EOW probes Sudhir Walia in ₹5,000‑crore JIL case

Mumbai police’s Economic Offences Wing has filed an FIR alleging fabricated board resolutions and misuse of a digital signature in a disputed ₹5,000‑crore resolution plan for Jaiprakash Infratech.

Mumbai’s Economic Offences Wing (EOW) has opened an FIR against Sudhir Walia, his sister Khyati Walia and a handful of corporate allies. The complaint, lodged by Vijaykumar Parekh – a director of the joint venture Suraksha Realty Ltd (SRL) – accuses the accused of fabricating board resolutions and hijacking Paresh Parekh’s digital signature certificate (DSC) to keep SRL in the insolvency race for Jaiprakash Infratech Ltd (JIL).

Suraksha Realty was set up in 2008 as a 50‑50 partnership between the Parekh and Walia families. Its board originally listed Vijaykumar Parekh, Paresh Parekh, Khyati Walia and Ramesh Madanlal Jain. The dispute erupted after the two families agreed to split their business interests, and the Parekh side announced it would walk away from the JIL resolution plan.

According to the FIR, even after that withdrawal the Walia camp continued to file resolutions on SRL’s behalf. The complaint points to three specific board minutes – dated 8 Feb 2019, 11 Nov 2019 and 31 Mar 2021 – that were allegedly forged, with Paresh Parekh’s DSC used without his consent.

The core of the case is the corporate insolvency resolution process (CIRP) for JIL, a venture worth roughly ₹5,000 crore. The NCLT in Allahabad kicked off the process in 2017. SRL, together with Lakshadeep Investments & Finance, Virtual Finance and four other entities, submitted a joint resolution plan. The Committee of Creditors rejected it, prompting a legal battle that reached the Supreme Court, which ordered the CIRP to continue.

While the Parekh group pulled out, the Walia‑linked consortium pressed on. In February 2019 SRL and Lakshadeep Investments entered a formal consortium, and by June the joint applicants lodged a fresh plan before the Delhi NCLT. That plan received approval on 7 Mar 2023, a decision later upheld by the NCLAT on 24 May 2024.

The EOW’s investigation now hinges on whether the Walia side had any authority to represent SRL after the families’ split. The FIR alleges no board meeting took place after the rift, and that neither Vijaykumar nor Paresh Parekh authorised Khyati Walia or her associates to act on SRL’s behalf.

Adding another layer, the complaint says 125 crore of JIL shares were shifted in 2024 to Lakshadeep Infrastructure and Holding Pvt Ltd – a firm controlled by the Walia group – without the Parekh family’s knowledge. A letter dated 20 Aug 2024, purportedly from SRL, claimed the company had no objection to the transfer. The FIR asserts the signatory, Tej Singh, lacked any authority to issue such a document.

Separately, Walia is also under a ₹1,000‑crore loan‑fraud probe linked to Yes Bank, which has drawn an Enforcement Directorate money‑laundering enquiry.

If the EOW can substantiate the forgery claims, the fallout could be massive: the resolution plan for JIL might be thrown out, and the implicated companies could face heavy penalties under the Information Technology Act and the Bharatiya Nyaya Sanhita. For now, the case sits in the hands of the Mumbai court system, with both families poised for a protracted legal showdown.

What’s next?

The next hearing is expected to be scheduled within the next few weeks, where the court will decide whether the alleged forged resolutions can be struck down. Until then, the corporate world watches closely – a ₹5,000‑crore insolvency battle rarely stays under the radar.