Mumbai: The government on Monday sought attachment of properties of a few more directors of debt-ridden Infrastructure Leasing & Financial Services (IL&FS). The counsel for the ministry sought to freeze all assets, securities, lockers, bank accounts of Ravi Parthasarathy and Hari Shankaran, according to reports.
The government is also seeking attachment of movable and immovable properties of these top executives of IL&FS group, according to a report by Money Life. Top executives from IL&FS group, who were made parties to the case include Vibhav Kapoor, Pradeep Puri, K Ramchand, S Rangarajan, RC Bawa and Mukund Sapre.
The National Company Law Tribunal (NCLT) on Monday ordered nine former officials of IL&FS not to dispose their personal assets. The tribunal also directed the officials to disclose their assets, following a government plea for the same. These former officials — Ravi Parthasarthy, AK Saha, Harishankaran, K. Ramchandran, RC Bawa, S Rengarajan, Mukund Sapre, Pradeep Puri, Vaibhav Kapoor — have had held high positions in the non-banking finance company that has been defaulting on its debt repayment for the past few months.
The government has already replaced the company’s board. The tribunal also allowed the government’s plea to add six more former officials of the company and its subsidiaries as parties based on an interim report filed by the Serious Fraud Investigations Office. Three officials are already respondents in the case. The tribunal will hear the case next on January 16 and has given the company officials two weeks’ time to file their reply.
The government also added 301 subsidiaries of IL&FS as parties to the case as against an earlier tribunal direction to add 348 subsidiaries. The government informed the tribunal that the remaining subsidiaries, mostly foreign firms, are now not in existence.
