Political consultancy firm Indian Political Action Committee (I-PAC) has come under scrutiny after its financial filings revealed that it received an unsecured loan of ₹13.5 crore in 2021 from a company that, according to official public records, had ceased to exist years earlier. The disclosure has prompted questions over the source of funds and has led to a probe into the transaction.
In its financial statements, I-PAC identified the lender as Ramasetu Infrastructure India (P) Limited, a firm reportedly based in Haryana’s Rohtak. However, records accessed from the Registrar of Companies (RoC), a central government authority that maintains corporate filings, do not list any company registered under that exact name, raising concerns about the lender’s legal existence at the time the loan was extended.
An examination of RoC data shows incorporation documents only for a similarly named entity, Ramsetu Infrastructure India Private Limited. There is no publicly available record indicating that Ramasetu Infrastructure India (P) Limited, as cited in I-PAC’s disclosures, was an active or registered company when the loan was provided, according to the official database.
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The unsecured nature of the ₹13.5 crore loan has further drawn attention, as such transactions typically rely heavily on trust and clear documentation between the borrower and the lender. The apparent mismatch between the lender’s name in I-PAC’s filings and the RoC records has raised questions about compliance with corporate disclosure norms and due diligence requirements.
Sources familiar with the matter said the issue is now under examination to determine whether there was an error in disclosure, a naming discrepancy, or a more serious irregularity. Officials are expected to verify the identity of the lending entity and assess whether the transaction adhered to applicable corporate and financial regulations.
I-PAC has not yet issued a detailed public response addressing the discrepancy. The findings come at a time when political consultancies and funding structures are under increased scrutiny, with regulators emphasizing transparency and accuracy in financial reporting.
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