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HC stays bail for former top officials of IL&FS

Apr 4, 2020, 22:39 IST

PTI

Mumbai, Apr 4 () The Bombay High Court on Saturdaystayed the interim bail granted to two former top officials ofIL&FS Financial Services Ltd.

A holiday court on Friday had granted temporary bailfor 75 days to Hari Sankran, former vice chairman ofcrisis-hit IL&FS and Ramesh Bawa, former managing director andCEO of the firm.

The lower court had cited the coronavirus pandemic andthe duo's advanced ages as grounds.

The Serious Fraud Investigation Office (SFIO) thenmoved the high court against the order.

Justice A K Menon, hearing the matter throughvideo conference on Saturday, stayed the bail order, sayingthere was no urgent reason for giving them relief.

The two were arrested in April last year bythe SFIOfor alleged fraudulent conduct and causing wrongful loss tothe company and its creditors. AVIKRK KRK

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