Ex-IL&FS chairman Ravi Parthasarathy dies from prolonged illness: Report

Parthasarathy was suffering from cancer and had been hospitalised in Mumbai since last November

Former non-executive chairman of IL&FS Ravi Parthasarathy died at age 70 in Mumbai on Wednesday morning after a prolonged illness, said media reports. 

He was suffering from cancer and had been hospitalised in Mumbai since last November.

Parthasarathy passed away at his home in Mumbai, a report said quoting his family. 

An alumnus of IIM Ahmedabad, Parthasarathy joined IL&FS as president in 1987 when the company was founded and became the CEO in 1989. He became the chairman of the company in 2006.

Parthasarathy resigned from his post in 2018, citing medical conditions. 

He was alleged of being at the centre of a multicrore IL&FS scam and was arrested last year by the Economic Offences Wing (EOW)-II for allegedly defrauding investors of a Rs 1 trillion scam. 

The crisis surfaced in July 2018 after the company started defaulting on its debt repayments.

IL&FS, which started as a road construction financing company, collapsed in August 2018 after it failed to repay its loans to several Indian banks and insurance companies.

The government in October that year set up a panel led by Uday Kotak to start the resolution process for IL&FS. 

The board in March this year said that it has resolved debt amounting to Rs 55,000 crore, which is almost 90 per cent of the total outstanding. 

In March this year, Kotak said the resolution from IL&FS is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent.

Of the 347 entities under IL&FS Group as of October 2018, 246 entities stand resolved, leaving 101 for the next financial year.