Hemendra Hazari writes….
In a scathing attack on market participants “Intangible assets which need to be written off from shareholder funds are the culprit, and the significant rise in such assets, which in all likelihood are the losses incurred in the company’s subsidiaries, clearly reveals the problem. How the significance of such a basic disclosure, which is not even hidden in the notes to accounts, can have escaped the board of directors, the auditors, the credit rating agencies, the subscribers of IL&FS debt paper and the regulator paints a pathetic picture of the Indian financial system. Apparently, in all these years, nobody bothered to read the consolidated accounts of IL&FS, which are on the company’s website and hence in the public domain.”
But guys don’t worry Nobody is going to trial, forget jail …..as bureaucrats who sits on co board and who have been recipient of largesse knows ” Baat Niklegi to dur talak jayegi” but you as a common person will pay for this bailout.
https://thewire.in/banking/ilfs-india-shadow-banking-bailout