While the newly appointed board of crisis-hit Infrastructure Leasing and Financial Services (IL&FS) is slated to hold its second meeting on Friday, the government has expedited its own evaluation of the depth of the trouble the infrastructure-financing and engineering conglomerate has got into and steps to salvage it with whatever legitimate support.
According to sources, the ministry of corporate affairs (MCA) has commenced a “probe into 179 subsidiaries” of the debt-laden group, to ascertain if these firms, the existence of which wasn’t common knowledge until the board stumbled upon them in its first meeting, indeed have any operational role or are mere shell companies. Read more
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