Corporate

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

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 

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

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

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

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