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Saving the 'Titanic': Govt says took over IL&FS to stop catastrophic damage

The rescue was critical for PM Modi, who can ill afford a financial crisis months before he faces voters at the next election

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Nbfc  |  Narendra Modi  |  Nclt

Reuters  |  New Delhi 

The Indian government said it was forced to take control of ailing shadow banking firm Infrastructure Leasing & Financial Services (IL&FS) as it feared its collapse would cause "catastrophic" damage to the financial markets and the economy, a court filing shows. In the largest intervention of its kind, India this week replaced the board at IL&FS, a construction and infrastructure firm that had defaulted on a series of repayments to creditors as it struggled under a debt pile of more than $12 billion. The company's downfall has undermined confidence in India's ...

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First Published: Sat, October 06 2018. 09:48 IST
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