SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
India exited the Indo-Russian FGFA programme in 2018. But now it might procure at least 2 squadrons of Su-57 aircraft from Russia and evaluate Russian proposal to manufacture them in India.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
So many checks, safeguards, independent directors, professional auditors, regulators, nothing beeped a warning sign till the cheques started bouncing. Ineptitude of the highest order. ILFS’ business model is broken. It will have to be dismantled, without a sense of panic, but with as much urgency in disposal of assets, essentially projects, as a sluggish market can absorb. Most Indian corporates are too stressed out to do much buying. One more painful reminder that Indian infrastructure is a difficult space to navigate.
So many checks, safeguards, independent directors, professional auditors, regulators, nothing beeped a warning sign till the cheques started bouncing. Ineptitude of the highest order. ILFS’ business model is broken. It will have to be dismantled, without a sense of panic, but with as much urgency in disposal of assets, essentially projects, as a sluggish market can absorb. Most Indian corporates are too stressed out to do much buying. One more painful reminder that Indian infrastructure is a difficult space to navigate.