Troubled Infrastructure Leasing & Financial Services (IL&FS) reportedly manipulated operations in its subsidiary Kanak Resource Management Limited (KRML), showcasing another layer of its shady lending and borrowing operations.
According to a Moneylife report, this indicates that the company was trying to put off the eventual default by at least two years, before founder-chairman Ravi Parthasarathy stepped down in July 2018.
KRML was set up as a joint venture (JV) between IL&FS Environmental Infrastructure and Services Limited (IEISL) and Centre for Development Communication (CDC) in 2007.
The latter is a trust run by Vivek Agrawal to collect, segregate, trade and transport solid waste. IEISL had 94.71 percent stake in KRML, while CDC held 5.29 percent. Read More