Sucheta Dalal :SHCIL: Bansal meets Ravindran
Sucheta Dalal

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SHCIL: Bansal meets Ravindran  

Jun 30, 2007

RK Bansal, the man assigned to clean up the mess at the Stock Holding Corporation of India (SHCIL) continues to meet everybody who has any knowledge about the controversial e-stamping deal and the shady dilution of its holding in SHCIL Services Limited (SSL).

On Thursday, he met Ramasamy Ravindran, the former parliamentarian from Singapore, who was the first to openly blow the whistle on the mischief that was afoot at SSL. He was apparently accompanied by Subramaniam Shankaran, his Indian partner, who is based in Bangalore. The two are also understood to have met the KPMG forensic investigation team and explained various deals to them. Their arrival is understood to have made several SHCIL officials, who were once the trusted lieutenants of the former management, exceedingly nervous.

We also learn that Andrew Quek, the Singapore-based investor who is the largest investor in SSL – a BSE brokerage firm that was once a wholly-owned subsidiary of SHCIL – is refusing to part with his holding of 33% plus 7% preferential convertible shares. Sources say that so long as the management insists on treating all the goings-on at SHCIL and SSL as civil issues and mere misdemeanours, there will be no pressure on Quek to sell back his shares. He holds the shares through a Singapore-based entity called E-Ventures.

-- Sucheta Dalal