IL&FS Financial Services MD Ramesh Bawa allegedly bending norms to favour Ansal Group, as reported by The Indian Express Wednesday, isn’t the only questionable link between the two companies. Sources said IL&FS Trust Company Ltd, (now called Vistra ITCL after it was acquired by Vistra in 2016), was the trustee company that kept these cheques. PenBrook Capital had invested around Rs 200 crore in Ansal Group’s projects from funds raised in 2014 and had taken PDCs from all recipients of the fund including Ansals. In fact, in 2017-18, in an e-mail to PenBrook Capital, Vistra ITCL accepted that it had lost the Ansal PDCs. Emails sent to Vistra ITCL (India) and PenBrook did not elicit any response.

Source: Indian Express June 12, 2019 23:26 UTC