Five years after the government appointed an independent board to resolve the mega-failure of Infrastructure Leasing & Financial Services (IL&FS), the new management has dragged one of the two water management companies of Tamil Nadu (TN) to the national company law tribunal (NCLT) for having stopped repayment of loan to IL&FS. The case comes of up for hearing on 31st January.
Even as the Supreme Court has dismissed a petition filed by Ramesh C Bawa, former chief executive (CEO) of IL&FS Financial Services (IFIN), the man himself appears to have given investigation agencies like the Serious Fraud Investigation Office (SFIO) and the Enforcement Directorate (ED) the slip
The Enforcement Directorate (ED) has arrested two former top officials of the Infrastructure Leasing & Financial Services Ltd (IL&FS) under its money-laundering probe into alleged financial irregularities of the crisis-hit group.
The Serious Frauds Investigation Office (SFIO) is understood to have arrested Ramesh C Bawa, former chief executive (CEO) of IL&FS Financial Services (IFIN), who had switched off his phone and vanished after the Supreme Court of India dismissed his petition challenging the SFIO’s powers to arrest him.
On 11th July, Mauritius-based AIDQUA Holdings, which has a 27.89% stake in New Tirupur Area Development Corporation (NTADCL), filed an intervention petition before the National Company Law Appellate Tribunal (NCLAT)