REPORTS have indicated that Robert Vadra had started investing in real estate five years in 2007-08. His Artex export firm had reportedly lent Rs 4.45 crore to one of his new firms, Sky Light Hospitality in 2008-09. The previous year, the company’s directors, Vadra and his mother, Maureen lent Rs 1 crore to another of his real estate firms, Sky Light Realty.
For some unknown reasons the Corporation, close to Vadra’s office at Friends’ Colony gave an overdraft of Rs 7.94 crore to Sky Light Hospitality. Reports suggest that the newly incorporated company that time had total resources of Rs 1 lakh, being its paid-up share capital. Sky Light Hospitality invested the entire loan amount plus share capital in a piece of land at Manesar. That was the first instalment, with a second instalment of Rs 7.43 crore paid the following year 2008-09.
DLF has disclosed that in March 2008, the Haryana government gave Sky Light Hospitality a letter of intent (LOI) for developing the Manesar land commercially.
As DLF said in its press release on October 6, “This (land) was licensable to develop a Commercial Complex and the LOI from Govt of Haryana to develop it for a Commercial Complex had been received in March 2008 itself.”
Question remains why should a public sector bank fund virtually the entire value of a major land purchase to new company? And the bank’s judgement could not be faulted as the money was returned within a year. Why did the Bank consider Vadra a good risk? Is it because of his family connections?