IFCI chief comes under SC scrutiny

The alleged financial irregularities in IFCI has come under judicial scrutiny.

The alleged financial irregularities in IFCI has come under judicial scrutiny as the Supreme Court today issued notice to the Centre seeking response on the CBI probe and the removal of its present CEO and Managing Director Atul Kumar Rai.

A bench of justices Aftab Alam and R M Lodha asked the Centre,the CBI and Rai to file their response on a PIL alleging that the appointment of present CMD(CEO cum Managing Director) was against the norms.

Rai,a 1985 Indian Economic Services officer,had taken voluntary retirement from his job to join IFCI.

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“There have been in recent past serious allegations of administrative and financial irregularities in IFCI like purchase of 5 percent stake in the MCX-SX by IFCI management on a much higher price of Rs. 35 per share whereas the Union Bank of India and the Bank of India acquired the shares of the same company at Rs. 10 per share,” advocate Prashant Bhushan,appearing for the petitioner contended.

He contended that several complaints were filed before different authorities including the Finance Minister and the Prime Minister but no action was taken for conducting an independent enquiry into those allegations.

“The inaction of the authorities in taking any action on the aforesaid complaints of corruption is clearly arbitrary and unreasonable,thus,violative of Article 14 of the

Constitution,” the petition said.

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