Finance IL&FS antics: Lending behemoth without 'investment policy', says RBI report Updated : August 21, 2019 09:04 AM IST The RBI in its investigation report on IL&FS has said, "the company did not have a board-approved 'investment policy'. The report also pointed out the laxity among the erstwhile board members, including the independent directors, who aided in the unscrupulous misgovernance and benefit of just a few in the top brass. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.