Ex-IL&FS chairman Ravi Parthasarathy dies

Former non-executive chairman of Infrastructure Leasing & Financial Services (IL&FS) Ravi Parthasarathy handed away on Wednesday.

Parthasarathy was a former chairman of the Infrastructure Leasing and Financial Services (IL&FS). He was arrested by the Economic Offences Wing (EOW)-II final yr for allegedly defrauding traders to the tune of Rs 200 crore.

He was one of many accused within the case and was arrested in June 2021 for numerous offences beneath the IPC and the TNPID Act.

On July 20, 2018, Parthasarathy resigned as non-executive chairman of IL&FS, the holding firm of the IL&FS group which he served for over 30 years. He joined the IL&FS in 1987 as president & chief government officer and was appointed as managing director in 1989.

Known within the company world for his deal-making expertise, he was later designated government chairman of the corporate. The overleveraged firm which executed a few of the main infrastructure initiatives beneath the management of Parthasarathy collapsed beneath a pile of debt.