- Serious Fraud Investigation Office(SFIO) has charged the erstwhile top management members of the ILFS of forming a coterie with its auditors and independent directors to defraud the company while running the ILFS as their personal business.
- Coterie means a small group of people with shared interests or tastes, especially one that is exclusive of other people.
- SFIO said that coterie abused their position by getting an earlier loan facility for a borrower closed and creating a fresh facility which was again funded after default with another funding cycle through the same or another group entity.
- Ultimately, the final loan facility was declared as a non-performing assets (NPA) or written off while several of them remain outstanding resulting in the increase of debt.
- IL&FS is an infrastructure finance company registered with the Reserve Bank of India as a ‘Systemically Important Non-Deposit Accepting Core Investment Company’.IL&FS has run out of money and therefore was unable to service its repayment obligations which led to a series of defaults on loans, debentures and commercial papers.
- The Serious Fraud Investigation Office(SFIO) is a fraud investigating agency. It is under the jurisdiction of the Ministry of Corporate Affairs, Government of India.The SFIO is involved in major fraud probes and is the coordinating agency with the Income Tax and CBI.
- The Government approved setting up of this organization in 2003 on the basis of the recommendations made by the Naresh Chandra Committee which was set up by the Government in 2002 on corporate governance.
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