MUMBAI: At least two directors of the erstwhile IL&FS Financial Service (IFIN) have said they were kept out of the loop on major decisions taken by their board in their response to show cause notices (SCN) issued by the new board of Infrastructure Leasing and Financial Services (IL&FS). IFIN is a subsidiary of IL&FS.
However, the newly constituted board is of the view that these directors failed in their duties of keep a tab on the functioning of the firms and failed to raise red flags, sources in the know told ET.
Neera Saggi, who was director between 2015 and July 2016, and Renu Challu, who was director in 2018, have both claimed they were innocent of all decisions of the board.
