Appleby records show that a $62-million loan was taken from Credit Suisse “to finance existing offshore promoter debt” in 2013. This loan was given to SMTP Ltd (Mauritius) which, in turn, provided a convertible loan to Essel Holdings Limited (Mauritius), a company “indirectly wholly owned and controlled by” Chandra. This refers to the shares that Essel Holdings Limited, as one of the promoters, continues to hold in ZEEL since 2011. This $62-million loan, records show, was ostensibly meant to refinance a $55-million loan availed of by EHL three years ago. Wellness Bermuda Corporation Limited also merged with another BVI company Wellness Investment Holdings Limited which held stake in Veria International Limited since October 2011.

Source: Indian Express November 06, 2017 19:40 UTC