Live
- Kumbh Mela 2025: Essential Guide to Comfortable and Respectful Attire for Maha Kumbh
- Hyderabad Real Estate Faces Setback: Property Sales Drop 7% Year-on-Year in 2024
- Gnani’s Gen AI Solutions Revolutionising BFSI
- Trump's WHO threat sparks debate on the efficiency of global health governance
- ICC Champions Trophy 2025 Schedule: India vs Pakistan Match Set for February 23 in Dubai
- Champions Trophy 2025: Full Schedule, Match Dates, Venues, Timings, and Updates
- FRAI Urges Government to Provide Technology Platform for Kirana Stores to Stay Competitive
- Not just Gen Z, millennials too: Redditors discuss the wave of pet parenthood embraced by young Indians
- Innovation can expedite the journey to a Smoke-Free future- in focus at Technovation Abu Dhabi
- Pramod Kumar Voola: Pioneering ethical AI and innovation in healthcare technology
IL&FS CEO Ramesh Bawa arrested on charges of fraud
Days after dismissal of his petition by the Supreme Court, the Serious Fraud Investigation Office (SFIO) on Friday arrested IL&FS CEO Ramesh Bawa in a case related to massive loan defaults.
New Delhi: Days after dismissal of his petition by the Supreme Court, the Serious Fraud Investigation Office (SFIO) on Friday arrested IL&FS CEO Ramesh Bawa in a case related to massive loan defaults.
The former top executive has been held under Section 447 of the Companies Act that enables SFIO to arrest a person for committing fraud.
The apex court had earlier this week dismissed Bawa's petition, which sought to stop the SFIO's criminal proceedings against him.
The SFIO, the investigating arm of Ministry of Corporate Affairs, has been probing a series of defaults by the infrastructure financing major, which is saddled with a debt of around Rs 91,000 crore.
On April 1, the SFIO had arrested Hari Sankaran, former IL&FS chairman, following which Bawa filed an anticipatory bail plea.
The agency accused Sankaran of granting loans to entities that were not credit-worthy or had declared Non-Performing Assets (NPAs) causing massive losses to the company and its creditors.
