Pension funds and provident fund trusts, which collectively have invested ‘thousands of crores in bonds issued by IL&FS group, have filed intervening petitions in the National Company Law Appellate Tribunal, fearing that they could lose money as the bonds are categorised as unsecured debt, the Times of India reported.
Although the exact amount of money invested in these bonds is not known, investment bankers estimate it to be in thousands of crores since the infrastructure company’s bonds were one of the preferred picks of pension fund and provident fund trusts as they were ‘tripple A’ rated, the daily said.
The publication citing sources said, exempted trusts managing funds of employees of public sector companies such as MMTC, IndianOil, Read more
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