New Delhi: Infrastructure Leasing and Financial Services Ltd (IL&FS) shuttered 45 of its 347 group firms that were allegedly used to round-trip loans and funds, said a person aware of the development, requesting anonymity.
The debt-laden company also almost halved its workforce to 8,000 permanent and contract employees, the person said.
IL&FS said in a 3 April presentation that it planned to close 45 entities. Interestingly, 42 of those were registered overseas.
This comes in the wake of ongoing probes by various regulatory agencies into the role of some of the directors on the board of IL&FS, rating agencies and statutory auditors of group companies.
