Why the borrowing spree of ILFS?

As the ILFS Group threatens to collapse like a pack of cards, more and more instances of its mismanagement and reckless financial policies are coming out in the open. The spate of resignations of its top honchos, starting from its CEO of 30 years, Shri Ravi Parthasarthy is only confirming the chronic malpractices and financial mismanagement of ILFS, which engineered its collapse. It now turns out that with loans of over Rs.90000 crores, ILFS had heavily borrowed, far beyond its sustainable capacity and its failure was imminent. The question is why such a borrowing spree of ILFS? Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance shares his insights on the matter.