Chief Minister Mamata Banerjee has written to Prime Minister Narendra Modi, calling for a “high level impartial and independent probe” into the IL&FS fiasco.
Mamata maintained in the letter dated February 18 that the company’s debt crisis has led to uncertainty over the savings of lakhs of people who invested in the company or even pension funds that have an exposure to IL&FS.
The role of credit rating agencies and major financial institutions needs to be looked into too, she said.
International entities such as Orix Corp of Japan and Abu Dhabi Investment Authority also have stakes in the company. So, the crisis may tarnish the country’s reputation, the letter said.
“I would, therefore, urge you to kindly initiate a high-level, impartial and independent probe on the sordid affairs of financial impropriety and possible misappropriation of the life savings of the common people due to the IL&FS fiasco,” she added.