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Have no association with Aircel or Maxis: Sequoia

Investment firm says it is cooperating with the investigation

Deepti Chaudhary
Published: Apr 19, 2016 07:40:59 PM IST
Updated: Apr 19, 2016 08:05:10 PM IST
Have no association with Aircel or Maxis: Sequoia
Image: Shutterstock

After the enforcement doctorate (ED) raided its Bangalore office on Tuesday, investment firm Sequoia Capital India now  says it first came to know of a regulatory investigation into Vasan Healthcare through a newspaper article on 17th Sept, 2015 and took a few prompt steps.  It says VT Bharadwaj, a Managing Director of Sequoia Capital India Advisors Private Limited, who was Sequoia Capital India’s nominee on the Vasan Healthcare Board of Directors, demanded that management of Vasan Healthcare conduct a thorough investigation into the allegations.  Subsequently, VT Bharadwaj resigned from the board of Vasan Healthcare on 18th November 2015.

"Sequoia Capital India has fully supported the regulatory investigation, has adopted a policy of complete transparency and full compliance with that investigation, and continues to dutifully respond to all inquiries received to date. During the course of this investigation, the Sequoia Capital India team has met the ED officials multiple times and has answered every query placed before us. We adopted the same approach yesterday during the ED visit to our offices," it says in a statement.

 "Contrary to media reports, Sequoia Capital India has absolutely no association with companies like Aircel or Maxis. Our only connection to the ED visit is that Sequoia Capital India is a minority investor in Vasan, which is one out of the 100+ investments made in India over the last 10 years," it says.

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