Home >companies >news >IL&FS Transportation Networks defaults on dividend payment of 7.12 crore

New Delhi: IL&FS Transportation Networks, a group company of the troubled IL&FS group, Monday said it has defaulted on dividend payment of 7.12 crore due on redemption of cumulative non convertible redeemable preference shares.

The dividend of 7.12 crore was due for the period between April 1, 2017 to December 23, 2018 and was not paid due to insufficient funds, the company said in a filing to the exchanges.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds. The group’s total debt stood at over 94,000 crore as of October 2018.

Shares of IL&FS Transportation Networks were trading 1.98 per cent higher at 12.85 apiece on the BSE. PTI SVK DRR

Will take steps if there is liquidity shortage: RBI Governor

New Delhi, Jan 7 (PTI) Reserve Bank Governor Shaktikanta Das Monday said the central bank will take steps if there is a liquidity shortage in the economy, though currently liquidity needs are largely met.

Das, who met associations of small and medium enterprises in the national capital, will meet non-banking financial companies (NBFCs) on Tuesday to get a perspective on liquidity needs, he told reporters here.

Banks, he said, have been asked to look at the viability of individual proposals for loan restructuring of Micro, Small and Medium Enterprises (MSMEs). “We are constantly monitoring it," he said on the liquidity issue. “We believe liquidity needs are largely met." RBI, he said, will take steps if there is a liquidity shortage.

Infusion of liquidity in the market will be need-based, he said adding RBI will maintain adequate liquidity.

On the meeting with MSMEs, he said banks have been asked to look at the viability of MSMEs before loan restructuring.

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