The Enforcement Directorate on Thursday recorded statements of the managing directors of Sequoia Capital India and Westbridge Capital in connection with the ongoing probe into allegations of foreign exchange violations by Chennai-based Vasan Healthcare. The agency suspects that the two venture capital investment firms had entered into an agreement with Advantage Strategic Consultancy Limited, which could be in violation of rules.
The Directorate is trying to ascertain if some kind of profit-sharing mechanism was devised in connection with Vasan Healthcare. Sequoia Capital India managing director V.T. Bhardwaj and Westbridge Capital managing director K.P. Balaraj are being questioned regarding the acquisition of Vasan Healthcare preference shares which are worth over Rs. 200 crore. The companies have denied any wrongdoing.