Ravi Parthasarathy, the former Chairman of Infrastructure Leasing and Financial Services, passed away on April 27 after a prolonged illness. He would have turned 70 in October this year.
Parthasarathy was the Chairman of IL&FS and was seen as a controversial figure in recent years.
He stepped down on health grounds in July 2018 right around the time IL&FS began defaulting on its debt repayments.
He was arrested by the Economic Offences Wing in June last year with regard to an alleged cheating of a Chennai-based private limited company of ₹200 crore through IL&FS Transportation Networks India Ltd (ITNL), Mumbai.
An alumnus of the Indian Institute of Management, Ahmedabad, he joined IL&FS in the late 1980s and eventually went on it become its Chairman.
The Serious Fraud Investigation Office in its complaint in May 2019 named Parthasarathy as the main accused in the IL&FS saga. He was a key decision maker at IL&FS., which is a large Systemically Important Non-Deposit Accepting Core Investment Company (CIC-ND-SI).
Incorporated in 1987, the Centre superseded the board of IL&FS in October 2018 after a series of defaults by IL&FS Group companies in August and September, 2018.
It had over ₹99,000 crore of debt at the time and 347 entities. The new board has addressed ₹55,000 crore of debt and has retained its overall resolution estimate of ₹61,000 crore.