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Uday Kotak, team meet Finance Ministry brass over IL&FS (Lead) (IANS Special)
New Delhi, Jan 22 (IANS) On a day when CRISIL downgraded two IL&FS special purpose vehicles and ICRA put six mutual funds on its watch list with negative implications, the government met Uday Kotak and his team and senior officials of Punjab National Bank, Bank of Baroda, Union Bank and Canara Bank on the sensitive issue of provisioning.
In parallel, Union Bank of India said its exposure to the IL&FS thermal power project could turn into a bad loan in the next quarter if the National Company Law Appellate Tribunal does not modify its order for cash flow into special purpose vehicles.
The lender’s exposure to the plant is close to Rs 900 crore, Managing Director and Chief Executive Officer Rajkiran Rai G said.
Sources close to developments said that the government will approach the Reserve Bank of India seeking a special dispensation for deferring provisions that banks need to make for some IL&FS group companies.
The Reserve Bank of India had refused to give any special dispensation to lenders of Infrastructure Leasing & Financial Services Ltd., asking them to classify the loans as non-performing if they are overdue.
At the same time, stressed banks impacted by the IL & FS imbroglio want some sort of interest component to be paid by the beleaguered financial behemoth so that some semblance of money keeps rolling in.
The meeting in the finance ministry was attended by corporate affairs secretary Injeti Srinivas, department of economic affairs secretary Subhash Chandra Garg and secretary department of financial services Rajiv Kumar.
IL&FS and its associated companies have defaulted on loans worth Rs 91,000 crore, leading to a serious liquidity crisis.
The government is seeking relaxation in RBI’s tough rules on bad loans to bring IL&FS out of the debt mess. There are some IL&FS companies which are in a position to repay their loans as they have money in the escrow account.
Uday Kotak of Kotak Mahindra Bank was appointed as the chairman of IL&FS in October 2018 when the company’s debt crisis came to be known in August.
The Mumbai bench of National Company Law Tribunal (NCLT) had turned down the government’s application for a three-month moratorium for IL&FS and its subsidiaries against legal action by lenders. The appellate court had stayed the order disabling lenders from monetizing the assets.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.