Govt orders serious fraud probe agency to investigate IL&FS
The government on Monday ordered an investigation by the Serious Fraud Investigation Office (SFIO) into Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries. It also took management control of IL&FS and appointed a new six-member board, with Uday Kotak as Chairman. The government also said the company would be provided liquidity support so that no more defaults take place.