Long before a public maelstrom of debt and stagnant projects affected the reputation of Infrastructure Leasing and Financial Services (IL&FS), it appears that many senior executives at various subsidiary companies privately understood which way the wind was blowing. Mint spoke to three people who were aware of developments at IL&FS and said that several C-suite exits at the company over the past 18-24 months were precipitated by the company’s financial fragility.
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