I-PAC Under Scanner for Rs 13.5 Crore Loan From Company That Does Not Exist

Political consultancy firm Indian Political Action Committee (I-PAC) has come under scrutiny after its financial filings revealed that it received an unsecured loan of Rs 13.5 crore in 2021 from a company that, according to official government records, had ceased to exist years earlier.

In its disclosures, I-PAC identified the lender as Ramasetu Infrastructure India (P) Limited, stating that the funds were received during FY21. However, a review of records maintained by the Registrar of Companies shows no active or historical listing for a company with that exact name.

Corporate Records Show Firm Was Struck Off

Available incorporation documents relate instead to a similarly named entity, Ramsetu Infrastructure India Private Limited. Corporate database Zauba Corp shows that this firm was incorporated on December 18, 2013, as a non-government private company engaged in real estate activities, with an authorised share capital of Rs 5 lakh. The company had two directors, Vijendar and Vikram.

Official filings indicate that Ramsetu Infrastructure India Private Limited was struck off on August 18, 2018, under Section 248(1) of the Companies Act, 2013. Such action is typically taken when a company fails to commence business or stops operations for two consecutive financial years and does not comply with statutory requirements.

Despite this, I-PAC’s disclosures state that it received the loan in 2021-nearly three years after the company was removed from the official register.

Further checks of public records suggest that while a similarly named firm once operated from the address cited in I-PAC’s filings, it had already been struck off at the time the loan was reportedly extended. Individuals previously listed as shareholders of the dissolved company have also denied any connection with I-PAC or involvement in extending loans to the organisation.

I-PAC’s financial statements show that part of the Rs 13.5 crore loan has been repaid, though a significant amount remains outstanding. The mismatch between I-PAC’s filings and official corporate records has raised questions about the source of the funds and the accuracy of the disclosures.

I-PAC Response

Arjun Dutta, leadership member at I-PAC, told The Indian Express newspaper that I-PAC reecived an unsecured loan of Rs 13.5 crore from ‘Ramasethu Infrastructure Private Limited’, a duly incorporated entity with its registered office in Andhra Pradesh.

He said in the documentation submitted to the ROC in 2021 for a change in their registered office, a clerical error occurred. “The name of the creditor was inadvertently recorded as ‘Ramasetu Infrastructure India (P) Limited’ (‘the Rohtak Company’) instead of ‘Ramasethu Infrastructure Private Limited’. This was a typographical error involving the omission of the letter ‘h’. As a direct result of this clerical error in the name, the address associated with the creditor was also incorrectly picked from public records as that of the Rohtak Company, leading to the confusion… This is also clear from our Tax Audit Report for the year 2020-21 which also mentioned (the) Permanent Account Number (PAN) which is the correct PAN of the Andhra Company,” Dutta told the newspaper.

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