PE majors allege financial flaws in Fourcee Infra

Private equity (PE) majors General Atlantic and India Equity Partners have alleged financial irregularities in its portfolio company, Fourcee Infrastructure Equipment Private Limited.

The firms have approached the Company Law Board and asked the board to appoint an administrator to take control of Fourcee and investigate. “... we suspect the company shareholders may have been the victims of extensive forgery and willful deceit,” said a statement by the PE majors.

General Atlantic’s and India Equity Partners’ non-executive repres-entatives on Fourcee’s board have resigned.  Fourcee had raised about Rs 550 crore from General Atlantic in January 2012. IEP had invested an undisclosed amount in Fourcee in 2010.