COMPANY LAW : There was a mismanagement of funds throughout company IL&FS and its group companies - Such mismanagement leads to severe crisis that company was reeling to meet even its day to day operational expenditures - Department of Economic Affairs which was responsible for financial stability of economy and in Country had raised Red Signals of likely collapse of 'IL&FS' and since, number of funds including 'Army Pension Fund', 'Provident Fund' etc. have invested in group companies of IL&FS,
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194001/nclat-rejects-auditors’-pleas-against-impleadment-in-debt-ridden-ilfs-case.aspx
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