MUMBAI: The board of troubled Infrastructure Leasing & Financial Services is evaluating the option of calling back all bonuses and benefits paid to former directors of three group companies for the five-year period from 2012-13 to 2017-18 and plans to file charges against them for accounting fraud.
IL&FS expects to recover over Rs 10 crore from each director and as much as Rs 2 crore from each independent director per year, people familiar with the plans said.
WOULD INCLUDE ALL DIRECTORS
The option is being evaluated for IL&FS, IL&FS Transportation Networks India Ltd. (ITNL) and IL&FS Financial Service Limited (IFIN). It would include all directors, including nominees and independent directors.
Among the former directors are Hari Sankaran, former vice-chairman and MD of IL&FS, and Arun Kumar Saha, former joint MD and CEO of IL&FS. The former independent directors include RC Bhargava and SB Mathur. IL&a ..
The infrastructure financier has accumulated over Rs 91,000 crore debt and defaulted on some payment obligations. Probes by agencies have uncovered alleged instances of financial mismanagement and fraudulent transactions.
The Serious Fraud Investigation Office had cited in a court application in April misdemeanours by former IL&FS board members that amounted to misuse of public money, including funding borrowers to prevent their loans from turning bad, getting personal favours in exchange for sanctioning loans and enriching themselves with hefty salaries and perks.
The clawback option can be invoked only after the company completes the reopening and recasting of its books of accounts, as proposed by ..
IL&FS expects to recover over Rs 10 crore from each director and as much as Rs 2 crore from each independent director per year, people familiar with the plans said.
WOULD INCLUDE ALL DIRECTORS
The option is being evaluated for IL&FS, IL&FS Transportation Networks India Ltd. (ITNL) and IL&FS Financial Service Limited (IFIN). It would include all directors, including nominees and independent directors.
Among the former directors are Hari Sankaran, former vice-chairman and MD of IL&FS, and Arun Kumar Saha, former joint MD and CEO of IL&FS. The former independent directors include RC Bhargava and SB Mathur. IL&a ..
The infrastructure financier has accumulated over Rs 91,000 crore debt and defaulted on some payment obligations. Probes by agencies have uncovered alleged instances of financial mismanagement and fraudulent transactions.
The Serious Fraud Investigation Office had cited in a court application in April misdemeanours by former IL&FS board members that amounted to misuse of public money, including funding borrowers to prevent their loans from turning bad, getting personal favours in exchange for sanctioning loans and enriching themselves with hefty salaries and perks.
The clawback option can be invoked only after the company completes the reopening and recasting of its books of accounts, as proposed by ..
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