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The Pandora’s Box, Risk of Leverage and Zee

The Pandora’s Box that was opened when IL&FS defaulted on inter-corporate deposits and commercial papers (borrowings) worth about Rs.450 crore in June ...
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Zee Promoter Company Borrows 2,200 Cr. , Has No Cash Flows, Negative Net Worth, Rated A+ on Shares Pledged and Franklin Templeton MF owns 800 cr. of That Debt

Why are we so trusting of rating agencies? The recent drama with Amtek Auto and the restriction on redemptions to 1% by JP Morgan AMC on two of its funds ...
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