Significantly, both LIC and HDFC are still undecided whether they will invest additional money to bail out IL&FS
Mumbai/New Delhi: Housing Development Finance Corp. (HDFC)’s nominee director abruptly stepped down from the board ofInfrastructure Leasing and Financial Services Ltd (IL&FS) in September 2017. In July, Life Insurance Corp. of India (LIC), IL&FS’s biggest shareholder, withdrew from a panel mandated to take the company public, without giving any reason. The series of events over the past year, in which IL&FS’s most influential shareholders have washed their hands of the now crisis-hit company, may indicate that they were aware of its sharply deteriorating financials.
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