Meanwhile, even as SHCIL was indulging in its series of clandestine activities, the personal friendship between the top brass of SHCIL and that of Sebi (Securities and Exchange Board of India) ensured that nobody probed any of this mischief. Indeed, a senior vigilance official of SHCIL was implicated in a passport forgery case involving Dawood Ibrahim’s mother. This too was brought to Sebi’s attention. In fact, SSL was allowed to become a broker of the Bombay Stock Exchange (BSE) without an investigation into its shareholding since it projected SHCIL as the promoter. Despite all this information being in public domain for weeks now, Sebi has not launched any investigation into SHCIL and its affiliates registered with the regulator.

Coming back to the e-stamping operation, it had a technical collaboration with a reputed Singapore company called Crimson Logic. However, for some strange reason, the fees were to be routed through Unitech Value Solutions (UVS), a SSIL subsidiary, although the parent SHCIL has bagged the contract. Interestingly, the foreign shareholders of SSL were to include Ramaswamy Ravindran (former Singapore parliamentarian) who helped seal the deal with Crimson Logic Global Pvt Ltd as a consultant. He was a director in E-Ventures Capital, but stepped down from the board and sent a legal notice to SHCIL on March 12, 2007.

SHCIL MD, Jayaraman Iyer, who is now on forced leave, spearheaded a series of financial arrangements, which diverted SHCIL funds. We learn that Ravindran had serious reservations about the involvement of one Andrew Quek of Singapore, apparently connected with DP Information Network Pvt Ltd, of Singapore who has been made a director in SSL. Quek, who originally set up DP Information Network, but filed for bankruptcy in 2001-02. Sources in Singapore say he even has a criminal conviction for corruption and holds his SSL shares through a company called E-Ventures Capital Pvt Ltd. Although SHCIL Services is a BSE broker, the details of its shareholding and directorships are not public. The chairmen of SHCIL and SSL are allegedly aware of these facts but overlooked them. Our queries to them also elicited no response.

... contd.