SFIO Investigation Reveals That Wife Of Former IL&FS Top Boss Had Private Business Deal With Defaulter Businessman
[ By Bobby Anthony ]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...
ToRead the Full Story, Subscribe to
Access the exclusive LEGAL ERAStories,Editorial and Expert Opinion
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.
