IL&FS: Serious Fraud Investigation office to file charge sheet in June
NEW DELHI: After actively investigating instances of irregularities and fraud in the Infrastructure Leasing and Financial Services (IL&FS) case for the last seven months, the Serious Fraud Investigation Office (SFIO) is likely to file its first chargesheet by the first week of June. “The agency had been investigating cases for the last seven months. While the investigation will continue for some time longer, the larger narrative is established. The agency is likely to file the first chargesheet by the first week of June,” a highly placed source at the SFIO told TNIE.
According to the sources, the first charge sheet is likely to be against at least six senior officials of the company: including former chairman Hari Sankaran, Ramesh C Bawa and Arun K Saha. “The first chargesheet will name directors against whom we already have corroborative evidence. Other chargesheets will follow as and when we get evidence. We are still questioning various stakeholders and are collecting evidence on their involvement,” the official added, without disclosing any other details.
The Ministry of Corporate Affairs submitted an interim report from the SFIO at the National Company Law Tribunal’s (NCLT) Mumbai bench on Tuesday seeking to implead six former directors of IL&FS. In a separate petition, the MCA also sought the attachment of movable or immovable properties of nine former directors in the company. The court has accepted both the petitions.
In its preliminary report, MCA had named then Chief Investment Officer of IL&FS, Vibhav Kapoor; K Ramchand, Managing Director of IL&FS Transportation Networks (ITNL); Ramesh C Bawa, Managing Director of IL&FS Financial Services; Rengarajan, Managing Director and CEO of IL&FS Securities Services; Pradeep Puri, Director and member of committee of directors responsible for sanctioning loans, and Mukund Sapre, Executive Director of ITNL. Apart from these, Ravi Parthasarathy, Hari Sankaran and Arun Saha are the three other former directors whose properties have been seized.