NEW DELHI : After five months of investigation, the Enforcement Directorate (ED) has filed its first charge sheet in the Infrastructure Leasing & Financial Services Ltd (IL&FS) case before the PMLA court in Mumbai.
The ED charge sheet has named former IL&FS Group chairman Ravi Parthasarthy, ex-CEO Ramesh C Bawa, former vice-chairman Hari Sankaran, former IFIN joint director Arun K Saha, former ITNL managing director K Ramchand, IL&FS Financial Services Ltd and Siva Group’s C Sivasankaran.
The ED investigation revealed that due to collusion between top IL&FS management and Sivasankaran, undue advantage was given to Siva Group. The top officials also siphoned funds and increased their own remuneration.
“There is considerable hike in receivables from IFIN and ILFS by R Parthasarathy, Hari Sankaran, Vibhav Kapoor and Arun Saha, whereas Ramesh Bawa has received high amount of performance-related perquisite, which is usually given on the basis of profit earned by any company,” the charge sheet noted.
It has also flagged how the management misused IL&FS employees’ welfare fund.
“Money was also taken out from the IL&FS Employees’ Welfare Trust (EWT), which was made for the welfare of the employees. However, the committee of directors changed the trust deed multiple times,” it noted.
The charge sheet said that auditors failed to raise a concern, the credit rating agencies were pressurised to give favourable ratings.