CMD of Karvy Stock Broking taken into custody again

Chairman and managing director of Karvy Stock Broking Limited (KSBL) C Parathasarathy was taken into custody by the Hyderabad Central Crime Station police for the third time after the Nampally Criminal Court granted custodial interrogation.

Mr. Parathasarathy will be in police custody for two days (Friday and Saturday). He has been accused of defaulting bank loans, besides raising loans against the securities of his clients without their consent. “He was taken into custody for questioning pertaining to a case registered against him by HDFC Bank for availing a loan of ₹ 350 crore by pledging the shares of the company clients illegally and defaulting the payments,” an officer said.

Meanwhile, company secretary of KSBL Y. Sailaja was arrested by the CCS police for falsely creating company resolution and misrepresenting to HDFC Bank to obtain a loan.

According to Joint Commissioner of Police (Detective Department) Avinash Mohanty, Ms. Sailaja created a false resolution document which claimed to have been passed in the meeting of Board of Directors of M/s Karvy Stock Broking Limited held during 2018, which was not resolved in the actual meeting as per the original record of minutes of Board of Directors meeting.

“By falsely representing the said resolution document Mr. Parthasarathy, availed a loan of ₹ 350 crore by pledging the shares of the company’s clients illegally from the complainant HDFC Bank and defaulted in payments,” he said.

Ms. Sailaja was produced before a local court which remanded her to Judicial Custody.

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