A report highlighting fraudulent and irresponsible conduct by the top executive of IL&FS has claimed they used the Employee Welfare Trust (EWT) for personal gains at the cost of the company by carrying forward amendments in trust contracts without the approval of the Board of Directors of IL&FS Ltd.
The report of Serious Fraud Investigation Office (SFIO) said that EWT, set up to cater to the medical, housing and to subsidise loans taken by the employees, was used to invest in the securities of IL&FS and its group companies and “thereafter distributing these shares at very nominal price in differential manner to a third party”.
The sale proceeds from such transactions went to select management personnel. Read More
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