Collusion, machinations and alleged links with UPA minister: The dark world of ex-IL&FS chairman unmasked! newsroompost.com/business/collu… | I know things were bad under UPA but each time I read an article like this I am reminded just how very horrible it was
“Sources told this reporter how Parthasarathy took instructions from Chidambaram before striking deals, they two apparently talked for hours.
Those in the know say Parthsarathy had an unique way of operating.”
Those in the know say Parthsarathy had an unique way of operating.”
“He allegedly obliged all IAS officers whose children couldn’t get jobs. ILFS would hire them. In return coffers were allegedly opened for him and first refusal on all major projects.”
“Once the BJP-led NDA came to power, his sinister ringtones started making noise. He could no longer call top cops to keep his business partners in jail, he could not run roughshod over investigators who started hounding him every now and then.”
What was a matter of immense crisis was the fact that nearly 60 percent of IL&FS’s borrowings was in non-convertible debentures. These were not backed by any assets or security and subscribed mostly by pension, insurance and provident funds.
“In short, it was the savings of India’s poor and middle class, the government could not allow it to fail.”
“The Indian government, justifiably, is keen to trace those who swindled cash that actually belonged to the masses.”
“The Indian government, justifiably, is keen to trace those who swindled cash that actually belonged to the masses.”
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