IL&FS crisis: Risk panel review was not needed, says former director

The risk panel committee provides guidance on strengthening risk management practices

Responding to the criticism on why the ousted board of Infrastructure Leasing & Financial Services Ltd (IL&FS) did not hold a single meeting of the key risk management committee in the last two years leading to the meltdown, a former senior director said it was not necessary.

He said this because all the issues relating to the risks faced by the company and its impending financial problems were the key agenda whenever the full board met during the last two years.

“What is the point of having a meeting of the risk management committee which only had four