Hyderabad : Parthasarathy, the Managing Director/Chairman of Karvy Consultancy, was detained in Hyderabad. Banks provided Parthasarathy with a loan of Rs 730 crore. Several banks had filed complaints about CCS cops, thus they were arrested. This consultancy had previously been subjected to SEBI limitations.


Sebi, the market regulator, has barred Karvy Stock Broking Ltd (KSBL) from accepting new customers and ordered stock exchanges and depositories to take necessary action against the firm and its directors.

 In september 2019, hdfc bank provided a loan on shares worth Rs350 crore, but only paid Rs142 crore, leaving the entire loan balance of Rs208 crore, plus Rs38 crore in interest, unpaid. According to hdfc Bank's deputy vice-president Srinivas, who filed the complaint with CCS against KSBL directors commander Parathasartathi, shiva Rama krishna Mullapuri, Rajat Parthasarathi, and Shushil Kumar, the total sum owed from the bank is Rs246 crore. According to the officials, the CCS Cyber Crime police also recorded the complaints and launched an investigation. IndusInd and hdfc bank reported to the authorities that KSBL had deliberately defaulted on the loan and demanded that the bank be prosecuted.

Karvy had also acquired the HCL services from HCL Infosystems for Rs 108 cr in 2018. Which was noticed by all back then.
For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

Karvy Consultancy

Kailas Ashwin Sathish

19/08/2021 02:30 PM