IL&FS moves NCLT to recover ₹185.88 cr from 23 former directors
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓IL&FS moved the NCLT to recover ₹185.88 crore from 23 former directors this week.
- ✓The company said it paid excess remuneration based on profits that later turned into losses after accounts were recast between 2013-14 and 2017-18.
- ✓Many directors got notices, but they have not returned the money yet.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Infrastructure Leasing & Financial Services (IL&FS) has approached the National Company Law Tribunal (NCLT) seeking recovery of ₹185.88 crore "excess managerial remuneration" paid to its former directors and those of two group companies following the recasting of financial statements for five financial years, between 2013-14 and 2017-18.
In an application filed before the Mumbai Bench of the NCLT, IL&FS has sought directions to its former directors and two key subsidiaries, IL&FS Financial Services (IFIN) and IL&FS Transportation Networks (ITNL), to return the excess remuneration.
The company has sought an interim direction requiring the identified former directors "to deposit the excess managerial remuneration/undue gains in a separate interest-bearing fixed deposit account", during the pendency of the hearing before NCLT.
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