Mumbai: The Bombay High Court (HC) on Tuesday granted bail to IFIN managing director and chief executive officer Ramesh Bawa on Tuesday. While the Serious Fraud Investigation Office (SFIO) is probing Il&FS for alleged irregularities under Companies Law, the Enforcement Directorate (ED) is investigating a case of money laundering. K Ramanand, the erstwhile MD of ITNL and Arun Saha, former joint director of IFIN, were arrested by ED.
IL&FS vice chairman Hari Sankaran and Bawa were arrested by SFIO.
“The court appreciated the dreadful health condition evidenced by seven medical reports of the hospital at different stages and on two occasions a medical board was constituted. Article 21 was the guiding spirit for grant of bail,” said Dr Sujay Kantawala with Sajal Yadav, counsels for Bawa.
According to the SFIO charge sheet, six executives had formed a “coterie” that allegedly committed fraud.
Denial of responsibility! Pioneer Newz is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
