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ToI, Sakal, Doon, Sanskriti, orphanages caught in IL&FS maelstrom (IANS EXCLUSIVE-V)

IANS  |  New Delhi 

The mass outbreak of the baleful IL&FS bonds virus is engulfing more and more entities with the passing of each day. With NCLAT scheduled to hear the case again on Tuesday and some element of a consensus evolving on whether repayments of and should be prioritised, working class people from 1,400 firms amounting to Rs 9,700 crore of their lifelong hard work are waiting with bated breath for any sort of direction from the tribunal.

Over the last couple of days, IANS has been writing about how salaried employees of blue chip public and private sector firms are stranded with their life's savings pledged with these funds which have exposure to what were once 'triple A' rated bonds. The contagion now a full fledged pandemic has touched the government's flagship Scheme, academic institutions and MNCs. Thousands of employees, both blue and white collar, are awaiting salvation on this dark road to perdition.

Now, IANS learns that media and too haven't been spared by this widespread virus. of Fund has many entries of Rs 12.95 crore, Rs 5.40 crore, Rs 2.95 crore and other amounts, just as staff fund has exposure. Similarly, Pune-based and Kerala-based Mathrubhumi too have their funds exposed to the bonds. Ditto for publishers Press, ad agencies Hindustan Thompson, and R.K. Swamy Advertising Associates

Perhaps the biggest travesty is the long list of orphanages and hospitals who have exposure - for instance the celebrated Staff or the J.N. Petit Parsi Orphanage PF, Hindustan Charity Trust PF, Seamens PF, Bombay Scottish Orphanage and New Delhi Holy Family Society

One of India's largest cooperatives IFFCO has multiple entries as IFFCO EPF and as Insurance (ITGI). Equally Khadi Gramodyog Sangh EPF, are also named in the supplementary affidavit. The prestigious Doon School EPF trust and the elitist for government servants' children too are named.

--IANS

prs/ksk

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 08:18 IST
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