Siva Shelters says of the dues worth Rs 76 cr claimed by IFIN, it will pay Rs 50 cr along with normal interest at 14% plus penal interest until all dues are fully cleared
He alleged the failures he encountered in business were due to the Supreme Court and Tata Group
The business dealings between Sivasankaran, a close friend of group patriarch Ratan Tata, and the Tata group dates back to 2006
The CBI in its FIR said that Siva took loans from IDBI bank only not to use it to repay debt for a group firm
UTOO will be competing with the taxi aggregator app businesses such as Uber and Ola