I-PAC said it got Rs 13.5-cr loan from Rohtak firm — company doesn’t exist

According to ROC filings scrutinised by The Indian Express, the I-PAC, in a document dated December 17, 2021, attached a “list of creditors” and declared it had received Rs 13.50 crore in the form of an “unsecured loan” from a company called ‘Ramasetu Infrastructure India (P) Limited’. The lender address provided in the I-PAC document was ‘3rd Floor, Ashoka Plaza, Delhi Road, Rohtak, Haryana’.

A visit to the address in Rohtak revealed that no such company operated from the premises. Moreover, a search of ROC records showed that no company by the name ‘Ramasetu Infrastructure India (P) Limited’ had ever been incorporated.

What does exist in official records is a similarly named entity called ‘Ramsetu Infrastructure India Private Limited’, incorporated in October 2013 at the same Rohtak address. That company, however, was struck off by the ROC on August 8, 2018, three years before I-PAC’s declaration of the loan.

In another declaration on June 27, 2025, the I-PAC said it had “repaid” Rs 1 crore of the Rs 13.50 crore loan in 2024-25 and there was an outstanding amount of Rs 12.50 crore.

The Indian Express sent queries to I-PAC co-founder and director Pratik Jain via email and mobile phone, seeking comments on the source of the loan and the identity of the lender. He did not respond. Queries were also sent to I-PAC’s Faridabad-based Chartered Accountant Poonam Chaudhary, but she declined to comment. One of her associates said, “We have forwarded your queries to Mr Jain. He himself may reply.” The I-PAC’s Company Secretary Taruna Kalra, also Faridabad-based, too declined comment.

According to ROC documents, Ramsetu Infrastructure India Private Limited was dissolved under Section 248 (1) of the Companies Act, 2013, which allows the Registrar to strike off companies that have failed to commence business, have ceased operations for two consecutive years, or have not fulfilled statutory requirements.

In the ROC records, incorporation documents are available for only the ‘Ramsetu Infrastructure India Private Limited’, not the ‘Ramasetu Infrastructure India (P) Limited’ declared by I-PAC.

In the ROC documents, there is a rent agreement between Ramsetu Infrastructure India Private Limited and Sunil Goel (and others of Ashoka Plaza in Rohtak) dated October 8, 2013 for renting the 3rd floor premises of Ashoka Plaza. Sunil Goel told The Indian Express, “I don’t remember anything now.” Satvir, Goel’s manager at Ashoka Plaza, said he had been there for more than six years and there was no such company called Ramsetu or Ramasetu Infrastructure India Private Limited there.

Six individuals were listed as shareholders when Ramsetu Infrastructure India Private Limited was incorporated: Vikram Munjal (Rohtak); Sandeep Rana (Hisar); Vijender (Jind); Baljit Jangra (Hisar); Pradeep Kumar (Hisar); and Jagbir Singh (Sonipat).

All six shareholders told The Indian Express that the company was wound up within a few years after its incorporation, and denied knowledge of any loan to the I-PAC.

Sandeep Rana, now employed in the private sector in Gurugram, said, “We opened the firm but did not do any business and it was dissolved soon. I am not aware of any such transaction.”

Vijender, who runs a YouTube channel in Jind, said the company was formed for land dealings but abandoned after an initial deal went wrong. “We decided to dissolve the firm. I don’t know anything about this transaction. I am not even in touch with other shareholders,” he said.

Vikram Munjal, an advocate and property broker in Rohtak, too said: “We dissolved the company. I am not aware of any such transaction.”

Pradeep Kumar, Jagbir Singh and Baljit Jangra also said they had no knowledge of any dealings with the I-PAC after the company’s closure.
The Indian Express also scrutinised documents filed before the ROC by eight companies with similar names. In their filings for 2021 and later, none declared any transaction of Rs 13.50 crore, the loan secured by I-PAC according to its December 2021 declaration.

The ROC filings show that I-PAC was incorporated on April 13, 2015, in Patna and shifted its registered office to Kolkata in February 2022. The company’s directors and shareholders – Pratik Jain, Rishiraj Singh and Vinesh Chandel – have remained unchanged since its incorporation.

WRITEBACK

Responding to the report ‘I-PAC said it got Rs 13.5-cr loan from Rohtak firm – company doesn’t exist’, published in The Indian Express on January 22, Arjun Dutta, Leadership Member, I-PAC, Kolkata, has written saying “I-PAC Consulting Private Limited (I-PAC) secured an unsecured loan of INR 13,50,00,000 (Indian Rupees Thirteen Crores Fifty Lakhs only) from a company named ‘Ramasethu Infrastructure Private Limited’, a duly incorporated entity with its registered office in Andhra Pradesh (‘the Andhra Company’).”

Attaching a “clarification letter” issued by its auditor, Dutta said, “In the documentation submitted to the Registrar of Companies (ROC) in 2021 for a change in our registered office, a clerical error occurred. The name of the creditor was inadvertently recorded as ‘Ramasetu Infrastructure India (P) Limited’ (‘the Rohtak Company’) instead of ‘Ramasethu Infrastructure Private Limited’. This was a typographical error involving the omission of the letter ‘h’. As a direct result of this clerical error in the name, the address associated with the creditor was also incorrectly picked from public records as that of the Rohtak Company, leading to the confusion that forms the basis of your article. This is also clear from our Tax Audit Report for the year 2020-21 which also mentioned (the) Permanent Account Number (PAN) which is the correct PAN of the Andhra Company.”

“Furthermore, as your own article suggests by quoting its former shareholders, a check of the books of the now-dissolved Rohtak Company (‘Ramsetu Infrastructure India Private Limited’) would confirm that no such loan was ever extended to I-PAC by it,” he said.

The reporter’s response:

The Indian Express investigated the address and the lender company’s name mentioned by I-PAC in its December 17, 2021 declaration to the Registrar of Companies. This reporter visited the address in Rohtak and contacted all shareholders of Ramsetu Infrastructure India Private Limited incorporated on that address, and even spoke to the owner and manager of the premises. In the interest of accuracy and fairness, The Indian Express reached out to I-PAC co-founder Pratik Jain, chartered accountant Poonam Chaudhary, company secretary Taruna Kalra on January 13 and PRO Ms Sananda on January 15, via emails, text messages and phone calls, seeking their comments. There was no response for more than a week despite repeated reminders.

According to Dutta, “a clarification letter” was issued over the “clerical error”, “typographical error” in the name of the company. The I-PAC letter does not deny that it had listed Ramasetu Infrastructure India (P) Limited as its lender for Rs 13.50 crore. Significantly, its clarification letter to the Registrar of Companies was issued only on January 22, 2026, the day The Indian Express published the report, i.e. after more than four years of filing the original declaration dated December 17, 2021.

Dutta’s letter to The Indian Express is silent on the inaccurate address of the company stated in I-PAC’s declaration and does not explain why the wrong address remained on ROC records for more than four years. The “clarification” issued by I-PAC’s auditor on January 22, 2026 also does not mention that the address of the company was wrongly stated in the declaration.