The Supreme Court on Monday issued notices to the Union government and the finance ministry on a public interest suit seeking removal of Atul Kumar Rai as managing director and CEO of IFCI Ltd, the development finance institution.
Rai has been MD and CEO of IFCI since July 2007. The notices were issued by a bench of judges Aftab Alam and R M Lodha, on a petition moved by Prashant Bhushan, counsel for the Centre for Public Interest Litigation. The petition alleges breach of various procedures in Rai’s appointment in 2007 at the helm of IFCI, in the light of subsequently available information.