IL&FS case: ED charge sheet says panel of directors failed to discharge duties in Mumbai
The Enforcement Directorate (ED) on Friday said the actions taken by a committee of directors (CoDs) of Infrastructure Leasing & Financial Services (IL&FS) were merely a sham and disguised to further dupe stakeholders and general public whose monies were at the stake.
The ED, which is probing the money laundering case involving the group, filed a charge sheet on Friday.
It has named Ravi Parthasarthy, former chairman of IL&FS; Ramesh C Bawa, former MD of IL&FS Financial Services (IFIN); Arun K Saha, former joint director of IL&FS; Hari Sankaran, former vice-chairman of IL&FS; Ramchand Karunakara, former managing director of IL&FS Transportation Networks Ltd and IL&FS Financial Services Ltd and Siva Group’s C Sivasankaran, in the charge sheet.
The CoD of IFIN consisted of Parathasarathy, Saha, Bawa, Sankaran, Karunakaran in case of Infrastructure projects as on March 31, 2018. The CoDs failed to discharge their duty. They were rather hand in glove with the big corporate groups, read the charge sheet accessed by HT.
The agency has attached properties worth Rs 570 crore in the case.
According to the charge sheet, the properties include a Rs 48 crore flat at Old Prabhadevi road and a Rs 2 crore property at Brussels in Belgium, in the name of Ravi Parthasarathy and his wife Vishpala; Arun Saha’s two flats each worth Rs 7 crore in Bandra and other flats in Andheri and Goregaon; Ramesh Bawa’s property at Greater Kailash in New Delhi; Sankaran’s property at Bandra and Brussels; Ramchand’s property in Santacruz and Kerala, and so on.
The agency also alleged that Sivasankaran connived with the top management of IFIN and received a loan with no intention to repay it. IL&FS Group sanctioned around Rs 494 crore of loan to Siva Group in between December 2011 to 2018.