Grant Thorton audit report incriminates former IL&FS CEO Ramesh Bawa

Former managing director (MD) and chief executive officer (CEO) of Infrastructure Leasing & Financial Services (IL&FS) and its group companies, Ramesh Bawa, had potential direct interest in companies, which were lent loans by the group, an audit by Grant Thornton showed.

The audit is part of the fifth progress report on the resolution of IL&FS and its group companies, submitted by the Ministry of Corporate Affairs (MCA) to the National Company Law Tribunal (NCLT).

Though the Companies Act requires all directors to disclose their concern or interest in any company, which may present a potential conflict of interest, it was not done