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Former IL & FS CEO Ramesh Bawa, arrested

By HindusthanSamachar | Publish Date: Apr 13 2019 4:32PM
Former IL & FS CEO Ramesh Bawa, arrested
New Delhi, Apr.13 (HS): Former Managing Director and CEO of IL & FS Ramesh Bawa has been arrested on yesterday Friday by Serious Fraud Investigation Office (SFIO) team. It is worthwhile to mention here that earlier, supreme court refused to protect him from arrest. He was arrested under section 447 of the Company Act. This section allows the investigation branch of the Ministry of Corporate Affairs to arrest for fraud charges. In beginning of this month, former IL&FS chairman Hari Shankaran was arrested for the same charge of fraud.It is noteworthy that IL&FS is a large infrastructure financing and construction company, which has a debt of over Rs 91,000 crore and is trying to reimburse its debt by selling its properties and in this regard the government has also come into picture to change its management. In this connection both the company management and government have also approached the bankruptcy court. The financial malpractices prevailing in this company came into light when it was defaulted in debt repayments last year. The government is currently working on resolution of the issue, but it is difficult to estimate any deadline. Hindusthan Samachar/ Bharati/Pramod \
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