IL&FS Financial Services CEO Bawa quits amid cash crunch
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 â¹90,000 crore, is facing a severe cash crunch and downgrades from rating agencies. Earlier this month, IL&FS defaulted on a â¹1,000-crore loan from the Small Industries Development Bank of India.