Big names likely to feature in SFIO report on IL&FS

IL&FS Transportation Networks | The company defaulted on the interest on non-convertible debentures due on August 25, 2020. (Image: Reuters)

The Ministry of Corporate Affairs (MCA) will file its interim report on the IL&FS case today, which is expected to name several high-profile individuals as respondents, sources have told Moneycontrol.

NCLT Mumbai will hear this matter in the afternoon.

As many as six high-profile executives, belonging to IL&FS, are likely to be named in the interim report, a source said. “The report will detail tell how IL&FS got into its current situation,” the source added.

The report is based on an ongoing probe by the Serious Fraud Investigation Office (SFIO).

The counsel representing the government in the NCLT has previously said that it has found various instances of mismanagement and the Serious Fraud Investigation Office (SFIO) is still conducting an investigation into the conduct of the erstwhile board.

IL&FS has accumulated a debt of more than Rs 91,000 crore and has defaulted on several of its commitments.