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Opinion
Andy Mukherjee

India’s IL&FS Built a Road to Riches for Some

The employee welfare trust benefited senior management with preferential deals that weren’t given to other shareholders of the bankrupt infrastructure lender.

Where there’s muck there’s brass: an IL&FS waste management project.

Where there’s muck there’s brass: an IL&FS waste management project.

Photographer: Samyukta Lakshmi/Bloomberg

It was buried in plain sight, in footnote No. 8 on page 28 of an IPO prospectus

But nobody in September 2009 was paying attention to that particular disclosure.