Kalrock's British company: Fritsch in control, Ponzellini on the board, and no Madnani

Kalrock Capital has been named in this archive since the first case file, always at one remove: a London investment firm, promoter Florian Fritsch, the half of a consortium that won and then lost an Indian airline. Its own paperwork had not been examined.

It exists on the British register, and it closed six months ago.

The company

Kalrock Capital Management Ltd, company number 10421810, registered at 42 Berkeley Square in Mayfair. Dissolved on 17 February 2026 - fifteen months after the Supreme Court of India ordered Jet Airways into liquidation.

Two sister entities went first: Kalrock Real Estate LLP, dissolved June 2023, and Alvarium Kalrock LLP, dissolved February 2025. The British Kalrock structure has been wound up in its entirety.

Who controlled it

One person with significant control, notified on 6 July 2022:

Mr Florian Fritsch Stadtle 22, Vaduz, Liechtenstein Date of birth: March 1978 · Nationality: German · Place of residence: Switzerland

The same Florian Fritsch whose assets Liechtenstein prosecutors froze, and whose appeal to release seven Porsches, five Rolexes and a car simulator the principality’s Supreme Court refused in 2023. Vaduz is where the investigation sits; Stadtle 22 is the address he gave the British register.

Who sat on it

Three officers across the company’s life. None is Madnani.

Michal Ondrejovic, Slovak, born April 1982, appointed 31 August 2022, still in office when the company dissolved.

Igor Starha, Czech, born November 1991, appointed 11 October 2016, resigned 31 August 2022. He was twenty-four when appointed.

Massimo Ponzellini, Italian, born August 1950, appointed 11 October 2016, resigned 30 January 2017.

The third name

Massimo Ponzellini, born in Bologna on 9 August 1950, was vice-president and chief executive of the European Investment Bank from 1994 to 2003, president of Impregilo from 2007 to 2012, and president of Banca Popolare di Milano from April 2009 to October 2011.

In 2012 he was arrested in a Milan investigation into EUR 230 million of loans issued between 2009 and 2011. In December 2017 the court convicted him on a single count of private corruption and sentenced him to eighteen months. In November 2019 the Court of Appeal acquitted him of criminal conspiracy, and the corruption offence expired under the statute of limitations. He carries no standing conviction, and this page records that as prominently as the charge.

The dates are what make this a file entry rather than a footnote. Kalrock appointed him on 11 October 2016 - four years after his arrest, fourteen months before his first conviction, while the prosecution was live and public. He lasted three months and nineteen days.

And the absence

CNBC-TV18 identified Madnani as a board member of Kalrock Capital and carried his statement when the consortium won Jet Airways. That is a named outlet quoting him in a stated capacity, and this archive has published it as established since the first case file.

The British company called Kalrock Capital Management Ltd does not carry him. Not as a director, not as a secretary, not as a person with significant control, at no point between 2016 and its dissolution in 2026.

So either the board he sat on belonged to a Kalrock entity registered somewhere that does not publish its officers, or the description was looser than it read. This archive cannot determine which, and has not located the corporate registration of any other Kalrock.

What can be said is that the pattern established elsewhere in this file holds here too. The role is asserted in the press and by him. The register, when there is one, does not carry it.