The Serious Fraud Investigation Office has said Infrastructure Leasing & Financial Services (IL&FS) extended loans of over Rs 400 crore to the employee trust, knowing fully well they would not be repaid, a senior official said.
In its interim report to the corporate affairs ministry, SFIO said the IL&FS Employee Welfare Trust (EWT), an unregistered entity, was dominated by former senior directors of the company to implement their decisions and to enrich themselves at the cost of group companies.
Among these individuals were former chairman Ravi Parthasarathy, former MD Hari Sankaran, former CEO Arun Kumar Saha, former CIO Vibhav Kapoor and RC Bawa, former MD of IL&FS Financial Services, it said. They were also members of committees of directors in subsidiaries of IL&FS.
SFIO observed that the contract of the trust had been amended six times, sometimes without the approval of the IL&FS board, the settlor of the trust.
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//economictimes.indiatimes.
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