Economy
IL&FS Approaches NCLT to Recover Rs 185.87 Crore From Former Directors
The Indian Express1h
THE BRIEF
1
Infrastructure Leasing & Financial Services (IL&FS) has approached the NCLT in Mumbai to recover Rs 185.87 crore in excess managerial remuneration from 23 former directors and executives.
2
The recovery effort follows a forensic exercise that restated financial accounts from 2013-14 to 2017-18, turning originally reported cumulative profits into substantial losses.
3
The application states that initial recovery efforts have yielded a poor response, with former managerial personnel failing to issue refunds.