¥ 030M) Pam ereAsy SieMIeD DE UREA (HOD) O 0 eunxeuuy moma es Palene Fp w Anda sa pogo nog an sod Spee pes oes 2.305 FUR iyo J0 em {Eze 1}9u) PRET SeRINOSoY UNA | 0% eunxeuny eterna uo 8) seeenetiny snronvousu ie 8 607 yD J0 em “ze 9)9y) PoUUT BIEAYY SIUEHNSUED SOMO 0z eunxeuuy etre enue gy pesmi npany stem sw He ED Ge vo Jo es 628 30) poMUN sreaUs SWINSON AEE O Oz aunxeuuy @ ® ® vo 40 ena ‘(oz# 10/64) PSL EN SOW} MOWMUE®I 0% einxeuuy seca ay ST YH AD ADE suopeyndas md ‘stonpaoceas “Speman pes oes ee DY a pen sorenasona ox} || Choos oe woknpe act mee Pe PGTAGLO| || oe ses es umegy ering Jo Lemar oy 0 Stamp € ee pon 7 ‘eye 2m Teas “p10 1azs 230 ap MP my ATHOM ¢ mA LoMAE| fg FD - Biv Joe (624 010%) powun EMS SoUOH MoRMUBDD (P2109) —O 07 eunxeuuy i700 ene3 (uz4.210w) pom menvd (@PU) SPU PEA! —C | — _ stamens seam eiony sTysetset Deady EE SoS GES Sap pn Et a ST 1) wu {Reo Beemer spun er Bang ty “ie pomng Swe 8 $e ea Sacre ale #5 SRS SEIT Fae 2007 9p PETG sf DSA OY NOPD SV er 7 rt = er — = ae ~ [== aa ee ‘cower | sung) poten | sang 20 es a EH OD. 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Sa Lem OG) pues then Se Dale oe 10 vo papa og uaa x2 ar) Se fu Sto He Bayan sos a a ‘7 weeds 0} porn Ayeqnjed uy tpam Sma w 8 Nl hq PAGED suey AR! Sueoy jo Cosson eed ‘suoneeege yo Kamunung - op aamasuiry ‘avopquco Pu seni @ 2) 7ol BEER P RFP TEPER EERE RRP EEEREERR RPT Freee FT RRP a 7ov E ReRRR EDS ieee : i LP EYL DELL Y TAT TTT ; Eisele faielele Bees Annexure 40 - Summary of observations Instances Identified where loans were sancloned at a spread less than or equal to 2% ‘Based on review of Risk Management Framework and Policies" dated 14 March 2011 (updated on 02 ‘May 2018) itwas noted that the policy stipulates that IFIN can lend loans at a minimum spread of 2% over {the marginal cost of ta borrowings. Further, I was noted that the polcy is silent on the requisite protocols, 'o be followed in case ifthe minimum spread criteria Is not met. 27 instances were identified where loans ‘were sanctioned at a spread lees than or equal to 2% errs ore conn Earth Environment Management Services. Private Limited [Barque Hotels Private Lined Pallay Trading Private Limited jazz Earth Environment Management Sercos Private Limited Brora Bhoruka Power Comporaion Uniied Zi Lars LaFS Engineoring & Constucion Company 245 Limited Liearan Prakashan _[Kenchan Properties United Za era [Dev Rishabh Real Esite Private Liniied 79 ars ILEFS Employees Weare Trust “79 Kv KV Energy & infesiuctro Private Umiled [Knalan BM [Babcock Gorsig Liited 730 [Kalpataru [Property Solutions India Private Limited 7109] [Gateway Distriparks|Priem Intemational Private Limiled 75| IRSFS [Barwa Adda Expressway Limied 45] Hime [Time Technoplast Lrited a3 [sreenke [Himachal Sorang Power Lied 43 [emam| Tarr Hospitals Uinta] 31 NLaES TILAES Employees Welfare Trust 20) Lars ILAFS Employees Welfare Trust 7] Sivergiades ——[Sivergiades iffadcire Patented ——| | lnd-Barath Group —[Arkay Energy (Rameswarrt) Lita re [22] [Grsenwiiaw Homes PrveleUnfed a 7 Elecrosieel Sleels Limied 3 2alViea IViSA Bao Limited 5] 2r|others Hema Si Power Projects Uniled 2] Frotal Za) Prva and content! Annaxure 40 - Summary of observations ‘Enlai anomalies denied inthe loons leno comeanis in arent 25 ar Items! apeeaainent uring ox review, 73 nsances were idee where the ASF tar had rove adver remarh or recommendations inthe CAM based on hor anserament of te Hak profi lt borowera, However, von af fhe adverse remarks or ecommendelons. ia losta were ssacsonee {0 th sald partes, basis te aprovl proved byt C00 Pate an contents Private and conden) Annexure 40 - Summary of observations ‘Potential reaulstory non-compliance by Mr Remesh Bawa ‘Based on review ofthe pole ited ‘Patcy on management of conflict of intrest was noted ‘hat every drectoriemployee of FIN is expacted to make ful and far daciosure of any malier ‘hat cold be exzecid to impair their objeciviy or interfere with des to thelr clint, or Prospective clients Inciuding any transaction or relationship tal coukd be deemed ae a confi. During our review of Form MBP 1 (clsclosure fom), Rwas noted that Mr Ramesh Bawa had ‘nol itclovad his investments in the companies nara AA Infosyslem Private Lined and ‘AAA® Inrasirucires Private Limited, This appears tobe potenial non-compliance 9! tho ‘regulations ofthe Companies Act 2013 by Mr Ramesh Bawa, bio domsin searches ware conducted lo Wentty If any of te KMPs of FIN have poteiia) Licks with the customers of FIN. Based on our searches, ithas been noted thal Me Ramesh ‘Bawa, fomer managing director of FIN has a polenta aks wit the Siverplades Group and ‘Ansal Group, ar pe ere Ses 4 Tnfrestucture Li seoma wun eneeavccssen ies ie Sa aa a= me eas Ratnieeston iat s Sua sul Seeman a aR URRERESG wa onenoug kes — 30 a SU, re Kener gz pared uP] Wawel ai ee =a aD ALATA SY PHD om Ei ee i =e of eens] sa —4 pa NaHS = Bau se eee nah av STE Aessojp, Annexure 36 Fait) Put be ey Gp caret Pont ate Biren ‘BANK OF IND] AK O MARGRET coe esoLote a — wasazs ane 2 rp secRe 2H af Us ‘The Chairman / CEO. Infrastructure | ‘Leasing and Financial Services Limited (NBFC-CIC) Bendra-Kurla Complex Bandra East ‘Mumbai ~ 400061 Dear Sir, Inspection of Infrastructure. ing and Financial 40 inspection of your company under Section 4SN of the RBI Act, 1096 was caried out Between Octsber 08 and Oetober 17, 2018 wih referanco tlie fnancal postion ‘85 0n March 31, 2018, ‘The supervtory eancerns observed during the inspection, requiring aato/complance by the company are as under; 2, Wide divergences were observed between Reporled ANW (€68.76 Bn) and Assessed ANW (€ (-) 16.32 Bn) as on March 31, 2018. The company's reported ANW {© RIVA ratio Blood at 32.66% and the present inspection assessed this rato et oO 12.86%, Thue, the company was notable to mainiin the requisite ANW to RWA taio (30%) as por the extant guidelines. 3. The company had not disclosed eny NPAs forthe lat four years. Wide divergences ‘were observed betwaen reported and assauted poskicn of assets clateitcation and provisions, 4. The erstwhile Board felled to exercise oversight over the functions of the eniy They ud not monitor the affairs ofthe downstream entios in which investments wore ‘made. No rationale wes ever brought out by the Board as tothe reasons for funding TNL and other loss making subsidiarias on an ongoing basis and theraby cteaing "quidty crunch In ILFS and other related parties, nme a ge oe eS TN SU as oe ‘removes sui ear Eat arg _— #8 eS 5. There were settous deficiencies observed in credit appraisal, Loans were ®anationed overlooking proper credit worthiness of the borrowers and given for general Purpose end investment purpose. Significant number of the borrowers were unrated 6 had poor rating. In some cases, loans were used for ever greening as fresh ‘sanctions and disbursements were made to repay the earlier loans, 6. The supervisory concems abserved requiring acion/compllance by the company sre given in Annex 4, 7, As the new Board has taken aver and resolution process is undorway, you are ‘edlviged to meet us at fortnight Interval and appraise the progress. Also you are ‘advised to make asset classification and provisions as recommended In the supervisory latter, 8. You are advised to place the inspection findings before the Board of Directors in the first ensuing meeting of the Board and a report on the action taken on the supervisory ‘concerns and the company’s response to the action paras proposed by the Bank, duly approved by the Board, may be forwarded to us within one month fram the date of receipt ofthis letter. Ly. Sodan, ee (vada Kamar Kare) ncaa Enc: Annex Annex +1 4 1. Capital ide divergences were observed between Reported ANW [865.78 Gn] and Ascestod ANW & () 18.32 Br as on March 31, 2018. The company's reported ANW lo RwvA ‘ato slood at 32.66% and the present Inspection assessed this rato at () 12.56% ‘Thus, the company was not able to maintain the requiste ANW to RWA rao. (30%) £35 Par the extant guidelines, Hence, company did not have the requisite Adjusiod Net Worth (ANW) to continue to hold CoR as a NBFC-CIC, 2, Ascot Quality: As por the inspection, loans amounting to & 49,648.02 milion were ‘entifed as NPAs, which constituted 70.08% ofthe total loans and advances. ‘Adetalled computation of additional NPAs and reversal of accrued Interest income on ‘assessed NPAs along with account wise discrepancies observed Annex-2, 24 Loans and advances Exposures were taken on SPVs of TNL by assignment of loan orginally glen Io TTNL. As some of tha projacia of SPVs were terminsied, thers was no scope of the 'SPVs generating funds to repay the loans asalgnad to them. 4. Some of the SPVs to which the CIC has asskjned loans (exITNL Road Infrastructure Development Company Lid and MP Boarder Check post Development Company Lit) were found to be Insolvent {Wl While granting loans and advances to the group entities, the company dd not evaluate the credit risk, repayment capecily and future ceah tlows, |W. Sanction of additional facilies and payment from group entities was made eo as {0 evergreen the secounts. \¥. No mechanism existed for monitoring end use of funds, 22 Investments: 4, The company did not have Board spproved Investment Polley, 4, The Investments of the company aggregated to €1,27,783.90 Mn as on March 31, 2018, The company made provision of €1686,60 Mn towards diminution in the value of Investments, However, Invesimants wore valued as per Para 10 of the RBI Master Direction (2018) for NBFC-ND-SI dated Septamiver 01, 2016 and additional provisions amounting to €34019.31 Mn towards diminution and interest reversal of i ( i 4 1 i 3) 640.04 tn were euggested, A deatod ‘computation on additional diminutions ‘observed by the present inspection is provided in Annex:3, 4. xpoures wore taken on SPVs of ITNL by assignment of loane originally gon to TNL. [twas observod that seme ofthe projects of SPVs ware terinhialed as there was no scope of the SPV generating funds to repay tha loans assigned lo them ‘The outstanding amount as on March 31, 2018 aggregating Re 18,571 mn. Further, No repeymenis (both principal and inleresl) have been received by ILFS from these SPVs during the half year ended September 2018, Xe 3. Management '\ The erstwhile Board of Directors (Bob) wore cupereedad by orders of MCA on the Srounds that the then directore failed to dlscharga their fiduciary dulles. The Unssruputous, negigent and dormant menegement decisions involving the huge Public money Indicated complete Incompetence of the Board. Therefore, Gol has orsered invostigation into the afar of ILFS and its subsidiaries through SFIO, '\ On account of continuity for © numberof years ofthe erswile Board members, certain laxity was observed in various management practces followed like not ‘dentiying the conflict of interest in various mesures which benefited the individual dIreciorstop management fka raniing out thelt propertiaa an quost house. Providing high end vehiciaa, making numerous foreign tps ete, W. Concenvalon of the dacaion making process was Vested with a ow Individuals nd clecretionary powers wera used In many eases wherein conflet of ntareat ay. 'v. The independent directors did not ensure thal the Board exercised proper oversight on the strmlegy adopted by the management to fund ITNL's liquidity mismaten. sin estions were raised as to the reasons for the liquidity csi in (TNL, + Rotation of the statutory autor at the frm level didnot occur, The same statutory auditor, Dellote Haskins & Sells, has been auditing IL&FS and its enttles since 2007. The Beard didnot monitor the afar ofthe group ents viz. ITNL, ILFS Enory, [LFS Maritime, ILFS Engineering and Construction, Hil County Prapertes ele, Ne ‘atonale was ever Brought out by the Board as lo the raesens for fuding ITN and olher loss making subsidiaries on an ongoing basis and thereby resting a ‘iquidity crunch In ILFS and other related partes, W'No oversight was exercised on the build-up of notional expanses uncer the head Service Concsssion Arrangement as those inched certin ‘lems ike tees a Project management expenses tobe paid to ITNL etc, 4 The Risk Management Committe did not mest for about three years, There was no rek ‘management moasures in WOave. Cred risk and finkago with iquidly tak was never identi in credit and Investment decisions. Business strategies of the ‘Group were never deliberated from the risk perspective, ‘low mismatches were belng funded by enhanced borrowinge, % Euncllonina of AGS: The ACB dotberatone dd not cover such fssues tke independent veting of tha claims of ITNL, valing of cant of interest cares ‘volving top management, x ‘No meeting of the IRC was Since October 6, 2016, Further, in the absence of meotinge of IRC, the invesiment related proposals were continued to be approved by the Commiize of Directors (COD). There was no system of monitoring and reviewing the ‘nvestments at periodical intorvals, XILNo oversight was exorcigad on the rallonale for having so many group companies end step-down subsidiaries In India and abroad and the way of funding and Utlisation of funds. 4. Earnings "Not Inlerest Income (NII) has been steadily decreasing for the past three financial years. Considering the suggested provisioning for Investment and Loans and ‘Advances, the ROA and RoE was stood at negative, 5. Liquidity | Liquidity isk was not identified, No backstop facility was in place, |i The liquidity ratio was calculated at 0.04 on March 31, 2018 as against 0.86 as on March 31, 2017. This dectine was due to Increase in short and long term borrowings. It was evident thatthe loans fo be repaid within one year were repaid through refinancing, 4M ALM retume (haif yeary) (poston as on March 31, 2048), showed that in ‘Over 14 days to one month’ bucket, the cumulative mismatch was vary high at (-) 78.38%. ‘The negative mismatches continued upto § years. This shows that the company & ‘64 not have access to liquidity which was a major concem and resulted in default in commitment. |. The ALM retums were not prepared and analysed. ALCO did not function tlectvely 2s it did not monitor and identify the short term liquidity mismaich. Asa sSonsequence, the group kept on borrowing for the purpose of funding he mismatch in FTNL.Itwas observed thal he fquldly crunch in TNL was balanced by Inccaling that there was a receivable in the form of claim. However it wee observed that the

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