Rakesh Wadhawan Files ED Complaint Over Privilege Power Insolvency in Mumbai
MUMBAI — Suspended Privilege Power and Infrastructure Pvt Ltd director Rakesh Kumar Wadhawan has filed a fresh complaint before the Enforcement Directorate, raising questions over the conduct of the company's ongoing insolvency resolution process and the composition of its Committee of Creditors in Mumbai.
In his complaint submitted on August 20, Wadhawan alleged that Suraksha ARC, which acquired the company's loan exposure from Yes Bank in 2017, manipulated its voting position in the Committee of Creditors. According to the complaint, Suraksha ARC's voting share rose from 23.39 percent to 35.99 percent through irregular debt assignments, recognition of disputed claims, and other actions during the insolvency proceedings.
Wadhawan claimed that the increase was intended to give Suraksha Asset Reconstruction Company Ltd greater control over the insolvency process. He has requested the Enforcement Directorate to investigate the claim-verification process, debt assignments, and the circumstances surrounding the increase in voting share.
The complaint follows an earlier development on July 29, when the Enforcement Directorate shared a dossier with the Mumbai Police Economic Offences Wing concerning alleged financial irregularities and suspected fund diversions involving entities linked to the Suraksha Group. Based on that dossier, the Economic Offences Wing added charges of cheating, forgery, and using forged documents against Suraksha ARC, its promoter Sudhir Valia, and others in an ongoing investigation into an alleged Rs 1,000 crore financial fraud connected to Yes Bank.
Wadhawan's latest complaint also named Rama Subramaniam Gandhi, highlighting his association with Yes Bank and Capri Global Ventures Pvt Ltd, which is identified as a prospective resolution applicant for PPIPL. Corporate records cited in the complaint show Gandhi became a director of Yes Bank in July 2022 and joined Capri Global Ventures in May 2024. Wadhawan alleged this created a potential conflict of interest, though the complaint provided no evidence that confidential information was shared or that the resolution process was influenced.
The complaint also cited alleged lapses by resolution professional Anurag Kumar Sinha, accusing him of failing to address the conflict and permitting Suraksha ARC to exercise disproportionate influence.
PPIPL has been undergoing the insolvency process following an order by the National Company Law Tribunal dated February 15, 2023. The allegations have not been independently established.
