Over the past few weeks, as the payment crisis at IL&FS mounted, the roles and responsibilities of the company’s management, shareholders, and even analysts, in anticipating and addressing the problems have come under the spotlight.
The first visible round of intervention by shareholders took place in July, when the IL&FS board unanimously appointed Hemant Bhargava, Managing Director, Life Insurance Corporation (LIC) of India, as the Non-Executive Chairman of IL&FS after Ravi Parthasarthy resigned. Later, another LIC veteran and former Chairman of the life insurer, SB Mathur, took over as the Non-Executive Chairman.