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.