Bombay High Court grants bail to IFIN chief executive Ramesh Bawa

Mumbai: The Bombay High Court (HC) on Tuesday granted bail to IFIN managing director and chief executive officer Ramesh Bawa on Tuesday.

While the Serious Fraud Investigation Office (SFIO) is probing Il&FS for alleged irregularities under Companies Law, the Enforcement Directorate (ED) is investigating a case of money laundering. K Ramanand, the erstwhile MD of ITNL and Arun Saha, former joint director of IFIN, were arrested by ED.

IL&FS vice chairman Hari Sankaran and Bawa were arrested by SFIO.


"The court appreciated the dreadful health condition evidenced by seven medical reports of the hospital at different stages and on two occasions a medical board was constituted. Article 21 was the guiding spirit for grant of bail," said Dr Sujay Kantawala with Sajal Yadav, counsels for Bawa.

According to the SFIO charge sheet, six executives had formed a "coterie" that allegedly committed fraud.