Synopsis
The company’s deep troubles reveal how financial chicanery is easy to pull off, and for a long period of time. All that is needed is to get to a situation where a firm is too big to fail.
IL&FS is a great magic trick. A massive illusion till the method is revealed. That’s when it all seems so obvious. So obvious that the sages of the Indian financial system, the bankers, the regulators and the company’s big-daddy shareholders — LIC, Orix, and HDFC — should have seen this coming six years ago.Now, with the perfect vision of hindsight, it is clear why this did not happen. A strong and charismatic leader, Ravi Parthasarathy, and
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