DLF independent directors seek probe into Vadra deals
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Last Updated: Monday, October 08, 2012, 10:35
  
Zeenews Bureau

New Delhi: Independent directors of DLF have sought probe into allegations of controversial transactions, if they are proved, between Robert Vadra and India's biggest real estate developer.

According to the Economic Times, the independent directors have cleared that the transactions in question between Vadra and DLF were not discussed during the board meetings.

"The matter was not flagged off at any board meeting. We have not come across any such instance where favours have been done. It's not come to our notice. It is not possible to look at each and every sale transaction. But we try to ensure that all transactions are done at market prices," the Economic Times have quoted KN Memani, an independent director at DLF, and former chairman of Ernst & Young India, as saying.

Meanwhile, shares in DLF slumped to a low of Rs 229.50 this morning, hinting a more than five percent cut from Friday's close.

Last week, activist Arvind Kejriwal and lawyer Prashant Bhushan alleged that Vadra, the son-in-law of Congress president Sonia Gandhi, had bought properties worth over Rs 300 crore between 2007 and 2010 with an interest-free unsecured loan of Rs 65 crore provided by DLF. They claimed that the properties were given at undervalued rates in exchange of favours allegedly received from Congress state governments in Haryana, Rajasthan and Delhi.

Vadra has described allegations of having received "undue favours" from reality major DLF as "entirely baseless", "defamatory" and aimed at maligning his family.

On Sunday, the Congress continued to target Kejriwal and his associates in India Against Corruption (IAC) over allegations against Vadra while the Bharatiya Janata Party (BJP) said the Congress should "clear the situation" instead of trying to run down the activists.

Breaking his silence on the controversy, Vadra, who is married to Priyanka, daughter of Congress president Sonia Gandhi, said he was a private, law-abiding citizen who has been engaged in business over the last 21 years.

"The allegations levelled against me by Shri Kejriwal and Shri Bhushan are utterly false, entirely baseless and defamatory. My business transactions are fully reflected in financial statements filed before appropriate government authorities in compliance with the law," Vadra said in a statement to a news channel, which was posted on the news channel's website.

He said the statements were available in the public domain to anyone interested in knowing the truth. "I am saddened by the attempt of Shri Kejriwal and Shri Bhushan to deliberately misrepresent numbers contained in my financial statements, manufacture lies and malign my family in order to gain cheap publicity for them and for the launch of their political party," Vadra said.

DLF on Saturday refuted the charge. The company said it had business dealings with Vadra's companies and denied there was any quid pro quo.

Sources said the IAC is likely to respond on Monday to clarifications sought by DLF.

(With IANS inputs)


First Published: Monday, October 08, 2012, 10:35


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