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Tasked with cleaning up of mammoth financial mess at embattled IL&FS, its government-appointed board has charged 14 former directors of group firm IL&FS Financial Services Ltd (IFIN) of facilitating money laundering, sanctioning loans in violation of rules and causing "huge financial stress and losses" to the company. In show-cause notices issued to the 14 former directors, the new management has charged them of having "sanctioned loans deceptively to external and group companies with sole objective to infringe RBI guidelines of excessive exposure of IFIN to intra-group companies." They have also been accused of extending loans for "criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups. The notices, dated February 27, have asked former directors to reply within seven days upon receipt as to why departmental and legal actions should not be taken against them for their "misconduct, dereliction of ...

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