Ex-IL&FS CEO Bawa arrested for irregularities

Ex-IL&FS CEO Bawa arrested for irregularities

Agency News

New Delhi, Apr 13: Former IL&FS CEO Ramesh Bawa has been arrested in connection with the series of defaults and irregularities in various group entities of the non-financing company, sources said on Saturday.

Bawa was arrested by the Serious Fraud Investigation Office (SFIO), an investigating arm of the Corporate Affairs Ministry on Friday night from the Capital. Earlier, the Supreme Court has denied to extend his bail relief.

The former CEO was held under section 447 of the Companies Act which allows the SFIO to arrest a person for committing a fraud, the sources said.

On April 1, the IL&FS chairman Hari Shankaran was arrested for irregularities and massive losses to the company.

The non-financing company has been facing a debt of Rs 91,000 crore. The alleged financial irregularities at IL&FS came to light after some group entities defaulted on debt repayments. Later, the government took control of the company in October last year. (UNI)