See: http://bharatkalyan97.blogspot.in/2014/04/request-for-cvc-probe-investigation-of.html
Request for CVC probe & investigation of SoniaG son-in-law Robert Vadra in Rs. 10,000 crore Lutyens scam, endangering national security -- Dr. Swamy writes to President
More proof on Robert-Vadra links, Swamy demands probe
The News Minute | April 14, 2014 | 5.15 pm IST
Bangalore: BJP leader Subramanian Swamy has written to the President asking for CBI and CVC probe on Robert Vadra's connection with real estate giant DLF. Swamy alleges that Congress President Sonia Gandhi’s son-in-law Robert Vadra is engaged in massive violations land grabbing, illegal money-parking by floating several companies.
Swamy says that it was already known that five companies owned by Vadra mademoney transfers and huge investments with DLF Group.
Read Economic Times- DLF did Rs 446 crore deals with Robert Vadra in 50:50 hotel venture.
Swamy alleges that there is proof to show that Robert Vadra floated another set of sixnew companies between June to August 2012 at the same address: 268, Sukhdev Vihar, Delhi – 110025.
Swamy says in his letter that in five of these companies, one Amit Mehta, a DLF official, is the Director.
"The RoC documents of Greenwave Agro Private limited exposes that Amit Mehta is a DLF’s nominee. His email id given to RoC is : corporateaffairs @ dlf.in is the email id of all DLF Group Directors to RoC," Swamy mentions in a note attached to letter. (RoC is the Registrar of Companies)
Swamy claims that the floating of these companies between June-August 2012 is linked to the permission to use 23 acres of dairy land near Rashtrapati Bhavan for construction of high rise building to Keventers Co. a company which is now owned by DLF.
Subramanian Swamy had first written to the President in March 2014 about 23 acres of dairy land which was converted to land for building a luxury apartment buildingnear the Rashtrapati Bhawan.
The land was made available for building high rise apartments for Keventers and Co, which was by then acquired by DLF at a price of Rs. 65 crores after prolongedlitigation. Swamy had opposed this on two counts:
- The value of land in 2012 when permission was granted for the conversion, should be worth not Rs. 65 crores but more than Rs.10,000 crores.
- High rise buildings would seriously compromise the security of the Rashtrapati Bhavan. A number of departments including the PMO had put in written objections to this deal from the security angle.
Swamy told The News Minute, "I have now established the nexus between DLF and Robert Vadra. President should take action."
A Congress spokesperson we approached, declined to comment.
The six new companies are and the dates on which the companies were registered:
- Lifeline Agrotech Private Ltd on June 15, 2012
- Greenwave Agro Private Limited on July 23, 2012
- Rightline Agriculture Private Ltd on July 31, 2012
- Future Infra Agro Private Limited on August 3, 2012
- Best Seasons Agro Private Limited on August 14, 2012
- Prime Time Agro Private Limited on August 27, 2012.
DLF did Rs 446 crore deals with Robert Vadra in 50:50 hotel venture
(These dealings raise further…)
NEW DELHI: DLF Ltd, India's largest real estate company, has carried out three transactions worth Rs 446 crore with its hotel joint venture since giving Robert Vadra a 50% stake in it for Rs 35 crore in October 2009, an ET investigation has uncovered.
These dealings, many experts say, raise further questions about the depth of the business relationship between DLF, a listed company, and entities owned by the son-in-law of Congress President Sonia Gandhi.
These transactions find no mention in the documents released in the past week by activist-turned-politician Arvind Kejriwal on the business dealings between DLF and Vadra, which have ignited a political and media firestorm.
According to DLF annual reports, the first of these three transactions took place in 2009-10, when it soldassets for Rs 150 crore to the 50:50 hotel JV, Saket Courtyard Hospitality. The hotel JV is yet to pay DLF for this transaction.
In an emailed response, DLF says this transaction related to the transfer of ownership rights of the HiltonGarden Inn in Delhi, the JV's sole hotel property. "The valuation was done by independent chartered engineers and government-approved valuers," it says.
Next, in 2011-12, DLF sold development rights - essentially, the rights, with regulatory clearances, to build on a plot of land - for Rs 161 crore to Prowess Buildcon Pvt Ltd, a 100% subsidiary of the hotel JV.
DLF says this related to the development of an "affordable housing project" spread over 44 acres in Haryana. The project, DLF says, was cancelled because it was financially unviable due to escalating cost of construction and lack of government incentives.
As a result of these problems, DLF decided to covert this venture into plotted or group housing projects. "These projects are underway and would take another three to four years to complete," the company statement says.
The third transaction, in the same year, is a Rs 135-crore loan shown in the 2011-12 annual report of DLF.
Explaining this transaction, the company says "no further loan" has been extended. Instead, it adds, the amount outstanding for the hotel transfer - the first transaction - has been converted into a loan.
"The outstanding amount of DLF Limited was intended to be paid back to DLF by obtaining a loan from a bank/financial institution, which could not materialise due to partnership structure and change in lending regulations," the company says. "DLF continues to charge interest at 12% per annum, compounded quarterly."
The latest annual report of DLF also shows that, as of March 31, 2012, it was yet to receive Rs 132 crore of the total Rs 311-crore proceeds from the two sale transactions.
Questions Terms of Vadra-DLF Relationship
Since the receivables figure in the DLF annual report is on a consolidated basis, it nets out transactions involving DLF.
So, in this case, DLF will not include half of what Saket Courtyard Hospitality owes it as it holds 50% in the JV. Thus, this Rs 132 crore is effectively the amount owed by Sky Light Hospitality - the Vadra entity that holds 50% in the JV - to DLF.
An email sent to Vadra's personal secretary, Manoj Arora, seeking his response to all three transactions, remained unanswered.
While these dealings disclose no apparent illegality, they raise questions about the terms of the relationship between Vadra and DLF, experts say.
A former chief financial officer of a real estate company, speaking on the condition of anonymity, says if advances are due for more than six months, the standard practice is for the auditor to ask the management for an explanation. "If not satisfied, it should disclose it in the notes to accounts," he adds.
No financial documents of Saket Courtyard Hospitality, an unlisted company, are available in the public domain. Although unlisted companies have to file their annual accounts with the ministry of corporate affairs (MCA), Saket Courtyard Hospitality has not done so yet because it existed as a partnership firm till May 2011, which exempted it from this requirement. Subsequently, it became a private limited company, and came under the MCA ambit, but its first annual report is not yet available on the MCA website.
However, in its 2011-12 annual report, DLF stated its share of several financial metrics of Saket Courtyard Hospitality, which can be extrapolated to gauge the hotel JV's numbers.
Such an extrapolation shows that, in 2011-12, Saket Courtyard Hospitality posted revenues of Rs 25.4 crore and a net loss of Rs 6.8 crore. And, as of March 31, 2012, it had fixed assets of Rs 142.5 crore and current liabilities of Rs 140 crore.
An auditor from a multinational firm, not wanting to be named, says the key question in such a transaction involving the transfer of assets and development rights to a JV is this: "When DLF decided to transfer, did it consider the JV's ability to pay back, given its cash flows?"
According to MCA filings, DLF has also extended an unsecured loan of Rs 27 crore to Prowess Buildcon in 2010-11, which has since been repaid. At the time of the loan, the company was a 50:50 JV between the DLF group and Vadra's Sky Light Hospitality.
Another DLF group company, DLF New Gurgaon Home Developers Ltd, extended a loan of Rs 15 crore to Prowess Buildcon during the same period. "The amounts must have been utilised to acquire development rights or pay government charges," a DLF spokesperson said.
(With inputs from Sruthijith KK & Ravi Teja Sharma)