Debt crisis: MCA names top IL&FS execs, 302 group cos as respondents to case

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) has filed its interim report on the IL&FS case on December 3, naming several high-profile individuals as respondents.

As many as six high-profile executives, including Vibhav Kapoor, Chief Investment Officer of IL&FS; K Ramchand, Managing Director of IL&FS Transportation Networks; RC Bawa, Managing Director of IL&FS Financial Services; and Rengarajan, Managing Director and CEO of IL&FS Securities Services, have been named in the interim report. A total of 302 group companies have been named as respondents in the case.

At a hearing in the NCLT Mumbai today, MCA noted 39 companies that were listed as part of the group have ceased to be companies of the IL&FS Group. The SFIO is probing how this happened.

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

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

Note: The date in the first paragraph has been updated.