Bonus clawback plan for IL&FS executives

The government had put in place a new board, led by Kotak Mahindra Bank vice-chairman and CEO Uday Kotak to run the affairs, citing mismanagement. But with probe by the Serious Frauds Investigation Office (SFIO) pointing to major irregularities in case of IL&FS Financial Services (I-Fin), the government is looking at clawing back bonuses and other benefits that accrued to several top executives in the group that has liabilities of Rs 91,000 crore to the financial system.

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