IL&FS: IFIN's exposure to group cos breached RBI norms in FY16-18: Board

This finding was submitted to the Mumbai bench of the National Company Law Tribunal by the government-appointed board Wednesday

The new board of the troubled IL&FS has found that one of the group subsidiaries, IL&FS Financial Services' (IFIN) outstanding loans and investments to other group entities are much higher than the permissible regulatory caps for the three years ending fiscal 2018.

This finding, a part of the progress report and way forward, was submitted to the Mumbai bench of the National Company Law Tribunal (NCLT) by the government-appointed board Wednesday.

It comes amidst the ongoing tussle between the government and the Reserve Bank which has refused the former's demand to open a special liquidity window for NBFCs which are hit by