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Former IL&FS fin services CEO Ramesh Bawa arrested

NEW DELHI: Making its 2nd arrest within the IL&FS case, the Serious Fraud Investigation Office (SFIO) Saturday arrested former IL&FS Financial Services leader Ramesh C Bawa, official resources said.

They said Bawa, who had served as managing director and CEO, used to be arrested at the grounds of abusing his powers on the company thru fraudulent habits. He also granted loans to entities that have been no longer creditworthy and brought about wrongful loss to the company and its creditors, they added.

Earlier this month, the probe agency arrested former IL&FS vice chairman Hari Sankaran + .

The resources said IL&FS Financial Services Ltd had borrowings of around Rs 17,500 crore thru debt tools and bank loans.

IL&FS subsidiary misses payment because of 'insufficient budget'

The important quantity and hobby due and payable on March 18, 2019 ... used to be no longer paid to the debenture holders because of insufficient budget, the company said in a filing to inventory exchanges.

Provident budget, pension budget, gratuity budget, mutual budget in addition to public and private sector banks are among the entities that have invested in these debt tools.

The alleged financial irregularities at IL&FS came to mild closing yr after some group entities defaulted on debt repayments. The govt, which outdated the company's board, is operating on a solution plan.

The SFIO is probing the affairs of IL&FS and its group entities.

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