Chennai EOW arrests Ravi Parthasarathy, kingpin of Rs 1 lakh cr IL&FS scam

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Chennai, June 11 | The Economic Offences Wing (EOW) of Chennai Police said on Friday that it has arrested Ravi Parthasarathy, the former Chairman of IL&FS Group, in the Rs 1 lakh crore scam, which triggered a liquidity crisis in the financial services market in 2018.

EOW DSP Prakash Babu confirmed to IANS that Parthasarthy has been arrested and taken into police custody for 15 days. He added that his bail hearing will come up for hearing on Monday.

Parthasarthy, the kingpin, mastermind and chief architect of the Rs 1 lakh crore IL&FS scam, has been arrested by the EOW in connection with Crime No. 13 of 2020, dated September 20, 2020, the EOW of Chennai Police said in a statement.

“The accused, Ravi Parthasarathy, is the former Chairman and Managing Director of the entire IL&FS Group. The IL&FS Group, which consists of more than 350 group companies, was used as a vehicle to perpetrate fraud by then management of IL&FS Group which was headed by the then Chairman and MD-CEO Ravi Parthasarathy,” said the EOW.

The EOW stated that the FIR has been registered in connection with the complaint given by 63 moons Technologies Ltd, which lost a sum of Rs 200 crore. Complaints from various other depositors have also been received by the EOW.

The anticipatory bail petition filed by the accused Parthasarathy in Crl OP No. 2007 of 2021 was also dismissed by the Madras High Court. Aggrieved depositors and investors of IL&FS Transportation Networks India Ltd (ITNL) can forward their claims to EOW, it added.

Notably, Parthasarathy, who is said to be the close confidant of former Finance Minister P. Chidambarm, is accused of fraud with intent to injure the interests of the company, its shareholders and lenders, resulting in wrongful loss to the company.

Under his stewardship, trouble surfaced at IL&FS in the July-September quarter of 2018, when two of its subsidiaries started defaulting on repayment of loans and inter-corporate deposits to lenders.

Subsequent series of defaults caused a systemic problem with many non-banking finance companies (NBFCs) running into financial issues.

On October 1, 2018, the Central government took steps to take control of Infrastructure Leasing & Financial Services Limited (IL&FS) through a directive by the National Company Law Tribunal (NCLT) and arrest the spread of the contagion to the financial markets. A new board under the leadership of banker Uday Kotak was constituted as the earlier board was deemed to have failed to discharge its duties.

The Government of India (GoI) in its petition has mentioned, “Ravi Parthasarathy and his team were responsible for the negligence, incompetency and misleading the public by presenting rosy financial statements. IL&FS was camouflaging its financial statements by hiding a severe mismatch between its cash flows and payment obligations. It was also hiding total lack of liquidity and glaring adverse financial ratios.”

Parthasarathy, who was at the helm of IL&FS for over 25 years, is accused of masterminding one of the largest financial frauds and systematically driving a behemoth of a financial institution to financial ruins.

In addition to the premier investigating agency, the Serious Fraud Investigation Office (SFIO), the Reserve Bank of India, the Ministry of Corporate Affairs (Union of India), the Registrar of Companies (RoC), the National Company Law Tribunal (NCLT), Mumbai, along with the Grant Thornton forensic report have made adverse findings against him.

The RoC has observed mismanagement and compromise in corporate governance norms, while there is another FIR registered by the EOW-New Delhi against Parthasarathy and Hari Sankaran under various sections of IPC.

In one of the most damaging findings, the GoI petition mentioned, “IL&FS had created a trust known as the Employee Welfare Trust which was used as an instrument to enrich its directors at the cost of the Company. The said trust was used to perpetrate a fraud on IL&FS and its group companies. The trust owned 12 per cent of IL&FS Limited. Ravi Parthasarathy and certain other senior IL&FS personnel were major beneficiaries of the Trust.”

The RBI report, which it submitted on March 22, 2019, underlined that the major role in perpetrating the fraud and financial irregularity was played by Parthasarathy during his tenure as the Group Chairman.

The report pointed out indiscriminate sanctioning of loans, flouting of RBI norms, fraudulent transactions to certain accounts, showing inflated numbers of subsidiaries, conflict of interests, and the concentration of power in the hands of few, which included Parthasarathy.

The SFIO complaint, dated May 30, 2019, named Parthasarathy as the prime accused. The report mentioned that Parthasarathy was the key decision-maker in the IL&FS Group and used the group as his fiefdom.

Being the Chairman of IL&FS Group and Director of its various subsidiaries, the coterie led by Parthasarathy abused its position and diverted funds of its group companies.

It may be noted that the NCLT-Mumbai order to recast the accounts of the IL&FS Group was challenged by Parthasarathy in the Supreme Court, which upheld the GoI decision.

The forensic audit by Grant Thornton also revealed a bevy of illegal practices, bribing of credit rating agencies and other fraudulent practices, indicating clearly the involvement of the then IL&FS Group Chairman Parthasarathy.

Source: IANS

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7 Reasons Why You Should Purchase Italian Furniture

7 Reasons Why You Should Purchase Italian Furniture

Very often we see people speaking ever so highly of the Italian furniture they own, while we see others gushing over Italian furniture and expressing their deep desire to own at least one such piece of furniture. Italian design and decor are widely hailed across the world for their strong emphasis on quality and simple shapes that combine both tradition and modernity through the finest craftsmanship.

The way a person decorates their home is a reflection of their personal style and identity. Needless to say, tastes and preferences vary wildly, especially when it comes to items of furniture with regard to their size, shape, texture, and color.  However, regardless of the specific kind of design a person likes, Italian furniture is a dominant player in the furniture and home design industry.

For several centuries, Italy has been considered to be a hub for culture, literature, and the arts as well as architecture and design. Italian style interior design has been the preferred choice for an ever-increasing number of people, and this is not just a recent trend. Italy is a country that is synonymous with class, sophistication, and exceptionally high quality, and this shows in the sheer popularity of Italian furniture today. Italian sofa manufacturers take great pride in the quality and design of their sofa sets, and one need not look far to see that even the most discerning customers are duly pleased with Italian furniture.

So what is it that makes Italian furniture so popular? Let’s take a closer look!

Timeless charm and appeal

Italian sofas, chairs, tables, and other pieces of furniture have a charm that is impossible to compete with, leave alone outdo. Not only are Italian furniture pieces renowned across the world for their quality and appeal, but they are also items whose aesthetic value appreciates over time. Italian furniture has an inimitably characteristic beauty and these furniture pieces only tend to look even better as the years’ pass. The fact that only the best quality materials are used for their manufacture is what makes Italian furniture so sought after.

Strong and durable

While many prospective customers will tend to get deterred or even discouraged by the fact that Italian furniture costs a fair amount of money, these furniture pieces are made with the best quality materials and are guaranteed to last for decades if not centuries. That being said, purchasing Italian furniture should be best viewed as an investment and not just an expenditure, as the elegance, durability, and comfort that these furniture pieces will offer you are their own reward.

Unbeatable quality and elegance

Italian artisans and craftsmen are famous across the world for their dedication, patience, and attention to detail. It goes without saying that Italian products, in general, are synonymous with high quality, and one only needs to look at history to see how true this is. Since time immemorial, Italian manufactures have strived for excellence and have always made sure that the products they make are nothing short of the best. Therefore, Italian furniture is a symbol of Italian perfection, sophistication, and class.

Exquisitely comfortable

The very purpose of furniture pieces such as sofas, chairs, and couches is to provide comfort to people. Italian furniture will not just provide unmatched comfort but will also give any person the feeling of being in exquisite and opulent surroundings. There is no doubt that a handcrafted piece of Italian furniture will convey a feeling of elegance and sophistication.

Wide variety of furniture designs

Many people are under the wrong impression that Italian furniture is available only in very specific parts of the world and that they are few in number. The good news is that this is not true. Artyz offers you a wide assortment of Italian furniture, and you are sure to find something that perfectly suits the design and aesthetics of your home. Not only will you be able to choose from sofas, ottomans, tables, beds, tables, and much more, you will also have the choice of selecting from a wide variety of designs. Given the fact that a lot of hard work and craftsmanship goes into making Italian furniture, you can make your living space truly unique by purchasing one or more exquisite furniture pieces.

High caliber craftsmanship

Italy is a world leader in manufacturing for a number of reasons. To begin with, only the highest quality of materials are used, and this, coupled with the unique and unparalleled skill sets that Italian artisans have, you can be assured of nothing less than the best. Italy has long been hailed for its contributions to several fields of the arts, such as painting, sculpture, music as well as design. That being said, painstaking hard work, unbridled dedication, and sharp attention to detail have made Italian craftsmanship an ideal in and of itself.

Novelty and inimitability

Unlike cheaper, mass-produced furniture that is readily available and most often delivered in a cardboard box, Italian furniture pieces are meticulously handcrafted and made with immense dedication and focus on the details. Italian furniture is very eye-catching and will without a doubt convey a sense of luxury and opulence to both residents and guests alike. Such furniture pieces will have a direct effect on the mindset and mood of residents as they will notice how the furniture pieces enhance and enrich the home.

Before you rush off to purchase Italian furniture pieces for your home, do check out Artyz. Artyz is a renowned furniture showroom in Kolkata that offers you a vast range of furniture choices that can suit the requirements of any living space and can accommodate any budget. As a leading furniture showroom, the focus remains entirely on providing top-quality furniture at affordable and reasonable prices. Simply take your pick from the diverse furniture selection and let Artyz handle the rest. By having Italian furniture in your home, you will be able to liven up your living space in unimaginable ways. The sheer elegance of Italian furniture is what creates a statement like no other style.

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Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Guy Kawasaki has rightly said that pursuing your passions makes you more interesting, and interesting people are enchanting. Passion is an underrated term as people believe more in hard work and dedication. We often forget that passion is what guides us to success. Deependra Singh Shekhawat is one of the few who proved that hurdles are hidden opportunities, and when utilized appropriately, they will lead you to victory.

Deependra Singh Shekhawat, being the son of a farmer, has the background of a middle-class family. He belongs to a small village of Udaipurwati, district Jhunjhunu of Rajasthan. However, his status never deterred him from dreaming. Dreams full of his passion gave him the strength to fight the battles in his life. After graduation, he initially started from a regular job. However, he was not content with his occupation. He sensed stagnancy in his career. Soon, he started thinking and strategizing about business. This thought process led him to join a renewable energy company, Adani Renewable Energy, to learn about business as the next step in his professional journey. From then on, there was no stopping him; he was on a roll. In 2015, he established Vertex Solution Company and became one of the top vendors of Adani Solar Energy. He went the extra mile by working with India’s well-known renewable energy organizations as Avada Sola, Tata Solar, O2 Power, and many more.

Deependra says that his passion for renewable energy spawns from the fact that renewable energy is one of the significant contributors to boosting the country’s economy and generating jobs. He further adds that adopting renewable sources of energy is a healthier option. He claims it is high time we start living peacefully with nature for the sanity of itself and humankind. Additionally, he has provided with job opportunities for the youth of his village Sarai and has become the Youth icon of Rajasthan. Despite belonging to a middle-class family, he left no stones unturned to achieve success and rose from the bottom of the pit to flying like an eagle. From having big dreams to making others’ dreams come true, he has come a long way.

His journey is inspiring hundreds and thousands of youngsters of middle-class families throughout the country. People are burning with passion after witnessing the change in his life. His life journey is constantly changing the lives of many for the best. He is igniting the fire of eagerness for victory in them.

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