MCA files contempt plea against former IFIN CEOhttps://indianexpress.com/article/business/mca-files-contempt-plea-against-former-ifin-ceo-5695135/

MCA files contempt plea against former IFIN CEO

The government alleged that Bawa is in contempt of an NCLT order dated December 3, which effectively put a freeze on all movable and immovable assets of Bawa and eight other former senior officials of the IL&FS group.

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The NCLT in January relaxed these conditions, allowing Bawa and the others to withdraw up to Rs 2 lakh from any bank account after informing the tribunal.

The Ministry of Corporate Affairs (MCA) on Thursday filed a contempt petition at the Mumbai bench of the National Company Law Tribunal (NCLT) against Ramesh Bawa, former CEO of IL&FS Financial Services (IFIN).

The government alleged that Bawa is in contempt of an NCLT order dated December 3, which effectively put a freeze on all movable and immovable assets of Bawa and eight other former senior officials of the IL&FS group.

The NCLT in January relaxed these conditions, allowing Bawa and the others to withdraw up to Rs 2 lakh from any bank account after informing the tribunal. The Centre also filed two ancillary applications against Standard Chartered Bank CEO Zarin Daruwala and Axis Bank CEO Amitabh Chaudhry in the matter. The NCLT is set to hear the matter on Friday. —FE