In the application filed before NCLT earlier this week, it has named all 23 former directors as respondents
Infrastructure Leasing & Financial Services (IL&FS) has approached the National Company Law Tribunal (NCLT) seeking recovery of Rs 185.88 crore "excess managerial remuneration" paid to its former directors and those of two group companies following the recasting of financial statements for five financial years, between 2013-14 and 2017-18.
In an application filed before the Mumbai Bench of the NCLT, IL&FS has sought directions to its former directors and two key subsidiaries, IL&FS Financial Services (IFIN) and IL&FS Transportation Networks (ITNL), to return the excess remuneration.
The company has sought an interim direction requiring the identified former directors "to deposit the excess managerial remuneration/undue gains in a separate interest-bearing fixed deposit account", during the pendency of the hearing before NCLT.
Scam-hit IL&FS said it paid remuneration to its erstwhile directors based on profits shown in the original accounts. However, when those accounts were later recast following NCLT directions, they showed losses.