Corporate

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IL& FS scam
 
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LEGAL

Infrastructure Leasing & Financial Services (IL&FS) scam......only scams these days everone obssesed with them

 
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Yeah agree.

I have to make a project report on this burning topic.

Please do share ur  legal analysis on the whole issue. Your inputs will be appreciated

Thanks 

 
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LEGAL

surprise

 
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Dy Director

please give facts so that some legal view can be formed. 

 
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IN ESSENCE, IL&FS SCAM INVOLVED:

  • Giving out loans for long term projects from short term resources  and some of these long term projects were stuck in litigation or went bad
  • Mr. Ravi Parthasarathy, Chairman of IL&FS Group & his coterie of other directors & senior employees indulged in fraudulent Accounting & Business practices like evergreening of loans to hide the real financial situation
  • Auditors suppressing information on bad loans and help inflate profits to present a sense of stability
  • Company not complying with the RBI regulations
  • The Regulators ignoring a whistleblower complaint that had brought to light the financial irregularities as early as 2017

 

 
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IN ESSENCE, IL&FS SCAM INVOLVED:

  • Giving out loans for long term projects from short term resources  and some of these long term projects were stuck in litigation or went bad
  • Mr. Ravi Parthasarathy, Chairman of IL&FS Group & his coterie of other directors & senior employees indulged in fraudulent Accounting & Business practices like evergreening of loans to hide the real financial situation
  • Auditors suppressing information on bad loans and help inflate profits to present a sense of stability
  • Company not complying with the RBI regulations
  • The Regulators ignoring a whistleblower complaint that had brought to light the financial irregularities as early as 2017

 

 
Reply   
 
........................

IN ESSENCE, IL&FS SCAM INVOLVED:

  • Giving out loans for long term projects from short term resources  and some of these long term projects were stuck in litigation or went bad

  • Mr. Ravi Parthasarathy, Chairman of IL&FS Group & his coterie of other directors & senior employees indulged in fraudulent Accounting & Business practices like evergreening of loans to hide the real financial situation

  • Auditors suppressing information on bad loans and help inflate profits to present a sense of stability

  • Company not complying with the RBI regulations

  • The Regulators ignoring a whistleblower complaint that had brought to light the financial irregularities as early as 2017

 

 
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