Advertising“You are well aware of the concerns conveyed from time to time by this Office regarding the developments in IL&FS,” wrote Misra in a letter to Garg on September 26. “It is disturbing that the major shareholders in IL&FS — LIC, SBI and Central Bank, did not foresee the developing dark clouds. According to sources, Garg asked his office to convene a meeting with the chairpersons of SBI, LIC and Central Bank soon after. While LIC owns 25.34 per cent in IL&FS, Central Bank of India and SBI hold 7.67 per cent and 6.42 per cent, respectively. Consequently, IL&FS bonds got poor rating and many institutions faced redemption pressure,” Misra wrote.

Source: Indian Express December 22, 2018 00:35 UTC