Two of India’s celebrated billionaires — Zee’s Subhash Chandra and Reliance’s Anil Ambani — struggled to save their crumbling business empire this month. Thanks to lenders unlike Shylock, they have succeeded for now.
Those acts of benevolence from mutual funds would help Chandra and Ambani reorganise their debt-laden conglomerates, but they also raise questions about the risk assessment associated with such actions. The decision not to treat breach of covenants by Chandra and Ambani as ..