Su­nil Kakkad of Sai In­foSys­tems Ar­raigned by CBI

The DQWeek (Chennai) - - C L A S S I F I E D / NEWS -

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Over the next decade, BSNL would be­come cen­tral to the com­pany’s rise.

SIS started by pro­vid­ing com­puter sys­tems to, and main­tain­ing them for, BSNL. When IT firms that had been given a con­tract by the telco to build a billing sys­tem aban­doned the project, SIS took over and com­pleted it.

By the end of 2012, SIS was re­spon­si­ble for the roll-out of over Rs.200 crore of BSNL projects. These in­cluded voice over In­ter­net pro­to­col (VoIP) or In­ter­net tele­phony ser­vices in two zones, four In­ter­net data cen­tres across In­dia and lo­cal area net­work­ing of 280 uni­ver­si­ties for the gov­ern­ment’s am­bi­tious Na­tional Mis­sion on Ed­u­ca­tion through ICT.

SIS’s rev­enue came mainly from these and other gov­ern­ment con­tracts and was re­put­edly fur­ther en­hanced by Kakkad’s con­nec­tion with Sam Pitroda de­scribed as a “fam­ily friend”.

Pitroda in­au­gu­rated BSNL and SIS In­ter­net tele­phony ser­vices. He placed the first VoIP call through the sys­tem in 2012. Also, SIS sub­sidiary SIS Global’s of­fice is lo­cated in the vicin­ity of Pitroda’s Oak Brook of­fice in Illi­nois in the US.

SIS’s fall from grace was as sud­den as it was steep. It was in 2013 when Su­nil Kakkad fled the coun­try. In 2011-12, ac­cord­ing to the com­pany’s au­dited fi­nan­cial state­ment, SIS made a net profit of Rs.113.81 crore on rev­enue of Rs.1,618.97 crore. In 2012-13, it made a profit of Rs.144.27 crore on rev­enue of Rs.2,061.97 crore. The au­dited fi­nan­cial state­ment for 2012-13 was never filed with the Regis­trar of Com­pa­nies (RoC). No fi­nan­cial num­bers were avail­able for 2013-14.

By the time Kakkad fled, SIS had al­ready stopped pay­ing its em­ploy­ees, al­though it had around Rs.2,400 crore of or­ders on its books (or, at least, on pa­per). And Kakkad’s fam­ily had moved to Chicago. 1,400 em­ploy­ees of the com­pany were left in the lurch. Also left high and dry were banks that had loaned a lit­tle over Rs.1,000 crore to SIS. Sub­se­quently in June 2014, Kakkad was ar­rested in Mon­rovia, the cap­i­tal of Liberia, by In­ter­pol.

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