The panel has found that Rai is guilty of restrain facts regarding his appointment in 2007 and recommending a CBI probe into it. Rai was a director in the finance ministry and was also nominated to the IFCI Board.
The committee eminent that an investigation should be done into whether undue favour was shown in appointing Atul Rai and CBI probe should find out the facts and fix responsibility at the higher level in the hierarchy of officers in the finance ministry.
The parliamentary committee of Privileges also found that Rai guilty of mischievous with BJP MP Rajiv Pratap Rudy when he had gone to meet up the official to discuss some issue.
The Supreme Court had issued notice to the central government in September 2011, on a appeal challenging the appointment of Atul Kumar Rai as CEO and MD of IFCI despite his assumed involvement in serious corrupt practices.