The downfall was rather unprecedented.”The government has also been cracking down on economic crime to assuage public anger over absconding businessmen. His telecom carrier slipped into insolvency this year, while unprofitable Reliance Naval & Engineering Ltd. faced a cash crunch. Started in 1969 as a construction firm, Essar Group diversified, investing about $18 billion between 2008 and 2012, and piled on debt. The airline stopped flying in April and went into bankruptcy two months later as lenders failed to find a buyer. In August, the firm was hit by an accounting scandal forcing the board to remove Thapar, 59, from the chairman’s post.

Source: Economic Times December 30, 2019 23:03 UTC