INSUBCONTINENT EXCLUSIVE:
Mr Bawa has been arrested under Section 447 of the Companies Act.Former ILFS Financial Services CEO Ramesh Bawa was arrested by the Serious
Fraud Investigation Office (SFIO), the investigating arm of Ministry of Corporate Affairs, on Friday, after the Supreme Court refused to
grant him protection from apprehension
underlining the broader concerns about the financial health of the country's non-banking financial service sector
Section 447 of the Companies Act that enables the investigating arm of the Ministry of Corporate Affairs to make an arrest for committing
loans to entities that were not credit-worthy or had declared Non-Performing Assets (NPAs) causing massive losses to the company and its
creditors.ILFS is reeling under debts to the tune of Rs
probing the alleged irregularities
In February, It had registered a case of money laundering against ILFS Rail, ILF Transportation Networks, Ravi Parthasarathy, Hari Sankaran
and Ramesh Bawa.ILFS was incorporated in 1987, initially promoted by the Central Bank of India, Housing Development Finance Corporation and
Unit Trust of India.(With inputs from agencies)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019
on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
