India Inc stares at Rs 9\,000-crore hit on IL&FS debt in private PF\, pension

India Inc stares at Rs 9,000-crore hit on IL&FS debt in private PF, pension

Loss in principal and interest income by these funds have to be made good by companies

Joydeep Ghosh  |  New Delhi 

After mutual funds (MFs) and insurance companies, India Inc is likely to be the next victim of defaults by the Infrastructure Leasing & Financial Services (IL&FS) group firms. Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.

And, these companies will have to make good these losses, according to the guidelines of the Employees’ Provident Fund Scheme (EPFS), 1952. The long list of ...

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

Total Amount
Rs. 149.00
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.
  • Requires you to share personal information like date of birth, income, location amongst other fields. This information alongwith your contact information will be shared with the partners associated with this program, who contribute towards subsidizing the offer. By subscribing to this product you acknowledge and accept that our Partners may choose to contact you with offers of their products and services.
  • This is an optional offer - Not comfortable with sharing personal data - please opt for the full price offer which requires you to share minimal information
First Published: Mon, May 13 2019. 01:33 IST