IL&FS seeks legal advice to recover excess remuneration paid to directors

IL&FS Group is seeking legal advice on a course of action against its ex-directors and two step-down units, who have refused to return the excess managerial remuneration paid to them, according to the latest affidavit filed by the debt-ridden firm before NCLAT.

IL&FS is in the process of recovering approximately Rs 187 crore from the directors and independent directors of the previous board, during whose tenure the company and its two subsidiaries - IFIN and ITNL - were shown in profit through financial engineering, though they were in loss. Earlier this year, books of accounts and financial statements of IL&FS, IFIN and ITNL were recast on the directions of the National Company Law Tribunal (NCLT) for five years - FY 2013-14 to FY 2017-18 - and a loss of around Rs 9,600 crore was found.