IL&FS board waives confidentiality clause with CAM to expedite probe
Mumbai: The IL&FS board has waived a confidentiality clause that had prevented law firm Cyril Amarchand Mangaldas (CAM) from sharing all the details of its engagement with the previous management to facilitate a fairer and quicker probe, which would help fix responsibility for what is emerging as India’s biggest bankruptcy.
A letter from the Serious Fraud Investigation Office (SFIO) to CAM had sought information regarding its scope of engagement, advice, and remuneration at IL&FS and ITNL, and at numerous other Special Purpose Vehicles of the infrastructure financier, said a source close to the development.
