What caused the IL&FS scam?

It was in July that IL&FS was given the highest credit rating of AAA. But now the company seems to be in the doldrums. Its CEO Ravi Parthasarthy has already flung the country quoting medical reasons. The SFIO has already sent a lookout notice for K Ramchand, Arun Kumar Saha and all the top executives of the IL&FS. But the more important question is that while is it obvious that the IL& FS was a quite mismanaged company right from its start, what is it that caused the scam? Mr. Sujit Nair, Managing Editor of HW News Network and Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance share their insights on the matter.