The article looks at how Indian companies manage their cash from 2005 to 2015. They found that these companies hold about 12% of their assets as cash in 2015. Companies with more growth opportunities, cash flow, and government ownership tend to have more cash. Companies with other liquid assets, tangible assets, and higher shareholder payouts hold less cash. Surprisingly, the size of the company doesn't affect how much cash they hold. Many companies hold more cash than expected based on their characteristics. These companies don't always use their cash in ways that benefit their shareholders.