Ganesh Utsav, Mumbai\u2019s main festival and forerunner of hope for the business community, didn\u2019t bring much cheer to top bosses at India\u2019s biggest infrastructure financier last year. On the eve of the 10-day festival on September 12, the then VC and MD of Infrastructure Leasing & Financial Services (IL&FS), Hari Sankaran, was busy in meetings with top investment bankers, including Credit Suisse\u2019s India head Mickey Doshi. The meetings came two weeks after IL&FS reported its first default, and predated the sacking of the board, some members of which would later end up in jail. <\/p>\n
Unlike in the past, those meetings were not for mandating banks to raise funds, but to sell assets to IL stay afloat. Items on the block included the IL&FS headquarters, a circular building in the heart of Mumbai\u2019s financial district housing corporations such as buyout fund Carlyle. The writing was on the wall. The house was on fire. <\/p>\n","protected":false},"excerpt":{"rendered":"
Ganesh Utsav, Mumbai\u2019s main festival and forerunner of hope for the business community, didn\u2019t bring much cheer to top bosses at India\u2019s biggest infrastructure financier last year. On the eve of the 10-day festival on September 12, the then VC and MD of Infrastructure Leasing & Financial Services (IL&FS), Hari Sankaran, was busy in meetings with top investment bankers, including Credit Suisse\u2019s India head Mickey Doshi. The meetings came two weeks after IL&FS reported its first default, and predated the sacking of the board, some members of which would later end up in jail. Unlike in the past, those meetings […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,193,136],"tags":[],"class_list":["post-289071","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-roads-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/289071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=289071"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/289071\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=289071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=289071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=289071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}