I-PAC received Rs 13.5 crore loan from company that was struck off, records show

Financial filings reveal I-PAC took a loan from a company that no longer existed, triggering scrutiny over the source of funds

PGurus Newsdesk

January 22, 2026

I-PAC is facing questions after RoC records showed the lender named in its Rs 13.5 crore loan had been dissolved years earlier

Financial filings flag unsecured loan from Rohtak-based firm that officially ceased to exist years earlier; probe underway

Political consultancy firm Indian Political Action Committee (I-PAC) has come under scrutiny after its financial disclosures revealed that it received an unsecured loan of Rs 13.5 crore in 2021 from a company that, according to official records, had ceased to exist several years earlier.

I-PAC’s filings name the lender as Ramasetu Infrastructure India (P) Limited, purportedly based in Haryana’s Rohtak. However, records accessed from the Registrar of Companies (RoC) show that no such entity exists in the official database.

Incorporation documents are available only for a similarly named firm — Ramsetu Infrastructure India Private Limited — raising questions about the identity of the lender mentioned in I-PAC’s disclosures. The issue was first reported by The Indian Express.

Company struck off in 2018

According to corporate data aggregator Zauba Corp, Ramsetu Infrastructure India Private Limited was incorporated on December 18, 2013, as a non-government private company engaged in real estate activities. The firm had an authorised share capital of Rs 5 lakh and two directors, Vijendar and Vikram, both appointed in October 2013.

Official records show that the company was struck off on August 18, 2018, under Section 248(1) of the Companies Act, 2013. A strike-off typically indicates that the company failed to commence business, ceased operations for two consecutive financial years, or did not meet statutory compliance requirements.

Despite this, I-PAC’s filings state that it received the loan in 2021, nearly three years after the company was officially dissolved.

Phone number and address raise further questions

When NDTV contacted the phone number listed online for Ramsetu Infrastructure India Private Limited, the individual who answered identified himself as Mukesh from Yamuna Nagar, Haryana, and denied any association with the company. He also said he was unaware of why his number was listed as the firm’s contact.

Further examination of public records suggests that while a similarly named firm once operated at the address mentioned in I-PAC’s filings, it had been struck off well before the loan was reportedly extended. Individuals previously listed as shareholders of the dissolved company have denied any links with I-PAC or involvement in providing funds to the organisation.

Partial repayment, questions remain

Financial statements indicate that I-PAC has repaid a portion of the Rs 13.5 crore loan in recent periods, though a significant amount remains outstanding. However, the organisation has not publicly clarified the exact identity, ownership, or operational status of the lending entity named in its disclosures.

The apparent mismatch between I-PAC’s financial filings and official corporate records has raised questions about the source of the funds and the accuracy of disclosures, with no detailed explanation offered so far by the firm.

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