News

July 18, 2019

SFIO Investigation Reveals That Wife Of Former IL&FS Top Boss Had Private Business Deal With Defaulter Businessman


[ By Bobby Anthony ]

Ravi-Parthasarathy

The wife of former IL&FS head Ravi Parthasarathy probably had business dealings with C Sivasankaran in a private capacity, according to a Serious Fraud Investigation Office (SFIO) investigation.

Allegedly, Vishpala Parthasarathy, entered into a partnership with C Sivasankaran’s company AIWO that offered weight management programs, during February-March 2013, even as C Sivasankaran himself was defaulting on loans taken from IL&FS, according to an SFIO report.

Interestingly, it has also come to light that IL&FS also extended loans to other companies owned by C Sivasankaran despite defaults and C Sivasankaran being internationally proclaimed as “bankrupt”.

The SFIO has also found a trail of emails between Ravi Parthasarthy and former IFIN MD Ramesh Bawa about sanctioning a Rs 150-crore loan to Sivasankaran. Out of this, Rs 50 crore was disbursed even as an earlier loan of Rs 450 crores remained unpaid.

M/S Siva Ventures was sanctioned loan of Rs 210 crores, another loan facility was extended to M/S Siva Commercial and various other loans were given to the Siva group till 2014, according to the SFIO report.

Incidentally, Sivasankaran had recently moved the Chennai High Court to withdraw a look out notice issued against him by the Central Bureau of Investigation (CBI) in the Aircel-Maxis case.

The Enforcement Directorate (ED) has also summoned Sivasankaran on July 18 in Mumbai for questioning in the IL&FS case.

Related Post

latest News

  • Supreme Court Issues Notice To Center After Fresh Petition Challenges Constitutional Validity Of The Triple Talaq Law

    The Supreme Court has issued a notice to the central government in response to a recent plea challenging the constitutional validity of the Muslim Wom...

    Read More
  • SC Collegium Defends Its Decision To Transfer Madras High Court Chief Justice Tahilramani To Meghalaya High Court

    The Supreme Court has stated that Madras High Court Chief Justice Vijaya Kamlesh Tahilramani's transfer to the Meghalaya High Court was made after ful...

    Read More
  • SEBI Okays Share Issuance On Conversion Of Stock Options

    The Securities & Exchange Board of India (SEBI) has stated that issuing shares after conversion of restricted stock options (RSUs) will be allowed und...

    Read More
shares