This is an archive article published on April 27, 2022

Ex-chairman of debt-hit IL&FS Ravi Parthasarathy passes away

Former non-executive chairman of Infrastructure Leasing & Financial Services (IL&FS) Ravi Parthasarathy passed away on Wednesday.

Ravi Parthasarathy, ex-IL&FS non-executive chairman. (File photo)

2 min readNew DelhiApr 28, 2022 12:14 AM IST First published on: Apr 27, 2022 at 11:55 AM IST

Ravi Parthasarathy, former chairman of debt-laden non-banking firm Infrastructure Leasing & Financial Services (IL&FS) passed away Wednesday.

Parthasarathy was suffering from cancer and had been hospitalised since November last year.

He was credited with building IL&FS into a big financial services and infrastructure group, and was also responsible for its downfall with a debt of Rs 99,000 crore in the last couple of years.

He was one of the accused in the case and was arrested in June 2021 for various offences under the IPC and the TNPID Act.

On July 20, 2018, Parthasarathy resigned as non-executive chairman of IL&FS, the holding company of the IL&FS group, which he served for over 30 years. He joined IL&FS in 1987 as president & chief executive officer and was appointed managing director in 1989.