IL&FS mess highlights failure of key stakeholders, corporate governance

A line of defence by IL&FS is that the mounting dues from various agencies were the prime reason for its liquidity woes

If you are all things to all comers, you end up being a big nothing to almost everybody. The Infrastructure Leasing & Financial Services (IL&FS) affair tell us the distance between the two can be short: going from being a triple-A rated entity to default grade in a matter of weeks. 

Now that the mess is coming out in public view, inspiration comes in the form of the cop in the movie Casablanca who says: “Round up the usual suspects”.

This includes shareholders who took a cat-nap at the wheel and have been woken up to infuse Rs 45 billion