Earlier this year, GAIL had offered Rs 4,785.7 crore for the IL&FS stake in seven companies under IL&FS Wind Energy — Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy.
In April this year, Bhatia was elevated to the post of CEO at ITNL by the new board of IL&FS headed by banker Uday Kotak. Bhatia was the Chief Financial Officer (CFO) at ITNL before the collapse of the IL&FS Group.
The agency, in its probe and in the chargesheet, said the senior management of IL&FS indulged in acts of commissions and omissions leading to illegal personal gains to them at the expense of the company.
The complaint alleged that CAM was legal adviser to the former board of IL&FS, which is facing criminal and legal action by government agencies, and continues to perform that role for the new board, too.