IL&FS nominee directors not being probed
None of the six nominee directors have been named as respondents in the government’s appeal before NCLT
New Delhi: The six nominee directors on the board of Infrastructure Leasing and Financial Services Ltd (IL&FS), representing five shareholders, will not be investigated by the Serious Fraud Investigation Office as they are exempted from any proceedings by the ministry of corporate affairs.
Praveen Molri is the nominee director of Life Insurance Corporation of India, Chalasani Venkat Nageswar is representing State Bank of India and Bijendra Singhal is Central Bank of India’s nominee. Kiyoshi Fushitani and Harukazu Yamaguchi are representing Orix Corp., while Sanjeev Doshi is on the IL&FS board on behalf of Abu Dhabi Investment Authority.
In fact, none of the six nominee directors have been named as respondents in the government’s appeal before NCLT, and they will continue to be on the company board, along with the government-appointed six-member panel.