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DLF rejects Kejriwal's allegations, says deals with Vadra transparent
Last Updated : 07 Oct 2012 11:26:31 AM IST
dlf
DLF rejects Kejriwal's allegations, says deals with Vadra transparent

 

Realty major DLF rejected the allegations that it had given unsecured loans to Robert Vadra as a 'quid pro quo' for favours and said it had transparent dealing with him as an individual entrepreneur.

 

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

 

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

DLF also dismissed the charge that the company sold properties to Vadra and his companies at a throwaway price."We would like to state that the business relationship of DLF with Mr Robert 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.

DLF said the business relationship with Vadra has been conducted in the highest standards of ethics. "We wish to categorically state that the DLF has given no unsecured loans to  Vadra or any of his companies. An amount of Rs 65 crores was given as business advances for the purchase of land in two transactions," it added.

 

DLF said it purchased 3.5 acres of land in Gurgaon from Skylight Hospitality for Rs 50 crore in 2008-09."At no stage was a interest free loan ever given to the Skylight group. There were two sets of business advances against purchase of property, one of which amounting to Rs 50 crores resulted in a satisfactory conclusion of purchase of commercial land and the second advance of Rs 15 crores 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, 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 crores 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.

 

DLF said it sold 50 per cent stake in the Hilton hotel in Saket to Skylight Group for an enterprise value of Rs 150 crore, which comprised Rs 80 crore of debt and an equity value of Rs 70 crore."Accordingly, for a 50 per cent equity stake in the hotel,a sum of Rs 35 crore was contributed by Skylight Group," the statement said.

 

DLF said the both the partners have now decided to sell this hotel and a global property consultant has been appointed to find an appropriate buyer at the best available market value.

 

"The indicative valuation is around Rs 200 crore and substantially lower than the Rs 300 crore being alleged," DLF said, adding the final consideration will be disclosed after closure of the deal.The realty major also rejected the charge of utilisation of unaccounted black money or illicit funds. DLF said the allegations raised against DLF by activists yesterday are "completely baseless and untrue".


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