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Government orders SFIO probe against IL&FS and units, says takeover was required to save company from financial collapse

Updated : October 03, 2018 06:29 AM IST

The high debt stress was clearly visible in the company and its main subsidiaries for the last so many years, but was camouflaged by misrepresentation of facts, said the finance ministry.
Besides, the fact that the company continued to pay dividends and huge managerial pay-outs regardless of looming liquidity crisis shows that the management had lost total credibility. 
There have also been serious complaints on some of the companies for which an SFIO investigation has been ordered into the affairs of IL&FS and its subsidiaries, said a statement by the ministry.
Government orders SFIO probe against IL&FS and units, says takeover was required to save company from financial collapse
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