IL&FS case: Ramesh Chandra Bawa's wife, daughter seek to unfreeze bank accounts citing no mention in charge sheet, SFIO report
NCLT adjourned the hearing on a ministry plea seeking a five-year ban on IL&FS group auditors Deloitte Haskins & Sells and the KPMG affiliate BSR & Associates for their criminal role in the scam to 19 July.
The counsel for Corporate Affairs Ministry argued that the petitioners are beneficiaries of Rs 12 crore of funds
The ministry counsel alleged Bawa transferred Rs 27 crore to Asha's account and Rs 4.81 crore to Akanksha's account
On 26 April, the ministry had filed contempt petitions against Axis Bank and Standard Chartered Bank
Mumbai: The counsel for the family of ex-IL&FS Financial Services head Ramesh Chandra Bawa's wife Asha Kiran and daughter Akansha Monday moved NCLT seeking to unfreeze their bank accounts as neither the SFIO report nor the charge-sheet named them in the case.
However, the counsel for the Corporate Affairs Ministry, which wants to extend the freeze on their accounts, argued that the petitioners are the beneficiaries of Rs 12 crore of funds from Bawa's frozen bank accounts, as per the findings of the Serious Fraud Investigation Office (SFIO) probe, which has also found that the duo had accessed the blocked-lockers of Bawa three-four times after the NCLT ordered their freezing last December and thus are in contempt of the tribunal.
"There is no mention of Asha Kiran and Akansha in the charge-sheet and thus keeping their accounts frozen cannot be justified," their counsel argued.
He further said the SFIO has not charged Asha Kiran and Akansha yet and thus have no allegations against them.
"Except for transfer of money, there is no other allegations or charges against them," he said, adding, "Asha has been operating the lockers even after the NCLT freeze as there the tribunal did not direct the Indian Banks Association on freezing the lockers."
He also said his clients are ready to return the Rs 4.81 crore transferred to their accounts. Hearing both the sides, NCLT reserved its order without mentioning the date for next hearing.
The ministry counsel said as per the SFIO findings, Rs 12 crore was transferred from Asha Kiran's account to AAA Infosystem and Aaab Infrastructure after her account was frozen last December.
"On this, we had asked for disclosure, but, Asha has not given any information as on date," he added.
According to bank statements, the ministry counsel alleged that Bawa transferred Rs 27 crore to Asha's account and Rs 4.81 crore to Akanksha's account from his Axis Bank account and that the wife-daughter duo also accessed his locker three-four times after the NCLT order.
On 26 April, the ministry had filed contempt petitions against Axis Bank and Standard Chartered Bank for their alleged role in the Bawa family accessing the frozen accounts.
The contempt petition also named the Bawas.
Meanwhile, the tribunal adjourned the hearing on a ministry plea seeking a five-year ban on IL&FS group auditors Deloitte Haskins & Sells and the KPMG affiliate BSR & Associates for their criminal role in the scam to 19 July.
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