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A Parliamentary panel on Tuesday suggested a thorough systemic review by the Reserve Bank to pre-empt IL&FS kind of crisis, involving systemically important entities. The Standing Committee on Finance, chaired by Jayant Sinha, in its report said the resolution of IL&FS remains sub-judice before the National Company Law Appellate Tribunal (NCLAT). .delays in the resolution process not only brings a steep value erosion to the bankers and other creditors but more importantly leaves the understanding of the lacunae in the system evasive, it said. The financial crisis in IL&FS came to light after some of its group entities defaulted on debt payments. The government in October 2018 superseded its board. ....
An ED official said that the financial probe agency attached 98 properties of the real estate company in Ranchi, three commercial shops in Chattisgarh s Raipur as well as bank balances in the form of fixed deposits in the name of the Sanjeevani Buildcon Pvt Ltd and its directors and their relatives Jayant Dayal Nand, his wife Anita Dayal Nand, another director Shyam Kishore Gupta and Ranjana Shrivatsav, the wife of Prakash Prasad Lala, also one of the directors.The ....