Shocking details emerge on IL&FS; you will be stunned by the details
There are certain entities which, in practice but not necessarily de jure, may have been considered part of the IL&FS Group for the purposes of funding. For instance, IL&FS Financial Services Ltd (IFIN) has an exposure in excess of Rs 900 crore to companies which are subsidiaries of associates or joint ventures of IL&FS such as HCPL and IL&FS Employee Welfare Trust.
The new Board has discovered that companies in the IL&FS Group have had the “practice of leasing properties owned by select employees (or their relatives) as guest houses of group companies”. Image source: Reuters