JSW Steel Ltd., India’s most valuable steel producer, said it is likely to go ahead with a 197 billion rupees ($2.9 billion) offer to buy out a stressed steel mill even as a string of accounting frauds were uncovered at the target company, Bloomberg News reported. While JSW is “so far” not backing out of its offer to buy Bhushan Power & Steel Ltd., the company is anxious about the alleged frauds and its impact on the sale process, it’s lawyer Arun Kathpalia said Monday during a hearing at the National Company Law Tribunal. Earlier this month Allahabad Bank Ltd.

Film and entertainment group Eros International Plc on Monday swung to a loss in the fourth quarter due to an impairment charge and a rise in costs, sending its U.S-listed shares down more than 6% in premarket trade, Reuters reported. The company, which owns a vast library of Bollywood movies and music, has been struggling after a rating agency categorised its Indian subsidiary’s debt at “default” levels due to delays in payments.

India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday.

Investors in Indian corporate debt are watching whether a stressed wind-turbine maker will repay its dollar-denominated convertible bonds due Tuesday, and help avoid further widening of strains in the nation’s credit market, Bloomberg News reported. Suzlon Energy Ltd., which became India’s biggest convertible note defaulter when it missed payments in 2012, must repay $172 million outstanding on such securities that were issued as part of a debt restructuring.

Dewan Housing Finance Ltd. plunged after the Indian shadow lender posted a quarterly loss and flagged doubt about its ability to continue as a going concern amid a funding crunch in the country’s credit market, Bloomberg News reported. The stock slumped 29% to 48.5 rupees in Mumbai to the lowest close since October 2013, after briefly crashing 33% in intraday trading. The embattled lender seen its market value erode 81% this year, compared with the 11% gain in the S&P BSE Finance Index.

Shares in one of India’s biggest home loan and property finance companies, Dewan Housing Finance Ltd (DHFL), are expected to fall sharply on Monday after the lender reported dismal results and warned about its grim financial situation, Reuters reported. DHFL reported a net loss of 22.23 billion rupees ($324.3 million) for the quarter ended March 31, in a regulatory filing late on Saturday. It also said it had defaulted on the interest payments due on two non-convertible debentures. “The share price would be impacted significantly.

Beleaguered Indian shadow lender Dewan Housing Finance Corp. posted its first quarterly loss in more than a decade, missed interest payments and cast doubt on its ability to continue as a going concern, Bloomberg News reported. DHFL posted a loss of 22.23 billion rupees ($324 million) for the quarter ended March compared with 1.34 billion in net income a year ago, it said in a stock-exchange filing. That would be its first loss in data going back to June 2008. The financier also said in a separate filing that it missed interest payments amounting to 480 million rupees due last week.

Jet Airways shut down its operations on April 17 following the refusal by its lenders to advance any funds for its operations, The News Minute reported. Subsequently, State Bank of India filed an application with the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline company. News has now come in that Etihad Airways has expressed its interest in the resolution of the Jet Airways imbroglio.

India’s battle against the world’s worst bad-loan ratio is being stalled by some unforeseen parties: regulators and federal investigators, Bloomberg News reported. A spate of legal challenges mounted by the country’s markets regulator, anti-money-laundering agency and its tax department accentuate conflicts between bankruptcy law and other regulations that pre-date them. In many cases, the court battles being fought by these agencies to hang on to powers to seize and sell assets of those violating their rules are derailing a 270-day resolution deadline set by the insolvency law.

Indian tycoon Anil Ambani plans to raise about 217 billion rupees ($3.2 billion) by selling assets from roads to radio stations in a bid to cut debt…Ambani is waging a war on debt. He said on June 11 that his Reliance Group repaid 350 billion rupees in the past 14 months through asset disposals, Bloomberg News reported. But a large pile remains. The four biggest group companies still have about 939 billion rupees of debt. And that excludes Reliance Communications Ltd., Ambani’s former flagship firm, that recently slipped into insolvency.