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IL&FS Financial Services CEO Bawa quits amid cash crunch
short by Krishna Veera Vanamali / on Saturday, 22 September, 2018
Ramesh Bawa, the CEO and MD of IL&FS Group's non-banking lending subsidiary IL&FS Financial Services, resigned with immediate effect on Friday. The group, which has a debt of over ₹90,000 crore, is facing a severe cash crunch and downgrades from rating agencies. Earlier this month, IL&FS defaulted on a ₹1,000-crore loan from the Small Industries Development Bank of India.
read more at BloombergQuint