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Siva group gave dud shares of Tata Teleservices for funds from IFIN

SFIO has said that Sivasankaran arranged for foreign junkets, helicopter rides and paid for renovation of apartments of top IL&FS officials in Brussels

IL&FS
IL&FS

Chennai-based entrepreneur C Sivasankaran gave dud shares of Tata Teleservices (TTSL) as collateral to raise funds from IFIN, a subsidiary of IL&FS.  And, as a quid pro quo, he arranged for foreign junkets, helicopter rides and paid for the renovation of apartments of top IL&FS officials in Brussels. The auditors of IFIN connived with the management and failed to raise red flag on the issue. These are revelations made by the Serious Fraud and Investigation Office (SFIO), in its charge sheet filed before the additional sessions-cum-special judge (Companies Act) of Mumbai, ...