Ravi Parthasarathy, mastermind of the IL&FS Crisis, died after suffering from prolonged illness in Mumbai, know his funeral details, daughter and age
On Wednesday, Ravi Parthasarathy, the former non-executive chairman of Infrastructure Leasing & Financial Services (IL&FS), died.
Parthasarathy formerly served as the head of the Infrastructure Leasing and Financial Services Association (IL&FS). Last year, he was arrested by the Economic Offences Wing (EOW)-II for allegedly scamming investors of Rs 200 crore.
Ravi Parthasarathy IL&FS Cause Of Death, Obituary, Funeral, Biography, Age, Family, Daughter, Education, News
History may not be kind to #RaviParthasarathy but equally, one has to give him his due. He talked infrastructure before anyone that I know did, with a passion that was unmatched. https://t.co/0eK8NaawJi
— S Swaminathan (@iris_swami) April 27, 2022
#RaviParthasarathy – you may or may not like him, but he surely was brilliant. However, I stayed away from doing business with most of his companies. Did some work with the Education company, brokerage company and the Mutual fund.
Never invested though.#Satthgati— Subramoney.com (@pvsubramanyam) April 28, 2022
He was one of the defendants in the case and was arrested in June 2021 for numerous IPC and TNPID Act offences.
So, let’s find out more about him:
Who Is Ravi Parthasarathy?
At the time of his demise, Ravi Parthasarathy was 67 years old. He is well-known in the business world for his deal-making abilities, and he was eventually named the company’s executive chairman. He is an alumnus of IIM Ahmedabad. His daughter Rhea Parthasarathy is employed at IL&FS.
Under Parthasarathy’s leadership, the overleveraged corporation that completed some of the most important infrastructure projects crumbled under a mountain of debt.
When IL&FS was created in 1989, he became the company’s CEO, and in 2006, he was appointed the chairman. In July of 2018, he announced his retirement. Over 350 group companies are included in this group.
What Lead To The IL & FS Crisis?
By the time of his retirement, the group’s financial issue erupted, the company, which began as a road construction financing company, had discreetly expanded to approximately 347 subsidiaries and acquired a debt load of around Rs 91,000 crore.
Following a series of defaults, a systemic crisis arose, with many non-banking financing businesses (NBFCs) experiencing financial difficulties.
The federal government took action on October 1, 2018, through a directive from the National Company Law Tribunal (NCLT), to take control of Infrastructure Leasing & Financial Services Limited (IL&FS) and stop the crisis from spreading to the financial markets.
At the new board’s first annual general meeting late last year, Kotak stated that the board aims to collect at least half of the Rs 90,000 crore debt on IL&FS books through resolution. That project is still ongoing.
The board said in March that it had addressed debt of Rs 55,000 crore by the end of the month, accounting for over 90% of the expected Rs 61,000 crore resolution objective.
Death Cause Of Ravi Parthasarathy
After a prolonged illness, Ravi Parthasarathy, the former chairman of Infrastructure Leasing & Financial Services Ltd (IL&FS), died on the morning of April 27, 2022, in Mumbai.
Parthasarathy was a cancer patient who had been in the hospital since November of last year. According to one of his close family members who spoke to Money Control, he died at home.
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