Chennai-based Everonn Education has filed two police complaints in the city, alleging its former promoters of fraudulent transactions and siphoning off as much as Rs 100 crore of funds from the company.
Everonn, owned by Dubai-based billionaire Sunny Varkey, has filed the case against Nikhil Gandhi, a former director of the company and the owner of SKIL Infrastructure, P. Kishore, former managing director and family members of Gandhi.
Gandhi still owns 13.96 percent of Everonn, and Varkey holds 48.2 percent. Kishore, who remained in his role until 2012, was arrested by the Central Bureau of Investigation in August 2011 for attempting to bribe income tax officials.
Here's what the Varkey Group alleges, according to this report. Nikhil Gandhi and Kishore transferred Rs 38.72 crore from Everonn to Eduskill Learning and Rhett Infrastructure, both owned by close relatives of Gandhi. The transaction was shown as a share purchase agreement, which Varkey says was a sham.
In the second complaint, Varkey alleges that Kishore and Gandhi transferred Rs 75 crore from Everonn to a company Shree Bhakti Realtors, in which both of them were co-promoters.
"The criminal intent of P Kishore and Nikhil Gandhi is evident from the fact that they neither sought the requisite approvals nor informed the board of directors of the complainant company (Everonn) of the payment of such huge amounts to companies in which Gandhi and his relatives were interested. The fact that the relatives of Gandhi controlled Eduskill and Rhett was also illegally and unlawfully suppressed with a view to perpetuate a fraud," the complaint said.