The huge scam came to light last year after IL&FS and its subsidiaries defaulted on several debt repayments due to a severe liquidity crisis. In its chargesheet filed before a special court in Mumbai last Friday, the SFIO has accused 30 entities/individuals of various violations and offences, including of financial fraud. The members of the audit committee also connived with the 'coterie' and overlooked the violations of norms, causing unlawful loss to the company. One of the directors did not disclose his interest in a borrower company which had his wife and daughter on the board. The 'coterie' identified by SFIO included Ravi Parthasarthy, Hari Sankaran, Arun Saha, Ramesh Bawa, Vibhav Kapoor and K Ramchand, who were in the top management of various IL&FS firms.

Source: Mint June 02, 2019 12:22 UTC