Management of crisis-hit IL&FS put up a massive cover-up, alleges ministry

Public money was mismanaged, said MCA petition

The petition by the Ministry of Corporate Affairs (MCA) has held IL&FS’ board members responsible for the mess the financial institution is in. 

The MCA petition states that directors of IL&FS have failed to discharge their fiduciary duties which is based on mutual trust and confidence.

“The unscrupulous manner in which public money has been mismanaged and stuck in projects indicate that management of IL&FS has not only failed to manage but were involved in operation cover up till the end, and wilfully created financial mess of IL&FS is astonishing,” the petition alleged. 

“It is also interesting to highlight that