The Supreme Court on Monday issued notice to the central government on a plea challenging the appointment of Atul Kumar Rai as the chief executive officer and managing director of Industrial Finance Corporation of India (IFCI) despite his alleged involvement in "serious corrupt practices".

The apex court bench of Justice Aftab Alam and Justice RM Lodha issued notice on a public interest litigation (PIL) filed by the Centre for Public Interest Litigation (CPIL), saying that the matter involved huge amounts of public money and required speedy hearing.

The government has been asked to reply in six weeks' time.

Appearing for CPIL, senior counsel Prashant Bhushan told the court that while huge amount of government money was going into IFCI, the institution was functioning without accountability.

The CPIL accused Rai of financial irregularities and said the government was not taking any action despite its authority over IFCI. (Economic Times)