October 1, 2018 / 12:15 PM / 21 days ago

IL&FS hid facts from board: finance ministry source

NEW DELHI (Reuters) - Infrastructure Leasing and Financial Services (IL&FS), whose recent defaults have roiled Indian markets, hid important facts from the company’s board, a senior finance ministry source said on Monday.

People walk past a building of IL&FS (Infrastructure Leasing and Financial Services Ltd.) outside its headquarters in Mumbai, September 25, 2018. REUTERS/Francis Mascarenhas

The infrastructure company is currently looking for an equity injection after a subsidiary failed to make interest payments.

Reporting by Manoj Kumar, Writing by Alasdair Pal; Editing by Malini Menon

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