The CBI has said the suspended IAS officer B.P. Acharya made a false claim that no decision of his in the execution of Emaar township project resulted in financial loss to AP Industrial Infrastructure Corporation (APIIC) as its Vice-Chairman and Managing Director.
Refuting Mr. Acharya’s claim while seeking bail on the third attempt, the CBI informed a court here on Friday that all important agreements like the subscription agreement and the shareholders agreement by virtue of which APIIC got 26 per cent equity in the township project as a joint venture partner with Dubai-based Emaar Properties were signed when he was the VC & MD in December 2005. The land was also conveyed to the developer – Emaar Properties – at the same time. Only modalities for implementing the project were finalised prior to his joining the APIIC.
Instead of protecting the financial interests of APIIC, Acharya conspired with other accused to dilute the stake of APIIC by inducting a co-developer Emaar MGF Land of New Delhi. He also did not object to appointment of a marketing agent to sell villa plots. Acharya, on the other hand, made a false claim that the sale of plots took place after he left APIIC in December 2009. The special purpose vehicle for the project started booking plots since March 2005, the CBI said in its counter affidavit to the bail petition which will come up for hearing on August 8.
The CBI added that the lease dead in respect of boutique resort hotel, which was part of the golf course project within the township did not contain payment of lease rent by Emaar MGF Land from the revenue of the project.
Acharya kept silent when the issue came up at the board meeting of APIIC.
