Can I file cheating case against IL&FS directors, credit rating agencies?
We made large investments in redeemable papers (NCRPS) of ILFS Financial Services Ltd in 2016 looking at LIC, SBI, HDFC as majority shareholders & Triple A rating (same rating as Govt of India bonds) given by credit rating agencies. Within 2 months last year the ratings were downgraded to default. Fraud has been uncovered, Govt has filed charge sheets, the company is in NCLT. But secured lenders, banks will walk away with recoveries. Can we,, as individuals file cheating cases against directors of ILFS, the directors of Credit Rating Agencies & the auditors for concealing the fraud for last 4/5 years?
Asked 10 months ago in Criminal Law from Bengaluru, Karnataka
In a 138 NI Act case against a company & its 2 directors, the lawyer for accused doesn't complete cross examination for many years, then files a petition saying he doesn't represent the company anymore, only the directors and the Court may pass any order it thinks fit. What is the tactic here?
Asked 9 months ago