The former bureaucrat did his image no favours, presiding over a sharp erosion of shareholder wealth that culminated in him being forced out of the chairman’s position.
In 2013, when Vinod Rai stepped down as the 11th Comptroller and Auditor General of India, he was nothing short of a celebrity—a man who had exposed “scams” in allocations of 2G spectrum and coal blocks, which played no small part in the defeat of the Congress-led United Progressive Alliance in the 2014 general elections. Rai was then hailed as a demigod of India’s anti-corruption brigade.
Less than a decade later, Rai is now better known as the much maligned former chairman of IDFC Ltd, a holding company with stakes in various financial companies. On 22 September, concerted action on …
Furquan covers banking and financial services at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.