Sources say that lookout notices have been put out at airports to prevent the top brass, including Mr Sankaran, Ramesh C Bawa and K Ramchand from leaving the country. Ironically, right until Saturday, when IL&FS held its board meeting, the top management and the board behaved as though it was business as usual and had put out a statement to say that key shareholders would subscribe to a rights issue to bail the company out of its difficulties. 
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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We may say that IL&FS is not a PSU but it always acted as a quasi PSU.
your article: 'Former bureaucrats and executives who quit the group and attempted to expose the group have been hounded, humiliated and even arrested'
This tactic is the clear example of our present government - shoot the messenger.
This is also exemplified in their name changing spree all over the country.
Now the whole weight of government authorities - RBI NCLT SIFO CBI ED etc etc are on IL&FS head.
But do they have expert advise or are they depending on the crap advise of the present Financial & Law team.
To change some major scam - you have to first accept that there is a scam.
IL&FS was not paid by the GOI for their work, Therefore the GOI takes it over.
who will take the haircut of 80,000 Cores+. for sure it will be us tax payers
Great timing.
This only confirms stuffing strong persons in the board does not guarantee governance. The best option for them was to come out of the mess. If they have noticed malfeasance as early as 2014, how come they joined the board?
I think LIC has invested huge amounts of money (yours and mine) in several companies, and it does not look after these investments well.
should not be permitted to leave the country