MUMBAI/NEW DELHI: The National Company Law Tribunal, Mumbai Bench, on Monday passed orders asking former top brass of Infrastructure Leasing & Financial Services (IL&FS), in all its nine entities, to submit details of their movable and immovable assets within three weeks and posted the case for the next hearing on January 16.
The SFIO, which was probing the IL&FS case, has submitted the preliminary report of their enquiry to the NCLT and it has named the top executives of the company.“There are some grave charges as revealed by the primary investigation by the SFIO. In their report they have named some top executives of the company for corruption, mismanagement and fund diversion. We will go for strict action against these people,” a senior official from the ministry of Corporate affairs told TNIE.
The government side had asked for freezing of accounts of the top executives and the new respondents, Vibhav Kapoor, Sudeep Puri, S Rangarajan, RC Bawa and Mukund Sapre, included on Monday, on the interim investigation showing diversion of funds from IL&FS.
After the counsel for respondents pleaded for time, the NCLT order asked for submission of asset details in three weeks, and prevented the respondents from creating third party rights, or mortgaging properties, or selling off immovable assets partially or fully owned, giving some relief for the accused to respond.“For the time being they have been given some time, but we are not taking any lenient view. The law will take its due course,” the official explained.
Last month, several lenders had requested the NCLT to allow them not to classify IL&FS accounts as non-performing assets (NPAs) in case of defaults. However, NCLT gave no decision on it and fixed December 17 as the next date of hearing on this matter.In October, the NCLAT had stayed all proceedings against the IL&FS group and its 348 group companies over an urgent petition moved by the government.
Sivaraman named COO
Meanwhile, the company on Monday announced the appointment of N Sivaraman, a former L&T Group veteran, as Chief Operating Officer.“Sivaraman will be responsible for the day-to-day operations and provide hands-on leadership and oversight to the group’s asset-monetisation efforts,” IL&FS said in a statement.
NPA issue to be decided
Last month, several lenders had requested the NCLT to allow them not to classify IL&FS accounts as non-performing assets in case of defaults. However, NCLT gave no decision on it and fixed December 17 as the next date of hearing in this matter.