DLF signed deals worth Rs 446 crore with Vadra associates

DLF signed deals worth Rs 446 crore with Vadra associatesIndia's largest real estate company, DLF had entered into three deals worth Rs 446 crore with a hotel joint venture after 50 per cent stake was given to Robert Vadra for Rs 35 crore in October 2009, according to reports.

The new revelation could add to the troubles of the company and may indicate a deeper relationship between the company and entities owned by son-in-law of Congress President Sonia Gandhi. The revelations were not included in the expose by activist-turned-politician Arvind Kejriwal on the business dealings between DLF and Vadra.

Reports show that the first transactions took place in 2009-10, when it sold assets for Rs 150 crore to Saket Courtyard Hospitality. The company said that the transaction related to the transfer of ownership rights of the Hilton Garden Inn in Delhi.

Meanwhile, it was recently disclosed that the public sector Corporation Bank had offered an overdraft facility of Rs 7.94 crore in 2007-2008 to Robert Vadra’s Sky Light Hospitality when the company’s issued capital was Rs. 1 lakh.

Investigators and bank officials are now trying to determine the circumstances in which the overdraft was offered and whether it conforms bank’s rules and regulations relating to offering overdrafts to companies. A report in the Business Standard on Wednesday showed details of the overdraft. It is not known if any collateral of the Sky Light was kept with the bank for securing the huge overdraft.