No unsecured loans given to Vadra, says DLF

October 7, 2012
robert-vadra

New Delhi, October 7: Realty major DLF on Saturday rejected the allegations that it had given unsecured loans to Robert Vadra in a ‘quid pro quo’ for favours and said it had transparent dealings with him as an individual entrepreneur.

In a statement, the company said it had given him Rs. 65 crore as “business advance” of which Rs. 15 crore was fully refunded and Rs. 50 crore was used for purchase of land.

Rejecting the allegations of activists Arvind Kejriwal and Prashant Bhushan that the company favoured Mr. Vadra, DLF said it neither received any undue benefit from any State government nor was it allotted any land by the Delhi, Haryana and Rajasthan governments.

DLF also dismissed the charge that the company sold properties to Mr. Vadra and his companies at a throwaway price.

“We would like to state that the business relationship of DLF with Mr. Vadra or his companies has been in his capacity as an individual entrepreneur, on a completely transparent and at an arm’s length basis,” DLF said. The business relationship with Mr. Vadra had been conducted in the highest standards of ethics, the company said.

“We wish to categorically state that DLF has given no unsecured loans to Mr. Vadra or any of his companies. An amount of Rs. 65 crore was given as business advance for the purchase of land in two transactions,” it added.

DLF said it purchased 3.5 acres in Gurgaon from Skylight Hospitality for Rs. 50 crore in 2008-09.

“At no stage was an interest-free loan ever given to the Skylight group. There were two sets of business advance against purchase of property, one of which amounting to Rs. 50 crore resulted in a satisfactory conclusion of purchase of commercial land and the second advance of Rs. 15 crore was fully refunded,” it added.

DLF also said that “it is not unusual for parties which sell land to DLF to choose to reinvest the consideration received or part thereof in projects being developed by DLF.”

“There is no question of offering, let alone selling, to Mr. Vadra or his group companies any property at a throwaway price. The allegation that 7 apartments in Magnolias were sold for Rs. 5.2 crore only is also completely baseless. At no stage was a property ever sold to the Skylight group below the then offered price to all customers,” DLF said.


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News Network
January 18,2020

New Delhi, Jan 18: The Supreme Court Friday refused to entertain a PIL seeking conferment of 'Bharat Ratna' on Mahatma Gandhi saying that people hold the father of the nation in “high esteem”, beyond any formal recognition.

A bench, comprising Chief Justice S A Bobde and justices B R Gavai and Surya Kant, however asked petitioner Anil Dutta Sharma to give representation to the central government in this regard.

“Mahatma Gandhi is the father of nation and people hold him in high esteem, beyond any formal recognition,” the bench said.

The issue of directing the government to award Bharat Ratna to the father of the nation was not a “justiciable issue”, it said.

The bench however said that it agreed with the sentiments of the petitioner for granting official decoration to Mahatma Gandhi.

Disposing of the petition, the top court said, “We will allow you to give a representation to the Centre in this regard.”

Sharma, in his PIL, had sought a direction to the government to give “official decoration” to Mahatma Gandhi to honour him for the contribution to the nation.

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News Network
March 3,2020

New Delhi, Mar 3: Delhi's Tihar Prison authorities had made all necessary preparations for the hanging of four convicts in the Nirbhaya gangrape-and-murder case which was scheduled for Tuesday, officials said Monday.

However, on Monday evening, a city court deferred the hanging till further orders.

Postponing the execution, Additional Sessions Judge Dharmender Rana said the hanging cannot be carried out pending disposal of Pawan Gupta's mercy plea before the President, observing any condemned convict must not meet his "Creator" with grievance against courts for not acting fairly on the opportunity to exhaust legal remedies.

"We had made all the necessary arrangements for the execution of the four convicts which was scheduled for Tuesday at 6 AM. Now, the execution has been postponed and we are waiting for the further order by the court," a senior jail official said.

The hanging of the four men -- Mukesh Kumar Singh (32), Vinay Kumar Sharma (26), Akshay Kumar Singh (31) and Pawan -- who are lodged in Tihar jail, was fixed for March 3 in Tihar jail on a court order.

"We had checked the ropes. Hangman was called and dummy executions were carried out," another senior jail official said.

Barring Pawan, the other three had in the previous weeks moved curative petitions and mercy pleas which were all dismissed.

The first date of execution -- January 22 -- fixed on January 7 was postponed by the court to February 1. But on January 31, the court indefinitely postponed the hanging. On February 17, the court again issued fresh date for execution of death warrants for March 3 at 6 AM.

The court in its orders observed that the four convicts cannot be hanged since a mercy plea of one or the other convict was pending.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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