Serious Fraud Investigation Office reported in its 800-page investigation report on IL&FS Ltd. and its subsidiaries. Some of the conclusions are Influencing employees, credit decisions and taking hefty payouts from the company.
Top management of IL&FS commanded the operations of IFIN, the report said. It said although on paper IFIN functioned as an independent entity, IL&FS, and its key employees controlled the day to day affairs of IFIN as well. Ravi Parthasarathy, Hari Sankaran, Arun Saha, Vaibhav Kapoor, and a few others were in “top management” in both IL&FS and IFIN, the report said.
SFIO report said, “Processing/handling officials who were employees of IFIN could not record negative/critical remarks or express their opinions explicitly in company’s internal framework to pinpoint weaknesses in credit proposals in respect of sanctioning and permitting credit facilities to some errant borrowers on account of influence exercised by the top management.”
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