NYC designated ‘anarchist jurisdiction’ by Justice Dept.; federal funding at stake

NEW YORK CITY — The Department of Justice on Monday identified New York City, Portland and Seattle as cities that have allowed “violence and destruction of property to persist,” as outlined in a presidential memorandum that could restrict access to federal funding.

Earlier in September, President Donald Trump issued the Memorandum on Reviewing Funding to State and Local Government Recipients That Are Permitting Anarchy, Violence, and Destruction in American Cities.

The measure allows the DOJ to target city governments that the agency believes has not taken steps to mitigate widespread criminal activity.

So-called “anarchist jurisdictions” that meet the DOJ’s criteria are subject to a 30-day review by the director of the Office of Management and Budget, who will issue guidance on restricting eligibility for federal grants, according to the presidential memorandum.

“When state and local leaders impede their own law enforcement officers and agencies from doing their jobs, it endangers

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IL&FS completes stake sale in education business, cuts consolidated debt by Rs 650 crore

a large building in the background: Sale of SIL will reduce operating cost for IL&FS Group by nearly 19%.

© Provided by The Financial Express
Sale of SIL will reduce operating cost for IL&FS Group by nearly 19%.

The IL&FS Group on Wednesday completed the sale of a 73.69% stake in its education business, held under Schoolnet India (SIL), to Falafal Technologies (FTPL).

The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund-based and non-fund based financial debt, without any haircut to lenders, the company said.

The sale was completed pursuant to the approval granted by the National Company Law Tribunal’s principal bench through its order dated August 31. FTPL has paid Rs 7.37 crore as equity value for the shares of SIL held by IL&FS and IL&FS Employee Welfare Trust, in addition to taking over SIL’s fund-based and non-fund based financial debt of nearly Rs 650 crore. FTPL has also agreed to a deferred consideration of Rs 6.29 crore payable within

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