Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
The new IL&FS Board has listed as a major challenge some lenders action of marking lien on or appropriating funds from the respective accounts of the IL&FS Group entity against their outstanding dues in that entity/other group entities despite the National Company Law Appellate Tribunal restricting them from doing so its interim order on October 15.
“While the Hon’ble National Company Law Appellate Tribunal had in its interim order dated October 15, 2018 inter alia restricted banks and financial institutions from setting off or exercising lien over any amounts lying with any creditor in any account of IL&FS or its group companies, some lenders have marked lien on or appropriated funds from the respective accounts of the entity against their outstanding dues in that entity/other group entities,” the company said in a report to the Ministry of Corporate Affairs.
Listing out other challenges, the report said lenders in certain entities are not permitting O&M (operations and maintenance) payments or other operational payments, including salaries, which are essential for the going concern status of the entity.
Such lender action is to the detriment of such entities and would lead to value erosion for all stakeholders, it added.
The report cited examples whereby in case O&M payments are not made in entities with concession agreements (for example, roads), the vendors may stop providing O&M services, which could lead the concession authority to levy penalties and even terminate the O&M contract. In such a scenario, the project would deteriorate physically, which in turn would yield lower value from prospective investors.In entities where employees and other vendors are not paid at the discretion of the lenders, there would be a disruption in activities and potential mismanagement of such entities.
The problem with regard to O&M payments is underscored by the fact that seven Indian employees of IL&FS Transportation Networks Ltd, which has been executing projects across three sites in Ethiopia through its subsidiary Elsamex SA, were not allowed to leave their respective camp sites by the local community on account of unpaid dues by the project company.
While two Indian employees have been allowed to move out of the camp, the others continue to remain captive. ITNL is believed to have remitted a month’s pay for the local employees of the sites in Ethiopia.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Given the events in Washington DC on January 6, this week’s quiz is all about buildings that house or housed ...
While good writing wars against the cliché, television gives it a natural home
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor