MCA alleged that around Rs 27 crore was transferred by Bawa to his wife’s account and Rs 4.84 crore was transferred to his daughter
The National Company Law Tribunal (NCLT) on Monday reserved its order on the plea of wife and daughter of erstwhile MD&CEO of IL&FS financial services (IFIN) Ramesh Bawa to de-freeze their assets as they were neither charged in the Serious Fraud Investigation Office (SFIO) probe nor their names appeared in SFIO complaint.
Ministry of Corporate Affairs (MCA) opposed it on the grounds that Bawa’s daughter and wife are beneficiaries of the funds siphoned off by Bawa from IFIN. MCA alleged that around Rs 27 crore was transferred by Bawa to his wife’s account and Rs 4.84 crore was transferred to his daughter. Bawa’s wife even accessed the lockers, which were frozen by the NCLT order.
MCA also alleged that some part of the money transferred by Bawa to his wife were in turn transferred to two firms where she was the director. Counsel appearing on behalf of Bawa’s wife and daughter said the SFIO did not find any illegality in the funds transferred from the account of Bawa’s wife to the two companies.