Aidqua Holdings (Mauritius) Inc, a private equity investor in New Tirupur Area Development Corporation Limited (NTADCL), has written to Chief Minister M.K. Stalin and Finance Minister Palanivel Thiaga Rajan, alleging the siphoning of funds by Infrastructure Leasing and Financial Services Limited (IL&FS), a major shareholder in the company. It has also sought an audit by the Comptroller and Auditor General (CAG) and other regulatory bodies.
Incorporated in 1995, NTADCL is a public-private partnership that provides water services on commercial terms. It is the first private water supply and sanitation project and one of the largest private investments in urban infrastructure in the country.
Aidqua has, for long, objected to the deductions made by IL&FS while disbursing money to the project, as well as NTADCL’s corporate debt restructuring proposal.
