Kohli, Subhalakshmi Panse and Arun Saha - and the Independent Directors, Director, the CFO of IFIN and the group CFO of IL&FS (A17 & A19-A23) were aware of the stressed asset portfolio and the modus operandi used for granting loans to group companies of existing defaulting borrowers in order to prevent their being classified as NPAs. The investigation further revealed that the Audit Committee members (A15, 16, 4) - S.S. This caused a wrongful loss to IFIN & its stakeholders, such as investors and creditors whose money it was misusing for fraudulent lending, which ultimately resulted in an ultimate loss to the company, and its creditors. Ramchand, Ramesh Bawa, Milind Patel and Rajesh Katina - in connivance with the Independent Directors, Directors, and the CFO of IFIN ( IL&FS Financial Services Lts) Group CFO (A17 & A19-A23) abused their positions and used various modus operandi to continue lending from IFIN to group entities. The report says it was revealed that in order to continue funding its group companies, prevent them from defaulting, and at the same time, not to breach the RBI's credit concentration norms, the coterie (Accused 2-Accused 9) - Ravi Parthasarthi, Hari Sankaran, Vibhav Kapoor, K. When this bubble burst, the board failed to see it as an inexorable event and like King Canute, could not reverse the incoming tide which brought the IL&FS 'sand castle' crashing down. Prosecution is recommended under Section 447 of Companies Act, 2013 and Section 417 and 420 read with Section 120B of the Indian Penal Code. Kohli, Manu Kochhar, Renu Challa, Uday Ved, Neera Sagi and CFO Deepak Pareek - since the board was aware of irregularities. The SFIO recommended that prosecution be sanctioned against directors and independent directors of the company on account of collective responsibility of the board - Shahzad Dalal, S.S.
IANS had also highlighted this last week.
The dubious and highly contentious role played by independent directors in IL&FS has been thrown into stark relief by the latest SFIO charge sheet in the matter.
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