The NCLT has reserved its order on the settlement plan for Siva Industries after it grilled the promoters and IDBI and asked them whether the settlement plan is a ploy by the promoters to seek a back door entry. C Siva Sankaran is the promoter of Siva Industries and a citizen of Seychelles. In 2018, the CBI filed a criminal case against Siva Sankaran and former senior officials of IDBI Bank for defrauding the lenders to the tune of 600 crores. The case is still pending.
At the same time the Serious Fraud Investigation Office had alleged that Siva Sankaran had defrauded ILFS for hundreds of crores in active connivance with top brass of ILFS, Ravi Parthasarathi, Hari Sankaran and Ramesh Pahwa.