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Alleged fraud at Edelweiss Asset Reconstruction Company

Mar 18, 2021 11:43 IST | By Editorji News Desk

Shareholders of Edelweiss ARC have alleged that Edelweiss Group, the controlling shareholder of the asset reconstruction company along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from the asset reconstruction company. 

The Ministry of Corporate Affairs has ordered an  inspection of the books of Edelweiss Asset Reconstruction Company after recieving a complaint from Paras Kuhad, a former additional solicitor general of India who owns 14% in the ARC with his family. 

Edelweiss ARC strongly denied all wrongdoing and said it was compliant with all laws in letter and spirit. 

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