Curtains for cozy cabal that ran debt-laden company since 1987

“Over the years, IL&FS has done some good projects because there was no dearth of capital… the board should have assessed the evidence of productive capital. The board should have been cognizant of the fact that capital should have been properly used. It should have judged whether manager’s role and performance was up the mark. Did they ever ask why their compensation was so high?” said Shriram Subramanian, MD of proxy advisory firm InGovern.