Pandora Papers: Alok Industries ex-owners, top defaulters, set up offshore network

According to the Pandora Papers, Alok Worldwide was incorporated in July 2013 with the three Jiwrajka brothers as directors and Alok Industries Ltd as sole shareholder.

The former promoters of Alok Industries Ltd, which has now been acquired by Reliance Industries (RIL)-JM Financial ARC through insolvency proceedings, floated offshore firms, the Pandora Papers show.

Records show that between 2010 and 2014, brothers Ashok Jiwrajka, Dilip Jiwrajka, and Surender Jiwrajka set up four firms in the British Virgin Islands: Triumphant Victory Holdings Limited; Alok Worldwide Ltd; Alok International Ltd; and Alok Overseas Limited.

The Jiwarjika-led Alok Industries was one of 12 companies identified by the Reserve Bank of India as among the country’s biggest loan defaulters. The company owed Rs 29,000 crore to Indian banks.

In 2017, Alok Industries was sent to the bankruptcy court and in 2018 the company was acquired by the RIL-JM Financial ARC combine for Rs 5,000 crore, resulting in an 83 per cent haircut for the lenders.

The official spokesperson of Alok Industries, in an email response to The Indian Express, said Surendra Jiwrajka had directed the queries sent to him by the newspaper to Alok Industries.


Alok Industries said the Jiwrajka brothers have “nothing to do with Triumphant Victory Holdings”, a joint venture of the company since they are no longer the promoters of Alok. The company said these offshore firms were incorporated as special purpose vehicles in the BVI to facilitate investments in overseas ventures of Alok Group.

“These companies do not have assets in their names in and outside India except investments made by them in the overseas ventures, details of which have been declared in the annual reports of Alok from time to time and also reported to the concerned statutory authorities, wherever required. Further, Alok has made investments in these companies through proper banking channels and reported all the remittances by filing requisite Form ODIs. Also, the Form APRs of these companies and disclosure of investments are being made to RBI on a regular basis,” the official spokesperson of Alok Industries said.

According to the Pandora Papers, Alok Worldwide was incorporated in July 2013 with the three Jiwrajka brothers as directors and Alok Industries Ltd as sole shareholder.

The main business of the company was to make strategic long-term investments. Records reveal that in May 2014, Alok Industries took a loan of $ 50 million from Export Import Bank of India in Mumbai by pledging its stake in Alok Worldwide. However, documents show that Alok Industries defaulted on the repayment of this loan.

The financial documents of Alok Worldwide show that the company has been primarily used for borrowing from group companies and investing in other group companies. Records show that Triumphant Victory Holdings was set up in January 2010 with Dilip and Surendra Jiwrajka as its directors and Alok Industries International Ltd, Alok Industries Ltd, Alok Denims (India) Ltd and Alok Knit Exports Pvt Ltd as shareholders.

Of this, Alok Industries International, a wholly owned subsidiary of Alok Infrastructure Ltd, held 7.5 lakh preference shares at $1 each in Triumphant Victory. In June 2016, Alok Industries International redeemed its entire preference shares in Triumphant Victory at par. However, Alok Industries International, as per its financial report of 2021, owes Rs 875 crore to Triumphant Victory against loans taken from the company.

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