NEW DELHI: C Sivasankaran’s Siva Group of Companies, in connivance with IDBI Bank’s former CMD M S Raghavan, its former MD-CEO Kishor Kharat, then deputy MD Melwyn Rego and others availed two loans for the group’s offshore companies even though performance of one of the borrower companies showed “stress” and was eventually granted voluntary bankruptcy by a court in Finland.
The first loan of Rs 322.40 crore from IDBI was issued to Siva’s Finland-based company Win Wind Oy (WWO) in October, 2010, which became a non-performing asset three years later.
Undettered by WWO going into liquidation, IDBI Bank sanctioned another loan of Rs 523 crore to Siva Group company Axcel Sunshine Limited, based in British Virgin Islands, a tax haven, in February 2014.
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The first loan of Rs 322.40 crore from IDBI was issued to Siva’s Finland-based company Win Wind Oy (WWO) in October, 2010, which became a non-performing asset three years later.
Undettered by WWO going into liquidation, IDBI Bank sanctioned another loan of Rs 523 crore to Siva Group company Axcel Sunshine Limited, based in British Virgin Islands, a tax haven, in February 2014.
Read Also | CBI books ex-Aircel promoter, son, brass of three PSBs in loan fraud case
“This second loan was allegedly used for…