This is the first case in the country! 18 years ago, employees got bonus, now the company will recover 250 crores, 200 people are facing action

New Delhi. The first case of its kind has come to light in the country’s big company Infrastructure Leasing and Financial Services (IL&FS). Where the bonus distributed to some employees 18 years ago is now going to be recovered. The Corporate Ministry has directed to recover Rs 250 crore from about 200 employees of the company. It is alleged that the money of the company’s Employees Welfare Trust has been distributed to these employees in an incorrect manner.

After its investigation, the Serious Fraud Investigation Office (SFIO) had revealed that funds were transferred to selected employees of the company through the Employees Welfare Trust in an illegal manner. This money was distributed to special people in the name of bonus. In this case of the financial year 2006-07, it was told that Ravi Parthasarathy, who was looking after the management of the company, had distributed this money to special employees.

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Identification of 200 employees
After the SFIO report, the Corporate Ministry has identified 200 employees who were given the benefit of bonus. The ministry has told the new board of the company that the money wrongly given to these employees will be recovered. The spokesperson of the company says that under the instructions of the ministry, notices have been issued to these employees and they have been asked to refund the money.

90 days time
Employees have been given 90 days to return the bonus money. You will be surprised to know that 50 percent of the Rs 250 crore was distributed to only 20 employees. This means that about Rs 125 crore will be recovered from only 20 employees. Apart from this, Rs 150 crore will also be recovered from the former directors of the company. In this way, the company has prepared a plan to recover Rs 400 crore and notices have also been issued to the former directors.

Recovery won’t be easy
Although IL&FS has started the process of recovering money from the employees on the orders of the ministry, this task is not going to be that easy. Many of the employees who were supposed to get the money have died so far and most of them have spent the money. In such a situation, it will not be easy to get back the bonus distributed 18 years ago. At present, the company has issued a notice on its behalf and has put all the beneficiaries in shock.

Tags: Business news, fraud case