Property empire was built on soft loans handed out in unusual circumstances, documents show
In February, as rumours of the ambitions of Congress president Sonia Gandhi’s son-in-law swirled amidst the heat and dust of the election campaign in Uttar Pradesh, her daughter Priyanka moved to scotch speculation about Robert Vadra’s possible political future.
“He’s a successful businessman,” the younger Ms. Gandhi said of her husband, “who is not interested in changing his occupation.”
Even though Mr. Vadra has increasingly emerged in the public eye, there has been little information on just how successful a businessman he is — and how his empire was built.
Last year, The Economic Times first wrote about his “low-key entry into the real estate business” with the help of DLF Ltd, India’s largest commercial property developer. And on Friday, Arvind Kejriwal and Prashant Bhushan of India Against Corruption (IAC) released documents which showed how Mr. Vadra has acquired land assets in and around the National Capital Region worth hundreds of crores of rupees, sometimes at prices below market value — funded by interest-free loans disbursed to him by DLF and other companies for no apparent reason.
Though the documents reveal no illegality or impropriety on the part of Mr. Vadra, they do raise the question of why DLF — which is a publicly traded company — would enter into multiple business transactions with him on terms that appear highly preferential. The company on Saturday issued a lengthy press release setting out its side of the story but questions of corporate governance remain and minority shareholders are likely to ask the company for the rationale behind its arrangement with Ms. Sonia Gandhi’s son-in-law and whether similar soft loans (or “advances” as DLF prefers to call them) and deals have been transacted with companies owned by other prominent individuals. The answer to the second question may help explain why a normally feisty Opposition has been remarkably silent on the DLF-Vadra connection since the story first broke in 2011.
In 1997, the year Mr. Vadra married Priyanka Gandhi, he incorporated his first, modest business — Artex, which dealt with brass handicrafts and fashion accessories. From 2007, there was a surge in his activities. Inside of a year, he founded five other ventures, spanning the real estate, hospitality and trading sectors.
Ms. Gandhi maintained a distance from these companies: in 2008, she dissociated herself from the sole business in which she was involved, aircraft charter firm Blue Breeze Trading.
From balance sheets and directors’ reports released by IAC and additional papers obtained by The Hindu, which relate to six group companies, it is clear that Mr. Vadra’s rise was meteoric. In 2007-2008, his companies started out with promoter funds of just Rs. 50 lakh.
However, the companies succeeded in acquiring 29 high-value properties by 2010, armed with loans and advances of Rs. 80 crore from DLF,… as well as Bedarwals Infra Projects, Nikhil International and VRS Infrastructure. These included a Rs. 31.7 crore acquisition of a 50 per cent share of Saket Courtyard by 2010, armed with loans and advances of Rs. 80 crore from DLF, as well as Bedarwals Infra Projects, Nikhil International and VRS Infrastructure.
These included a Rs. 31.7 crore acquisition of a 50 per cent share of Saket Courtyard Hospitality, which owns the 114-bed Hilton Garden Hotel in New Delhi; a 10,000 square foot penthouse, number B1115, at the DLF Aralias complex for Rs 89.41 lakh; 7 apartments in DLF Magnolia for Rs. 5.2 crore; apartments for Rs. 5.06 crore at DLF Capital Greens; and a DLF-owned plot in Delhi’s ultra-posh Greater Kailash II area for Rs. 1.21 crore. Though DLF’s press release said some of these prices were “completely incorrect,” the investment numbers are all stated in the balance sheets filed by Mr. Vadra’s companies with the Registrar of Companies.
Then, at the end of 2010, Mr. Vadra’s companies also picked up a bouquet of rural properties: 160.62 acres of agricultural land in Bikaner for Rs. 1.02 crore, and Rs. 2.43 crore for an additional 5 parcels of land of unknown acreage; land at Manesar, on Delhi’s fringes, for Rs. 15.38 crore; land at Palwal for Rs. 42 lakh, land at Hayyatpur, in Gurgaon, for roughly Rs. 4 crore; land at Hasanpur for Rs. 76.07 lakh; land at Mewat for Rs. 95.42 lakh; unidentified agricultural land for Rs. 69.09 lakh; and two ‘other real estate bookings’ worth Rs. 9 lakh.
From just Rs. 7.95 crore in fiscal 2008, Vadra’s fixed assets and investments grew to Rs 17.18 crore in fiscal 2009, jumping a staggering 350 per cent in a single year to Rs 60.53 crore in fiscal 2010, the year in which most of these properties were acquired with promoter funds of just Rs. 50 lakh along with interest of Rs. 255.46 lakh earned on advances and loans and zero group activity or profitability.
Despite the high market value of these listed assets (properties), though, the declared investment portfolio in Mr. Vadra’s balance sheets remained a meagre Rs. 71 crore at the end of fiscal 2010 with accumulated group losses of Rs. 3 crore.
Mr. Vadra’s companies did not respond to e-mails sent by The Hindu seeking clarifications on the details of these transactions. In particular, it remains unclear why DLF and other major corporations would have made him large loans, since this is not in the nature of their business. Nor did Mr. Vadra’s companies have any apparent prior specialisation in real estate business.
Financial wizardry
The financial information available from the balance sheets and directors’ reports of Mr. Vadra’s companies — Sky Light Hospitality, Sky Light Realty, Blue Breeze Trading, Artex, Real Earth Estates and North India IT Parks — raise hard questions about what business it is they actually do, and how this business is conducted.
Each of the companies has 268, Sukhdev Vihar, New Delhi, as its common address, and Mr. Vadra and his mother Maureen Vadra as directors. Mr. Vadra, the documents show, receives remuneration of Rs. 60 lakh per annum from just one company, Sky Light Realty. The payment, the company’s auditor states is “remuneration in excess of the limit prescribed under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975.”
There are no other employee costs in the books, either to his mother or to others. However, in the documents, both directors “place on record their deep sense of appreciation for the committed services of executives, staff and workers of the company.”
Strangely, while assets balloon in each subsequent balance sheet, there is no account of the corresponding enhancement of visible business activity. For example, the balance sheets raise a current liability of Rs. 50 crore against the Manesar land, though it was registered for just Rs.15.38 crore in the same financial year, defying all commercial and financial prudence and raising doubts about whether this was an income rather than a current liability.
A senior chartered accountant told The Hindu on condition of anonymity, given the individuals involved, that masking incomes as loans/current liabilities in this manner is an unorthodox accounting device. “Using short term funding of this kind to create long-term assets defies financial prudence as it constitutes a high business risk, unless they are not really ‘current liabilities’ and are not payable in the short term, which means they are nothing but incomes which have been disguised,” he said. Vadra’s auditors consistently overlook this in all six firms, while accounting firm Khurana & Khurana in its Auditors Report for Real Earth Estates Pvt. Ltd. for the year 2010, actually opts to gloss over this by stating: “Based on the information and explanation given to and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short term basis which have been used for long term investment.”
The auditor’s accounting rigor comes into further question with its statement that according to the information and explanations given to us, the company has, during the year, not granted any loans, secured or unsecured to companies, firm or other parties covered in the register maintained under section 31 of the Companies Act 1956, excepting the advances under business obligation accordingly paragraphs 4 (iii) (a) (b) (c) and (d) of the order are not applicable. However, the balance sheet shows loans and advances of Rs 2.89 crore for the company in 2010.
Many such loans, which reflect as total current liability of Rs. 72 crore in the accounts, are invested in long-term assets like land. Curiously, no one appears to be pressing for the return of these loans — which are, according to the documents, interest-free.
Additionally, all of Mr. Vadra’s companies show interest income from fixed deposits, claiming tax deducted at source for this interest without accounting for the fixed deposits themselves in the balance sheets. The six companies’ profitability, which grew from zero in 2007-8 to Rs. 20.94 lakh in 2008-9 to Rs. 255.46 lakh in 2009-10, was not from any business activity in these companies but purely from interest on 23 elusive fixed deposits amounting to roughly Rs. 5 crore.
There are other unexplained gaps in the financial information. As of March 31, 2010, the group profit and loss account shows that only Sky Light Realty made a profit, and that too in one single year. Yet, while the others show losses, they continue to make investments. This profit of Rs. 244.98 lakh was despite a complete absence of business activity or liquidation/reduction of fixed assets, investments or other bookings. However, the accumulated losses of Rs. 3 crore from the other 5 firms in the RV Group’s 2010 balance sheet wipe out Vadra’s capital and reserves, raising questions about his ability to buy so many high value properties with zero capital.
DLF’s fortunes
Perhaps the key to the relationship could lie in DLF’s troubled fortunes since 2008 — the very time its dealings with Mr. Vadra acquired significant scale. According to a March 1, 2012 report by the respected Veritas Investment Research Corporation, DLF Ltd is an organisation under duress, with its management scrambling to consummate assets sales, rationalize its land bank and divest non-core operations.
Since a May, 2007 Initial Public Offering, which sold at Rs. 525 per share, the stock price declined by 46 per cent in March 2012 compared to a roughly 30 per cent gain in the Sensex over the same period with the stock presently trading at Rs. 241.80, a steep 54.13 per cent dip.
Veritas points to questionable related-party transactions, aggressive and conflicting accounting policies, self-enrichment and inability to deliver on promises, and a balance sheet stretched to the limit, with no free cash flow and no credible plan to de-lever its balance sheet. “If your investment decision incorporates management integrity, then bypassing DLF will be an easy choice,” the Veritas report states.
In addition, Veritas does “not believe the disclosed book equity and asset base of the company,” stating that via its dealings (merger) with DLF Assets Ltd (DAL), from FY 2007 to FY 2011, the company inflated sales by at least Rs. 11,236 crore and its profit before tax by Rs. 7,233 crore.
A slowing real estate market in a high inflation environment and over-exposure to Gurgaon — among India’s most speculative real estate markets — is further expected to create tremendous pressure on the company’s balance sheet. “In the end, we believe DLF will seek assistance from financial institutions to restructure its loans,” the report affirms, urging investors not to buy DLF stock. DLF dismissed the report as “mischievous and presumptive.”
Mr. Vadra himself has attributed his brass-to-gold success story to hard work—and a little help from “family” friends like K.P. Singh, the chairman of the DLF Group. However, Mr. Vadra has strongly denied taking any favours from DLF in the past. “I have a good understanding with DLF. Our children are friends, we are friends. They are seasoned businessmen. They are not daft… They don't need me to enhance them. They’ve existed for years,” he told The Economic Times in March 2011.
Indeed, in January 2002, he made his distaste for favour-seeking capitalism public, dissociating himself from his brother and father, alleging that they were promising jobs and favours using his name and association with the Gandhi family. His father responded by suing him for defamation.
Hard work Mr. Vadra may well have put into building his property empire. But the help he received from friends like DLF suggests at least a part of his success flowed from the willingness of others to bet on the outcome of his enterprise.
Keywords: India Against Corruption, Arvind Kejriwal, Prashant Bhushan, DLF Properties, Robert Vadra, Congress, Vadra-DLF link
Excellent pieces that explain the rise of Robert Vadra’s .. !
Thanks Shalini Singh ma'am for fearless journalism .. !!
Glad Hindu is maintaining its numero ono position in Investigative journalism. Right from Bofors thro' Chitra subramanyam , there is lot of hard work in exposes. Unlike media which is today bending backwards to be friendly with Establishment!
Mr. kejriwal has done a commendable job by exposing the issue at
national level, I wondered what stops the other political parties to
raise the matter until now.
Mr. Vadra as suggested by him; is transparent and innocent in all their
business dealings should come ahead to defy the allegations his
distance from public platform is just strengthening the public anger
against the corruption done by congress government.
Salute to Mr. Kejriwal for his spirit….
What is SEBI doing now that such fake financials of DLF have become public? It is shame
on fairness and gross dereliction of its fiduciary responsibilities if SEBI does not take punitive
action on DLF.
In Karnataka, Tamil Nadu and Andhra Pradesh majority of IT parks and
lands around the city are owned by politicians. This also needs
investigation. Every politician in India is a real estate developer.
AK is the new Hero. He is taking up both Congress and BJP
It is a matter of simple statistics to check how assets are growing. If the rate of growth seen is typically exceeded by only 20% of the people, one can think of them as fantastic businessmen. We should invite all of them to teach in our business schools. If the rate of growth is matched by fewer that 5% of the population, nothing about their earnings, transactions, tax paid etc should be private.
I think Indian courts must step into this issue and direct the government and manage the proceedings and activities under their perview. It is appauling and sad to hear various ministers are vouching for Mr Vadera without checking into the allegations. The fire has started in 2007 now we are seeing the smoke.
Well written article. Hindu should forward to:
1. P.Chidambaram so that the Finance Minister opens his eyes and comes our of his dream from Lala land and act in a manly way for to protect the interest of common man
2. To Company Law Board to thoroughly review the activities of both DLF and Vadra.
3. To Income Tax Department for proceeding agaist Vadra and DLF to assess any tax evasion and ensure it is collected.
4. To Fraud Office to see any money laundering and nefarious activities are conducted by Vadra and DLF.
5. To Institute of Chartered Accountants to investigate the auditors of both Vadra companies and DLF.
Seems it is high time Ms.Chitra Subramaniam and Mr.N.Ram would need to
be re-engaged to investigate this affair like what they did during the
Bofors case. Without such dedicated investigative journalism, truth in
this case would never come out.
Bofors scam was for 65 crores and Mr R Vadra got 65 crores as interest
free loan...
strange co incidence for Gandhi family
Congress is fooling country on the name of secularism and dalit politics. But my dear Dalit and Muslim brothers forget that every money looted by Congress is also their money,its money they have earned from hard work and paid as taxes. And they live in dream world that Govt is announcing financial packages to them which never reaches them.So dont get fooled this time and vote.
We appeal to the management of our esteemed newspaper to show courage and take this matter to its logical end. Let it not become an unfinished agenda like la bofors. Shalini singh was cryptical in her comment in NDTV programme on 8th oct.
The pity is that all the congress leaders are rushing to protect in the name of shielding Sonia from personal attacks. We have a spineless PM , who has already lost respect and confidence of the people of India.
The same method was followed by DB reality but results are
different. Kanimozhi was sent to prison while Vadra cannot be
touched.
The charges leveled against Vadra are very similar to those leveled against Y S Jagan Mohan Reddy, who is languishing in remand. Jagan amassed his wealth as a private individual, when he was not even a MP during 2004-09. All his transactions are between private companies. The charges are that these private companies have benefited from YSR.
The charges on Vadra are in fact same. Let Vadra house be raided by CBI, let he be put in Tihar and let he be denied bail because he could influence witnesses.
Well! Those Bofors days, it was Chithra Subramaniam. Now it is the turn of Ms.Shalini
Singh to become the PAG. (Public Auditor General.
Excellent article, the editor/writer has gone into such details,
perhaps the auditor of the company should have gone into. I saw the
deputy editor's debate on NDTV yesterday, and I must say she has
everything to be the nation's good journalist. All the best to you and
hopefully the government shall investigate the matters. Unfortunately,
all the politicians accused in scams that were unleashed in last 2
years are out on bail. So all we could do is wait for the new dawn for
this country and support such brave journalists and IAC members who
risk their lives to put this forward.
Jai Hind!!
politics means business for the dynasty
All I can say is that kudos to Hindu for touching the holy cow, ie. Gandhi family in India.
Coterie around Sonia Gandhi suggests the following.
"Congress=Gandhi family
India=Congress
Thus defending Gandhi family is synonymous with defending Congress and hence defending India. Gandhi family is thus holy cow of India."
But let us all remember that there is and shall be only one holy cow in India. That is "The Indian constitution".
While the Finance Minister Chidambaram on the allegations made by Arvind Kejriwal on Robert Vadra's dealings with DLF realty has commented that such dealings between private dealings cannot be enquired into, can he explain under which constitutional provision Robert Vadra a private individual, just because of the reason that he is the son-in-law of the leader of the Congress party, should be exempted from Security checks at the airports? By the same logic is it the contention of Chidambaram that any close relative of an M.P. or Speaker should be also exempt from such Security checks at the airports?
How fortunate is India!!!!!!! A very bold businessman making money out of air. UPA-II government can wipe out the entire debt that is on every individual Indian by requesting Mr. Robert Vadra to be the FM of this country!!!!!!!!!
Long Live Nehru Dynasty.
Who says the country is going to dogs. Present FM will vouch for its health and he will not act against individuals' dealings in money transactions and property dealings and he will introduce many REFORMS to improve the common man's living standard..
Thanks to Arvind Kejriwal and IAC.
May them live long!
If there was ever a time when the Congress can be fully exposed for the unending and infinite corruption they have unleashed on India, it is now!
The very fact that Congressmen and women have gone overboard to proclaim Mr. Wadhra's presumed innocence shows the depth of his involvment with the politics and the murkiness in the deals.
Coupled with the fact that he is not to be frisked in airports, it is a no-brainer that he is hand-in-glove with the scams.
Satyameva Jayate!
Ramesh
everyone knows what is truth but irony is nothing happens in this country.........vadra will continue to loot this country along with his in laws without any fear or regret.
It's different issue that allegations against him are whether right or
wrong but why does congress party defending him. I don't understand if
he is an individual person & he doesn't use congress party's influence
to get the deal done. So there is nothing to hide, he should have
defended himself & not congress party.
Shalini Singh must be complimented for this demonstration of classy journalism. Unlike many TV Channels and commentators, she has raised several questions that merit answers, rather than accusing anyone of wrong-doing or corruption. What is very clear is a rapid rise of Vadra's wealth without a)business activity to create it or b)circumstances that created such a business climate. It would be unfair to immediately assume that a) Vadra does not have the answers or b) his family connections helped. It would be equally unfair to accuse the Congress party or the UPA Government. However, what is increasingly clear is that growth of India's economy at 9% has created a climate for quick bucks and also that in the fifties minus TV and the internet, many such questions from shalini Singh might have not been possible. Bravo, Hindu
Yawn....now what's new? All this will be water under the bridge in a matter of days, if
not weeks. Yet another scandal will break out by which time most of us arm chair
patriots would have got bored with Mr. Vadra's shenanigans. I saw an interesting
SMS which sums up the way things are evolving....CWG, 2G, Coal G and now Damaad
G!
What this shows is that you do not really need to commit crimes covertly
any more. You can take bribes legally in full view of the public with
the help of ;interest free loans and advances', offer your services and
never get caught as well.
This is really a Bold Journalism!! Hardly there is any newspaper in India that could match this standard. Congrats Hindu!!
good informative news.
While there is a possibility that Mr. Vadra may have had a quid pro quo relationship
with DLF, the onus of proving this is entirely on the accuser. IAC charges are based
on inconclusive information and amateur analysis. Hence their true intent is not
about finding the truth but about slurring their antagonist. One had expected a more
mature and diligent opposition to the government to emerge, but it isn't so.
This is another example how the private sector, the politicians and their chums in
India pull the wool over the eyes of law abiding citizens. The situation won't change
without a visionary leadership. We can't expect much from Mr. Manmohan Singh and
his colleagues as they are bureaucrats rather than leaders. India suffers from poverty
of good political leadership. Can India Against Corruption fill the void? I doubt since
it also lacks charismatic leaders.
A well written and researched article. Mr. Vadra's case is one of those where everyone knows for sure that things are fishy but they choose to remain silent because of his political links. I remember reading about 'The son-in-law of India' in the VVVIP list at Indian airports with the likes of Presidents and prime-ministers. I can only hope that the wrong-doers are brought to justice soon.
Some of the readers comments are too good to be shared in social media.
Will Hindu put a special link beneath each readers comments to enable
sharing?
Sir, your paper has done a commendable job of putting the facts in front of the people rather than publishing mere statements of people like a mouthpiece. I hope you continue to do this laudable job without falling to the lows of the other so called national news papers.
Well done Hindu - I was waiting for Hindu's take on this. And as
expected it is detailed and factual. I am happy Kejriwal is doing
something that should have been done long ago. Citizens of India - We
need to reclaim our country. And we need a strong leader - someone with
integrity - as far as I can see only Kejriwal can do it now. We need to
fight corrupt people everyone - do not back down or rest thinking it is
someone else's job. It is our collective responsibility and our duty to
the next generation.
Kudos to The Hindu and Shalini Singh for such a detailed and impartial report. I love the bold reporting done by The Hindu.
Comendeble work by the Hindu. From the fact the that congress leaders including the high command are constanly jumping into defence of Mr. Vadra, and Mr Vadra himself posting disturbing messages like "mango poeple in banana republic" it is quite clear that "daal me bahut kuch kaala hai" (there is quite a bit wrong). With these recent developments, i guess now Congress would have lost faith of few more people for this case. Mr. Kejriwal has indeed hit a home rum with this allegation against Congress.
It is not proved that DLF has taken any undue benefit. Mr. Vadra is not in politics. Neither he has any say in Congress party.So why this hue and cry? Even if DLF has favoured Mr. Vadra in some anticipation, what is wrong. Every company in India is paying money to Political parties directly by Cheque or indirectly in cash in some anticipation. Why don't you scrutinize them?
Mr Vadra's rise from Rs. 50 lakhs to Rs. 500 crores in just five years
cannot be attributed to just "hard work". It is quite clear that there
are illegal transactions involved here. Congress party is trying to
fool the people of the country, but this won't work any longer. Mr.
Vadra's activities should be probed.
I would have shrugged off the charges made Kejrival and Prashant Bhushan as mere insinuations not warranting a second look. But now that a respected paper like yours has come up with an investigative report, I'm forced to sit up and take notice. Now I know the reason for Manmohan Singh's keeping quiet and looking the other way, when charges were levelled against ex-minister Raja and DMK chief Karunanidhi and his family used 2G spectrum sale to enrich themselves by using the same route, namely taking bribes from beneficiaries of the spectrum sale and calling it as loans. Now it transpires that it was Vadra and Mrs Gandhi who tutored and mentored DMK in the whole chicanery.
Hindu, Pls find out who is the contractor for the railway gauge conversion work in Tamil Nadu.
People are striving to buy a home in these regions where he has
allocated land like anything....this has soared the prices...utter shame
to the nation thanks to kejariwal for exposing this man..!
I really commend and appreciate your article on the Vadra affair. As a financial analyst I can understand a great deal of what you have revealed. This is absolutely disgusting corruption. There should be a free and fair investigation not just on the financial angle, but also possible massive money-laundering, involvement of other politicians in this case, and I think the auditors involved should be investigated.
"The Hindu" had exposed the Bofors issue and Rajiv Gandhi. I hope it will display the same pugnacious spirit in following up on this matter and expose the Sonia Gandhi family. While I do not agree with Mr Ram's political views, I believe he is one of the few journalists in India who is fearless in exposing corruption in high places. Well done, "The Hindu"!!!
What is rattling the Indian people is the belligerency of the inner circle of people who become instant millioners and billioners through probable insider information, cheap loans, convenient regulation changes and alike benefits of being close to the power! People are feeling so hopeless in reacting to such corruption of power, they are looking for a savior. They don't see anyone in any present day political parties as they see them as the same wine in different labelled bottles! There needs to be emergence of a new party with the main agenda of ridding the corruption nexus in existence. Without which India will be heading
South! That would be shame for a country with such great potentials!
As a citizen from TamilNadu, which is now very well used to looting from
kith and kin of ruling parties, the charges on Mr.Vadra seems a bit
overblown.
Robert is lucky to have a builder who will give interest free loan to
purchase lands from him. He is an individual and filing income tax
returns. He is backed by a group of extra-ordinarily intelligent
individuals and a finance minister. Cudos to Mr Kejriwal and co and
highly incisive reporting by the Hindu for making out how private
individuals cheat the nation and are accountable for their actions
on the wrong side of law. Extra ordinary brains like Vadra do deserve
the honour of non frisking at airports because he still pleads
innocence and claims he is honest.
Just Rs.890/= per sq.feet!! that too in a posh locality in Delhi and for a penthouse.Unbelievable ! In Hyderabad city area , the current price is Rs.4500/= per sq.feet to Rs.6,500/= per sq.feet.
Even in outskirts like Chandanagar, 30km from State Assembly or from the city area , a flat of 1050 sq.feet costs around 36,00,000/=.
So, Rs.890 per sq. feet for Penthouse in Delhi means a clear cut favour.
Every political party and majority of members, repeat every political
party and majority of members, and their cohorts in India are
shamelessly busy in "Chir Haran of Bharatmata". We the electorates are
solely responsible for this happenings. Jago Bharat Jago.
If the investigation gets deeper they may find huuge money which was lost in CWG 2G Coalgate also...
Shalini Singh's analysis is mind boggling and a knock-out blow to DLF, Vadra and the Gandhi family. If the Indian media --- mainstream as well as local, English as well as vernacular languages --- don't expose and pursue this humongous scandalover and over again, they will be acting as traitors of the Indian nation. This episode must, be used to wipe out, once and for all, the Gandhi-Nehru dynasty from the Indian voter's mind. For once, let the Indian media act in the manner almost all of them did during India's freedom struggle. Let the truth prevail in our country for a change. Jai Hind.
Whether it is Pt Jawaharlal Nehru, Morarji Desai or Indira Gandhi they
were all great leaders by their own rights. Nehru was a paragon of
secularism and believed in decency in politics. Morarji Desai was a
Gandhian. Indira Gandhi brought prestige to India among of Comity of
Nations. Even the worst enemies of Sonia Gandhi cannot accuse of her
seeking power by any means or indulging in corruption. But some of
Nehru’s men sullied his fair name. Kanti Desai and Sanjay Gandhi
tarnished the image of Morarji Desai and Indira Gandhi respectively.
Now it is the turn of Robert wadhra. At the same time if M/S Kejriwal
& Co wants Indian People and particularly people in Karnataka to
believe them they need to utter at least one word condemning the
monumental level of corruption in Karnataka. Karnataka people have
been suffering corruption, incompetence, misrule and ruler’s apathy
towards their sufferings for the last four years under the BJP
government. Their silence in this regard is deafening. To me they seem
to have an agenda of attacking only the Congress party.
The competence in Vadra qualifies him to be the Finance Minister of India, who can turn all losses into profits in no time as Lalu did during his tenure as Railway Minister, it is sure for that a 100 million question strikes every time that how these people made money is very very short span.
Being purchased 160.62 acres of agricultural land in Bikaner for Rs. 1.02 crore,Proves Vadra is a top class buisnessman and farmers who sold are being top class fools or Vadra is a top class cheater who misused the whim of power.
What has come to limelight with the help of Kajrewal may be a tip of an iceberg . Many more disclosures will indicate the scale of loot by the Congress Party. It looks like begining of end of Nehru Dynasty.
"... Rs. 255.46 lakh in 2009-10, was not from any business activity in these companies but purely from *interest* on 23 elusive fixed deposits amounting to roughly Rs. 5 crore".
How much interest does an ordinary fixed deposit -- in a bank or with privat finance companies -- yield. I don't think it can be more than ~15% as a higher limit, i.e., Rs.75 lakhs.
This has been know fact for a long time now.I wonder why the biggest opposition party BJP is playing silent mouse.Kejriwal has to fight very hard to prove this remember its they two versus the entire ministry of congress.
The most hilarious (and shameful) thing is that Congress leaders are defending him saying that he's a private indivudual. Why does he get govt security ? Why is he exempt at airports security checks? Vadra is truly a 'Sarkaari Damaad' as far as free benefits are concerned. But if any citizen of India asks legitimate questions about his sudden wealth, he becomes a 'private' citizen...shame on you Congress party for such double standards !!! Maybe Kejriwal is right...sab neta chor hain..
A fantastic piece of article which will serve as a template to decipher how corruption runs in the system. Noteworthy is the fact that Vadra is not a politician but a "close associate" of the ruling leadership or perhaps a benami? So beware of all cronies and middle men. They set the rot.
If Jagan can be prosecuted with CBI,ED and other Congress-monitered
Govt agencies unilaterally approaching Court(No doubt after he opposed
Congress and its owners.Up to that time he was a holy cow in the
vision of CBI which always sees thro' Congress eyes),If members of IAC
can be investigated by the same agencies,if Mulayam and Maya can be
placed under investigation for excess property compared to their
income(NO doubt with full safe-guards for them so that they continue
their support to UPA),then why not Mr Robert??On the contrary almost
the whole UPA-Cabinet has come out in open to protect Wadra.Instead of
speaking for the three Congress-led Govts which are alleged to be
involved in the SCAM,they try to protect only Wadra?What a gang of
slaves of 10,Janpath!!India really repents to have such people in
chair.
Parliament Election due in 2014 and so it happens whenever election is due to Parliament such unhealthy criticism and clamour all round
is found. This weakens the poor people and not the clamour makers.So
please restrain and not to worry. If MPs are having any treatment of
this ill they should at least face the Parliament and decide "final" action to stop this horror of FDI, LPG Hike, Petrol Diesel Hike to bring it down at previous level. Without Prejudice.
DLF Ltd. must give the opportunity to all Indians who wish to get rich overnight by providing them with unlimited crores of Rupees through unsecured loans for reinvestment in DLF properties and with the understanding that individual names and those of their families with not be used by the company. This will surely facilitate the rapid development of rural India.
It is interesting to note that a person living lavishly, forever scouring the world to increase his business is undergoing heavy losses every year and does not need to pay any taxes. FM (and other assorted GoI ministers) are issuing public certificates to Mr Vadra proclaiming his innocence and business savvy. Indeed, the FM is on the record stating there can be no enquiry against Mr Vadra. One wonders how did they start enquiry and proceedings against Mr Ramdev's aide?
Every single day we see the defence of the indefensible in this country, and no one really cares. Mr Vadra is no ordinary citizen or businessman. He is either corrupt to his core, or a man of rare intelligence. Therefore, he either belongs in prison, or should head our country as PM (or at least Finance Ministry).
The Article, otherwise excellently articulating the facts of the
matter without taking sides, suffers only on one account when it
rather modestly states that the transaction between the two entity
does not suffer any illegality or impropriety. But the statement is
contradicted in the report itself, where it is stated that many
aspects of Indian Companies Act is flouted. A publicly traded widely
held Company cannot carry out such unfettered transactions of giving
out loans to unconnected individuals in the process stripping itself
of its valuable assets.
As would appear to a common person the transaction would seem to be
unlawful, illegal and defintely smacks of impropriety.
Finally, no one knows and no one can understand this arithmetic formulas where 50 lakhs can become 300 crores. A lay man like me and u can expect to just get back the invested money without any deductions.
Crores of taxpayers are sweating out and are paying tax without any complaint, the special people read politicians are enjoying the privileges. People Memory is short and he too can be forgiven and his story can easily be forgotten by them.
a 10,000 square foot penthouse, number B1115, at the DLF Aralias complex for Rs 89.41 lakh.. Wow.. I had to pay 16 Lakhs for a 580 sqft house in a sub urban in chennai and here is a man who paid 89 Lakhs for 10000 sqft and still saying that he did not get any favours from DLF....
The charges are very serious as the evidence produced thus far is very
specific in nature which clearly shows that it must be investigated by
a SIT under supervision of Supreme Court.
The question DLF gave 65 crores as unsecured loan and interest free to
Vadra,why?.
Now if you look at what was made out in Dynamix Balwas Realty and
Kalaignar Tv 200 crore loan case in 2G the very same modus operandi
was adopted for favours done.
Vadra and Congress must explain.Hooda who gave 350 acres of acquired
farmers land must be charged under PCA for abetting loot.
IAC has done a great job.
What ever may be it is I believe Aravind Kejriwal should not resort to such short political tactics and concentrate on his stated agenda on working against corruption.
Mr.Vadra,if you are very honest,instead of giving explanation,file
defamation suit against Kejriwal.
Why not take legal recourse and sue e
Why to make public statements like this without any punch? File a defamtion suit and seek legal remedies as per the law of the land so that these type of wrong
accusations are not made in future against you and your mother in law. Perhaps if you are afraid to expose the truth , better not to pose /pretend a courageous soldier. You can have many examples from our political leaders
Kith & kin of politicians are basically businessmen. They do not serve
nation as government servant. They are master and manipulator. Most of
them act as broker/agent/dealer. Some own colleges, petrol pump/gas
agencies, automobile outlet and few have stake in industry. But most
of them are proxy/sleeping partner. They get incentive/benefits/favour
by default. It is a common phenomenon. When it is question of most
sought family of India, anything is possible. They are scion of Royal
family. Yes, politician has replaced kingship. They have freedom to
donate and lease a public land, announce public holiday and put their
name prominently on plaques. Some have even erected their own statute.
Sab Chalta hai. Don't make hue and cry over the non-issue.
Sri.Khejriwal's revelation has opened a can of worms and has placed
Sri.Vadra over a hot tin. Given the latter's steep rise of asset base
his denial seems too facial.Instead it lends credence to the
apprehension of special favour from DLF owing to his closeness to the
corridors of power. The present allegation is serious as the son in
law of Soniaji is involved in it. Eventually, it has left the ring
leaders and spin managers of congress to put their heads together to
defend the allegations by burning midnight oil. If they fail to steer
clear of the controversy, congress will lose its moral responsibility
to nail the dirt, which otherwise it swears in full throat.
This revelation is in utter contrast to the farmers in the country resorting to committing suicides for not being able to repay their loans, mostly due to natural causes vis a vis their crops. If the farmers offered similar help by some generous companies such as DLF in the case of Mr. Vadra, then I am sure, there will be a marked decline in the number of suicide cases by the farmers.
While it is difficult for general public to find out whether there is truth in this current controversy, it is not that hard to see indicators. Robert Vadra has always been a bothersome personality for me, given that he is, for no fathomable reason, on a no-frisk list for international travel. This privilege is given ONLY to president, PM and a select few others.
I won't be surprised if such uncalled for exceptions made to Mr Vadra have been extended to monetary gains of different sorts...
India need another hundreds of Arvind Kejriwals!
Long Live Arvind Kejriwal!
If Mr. Kejriwal and Mr. Prashat Bhushan want to gain cheap publicity, they have various other means to do so, especially after launching a new political party, instead of targeting a private, law abiding citizen with transparent financial deals, like Mr. Vadra.
An Indian version of President Zardari is in process of getting evolved!
India is being ruined in its golden age with a repeated idiocratic
style of governance.
Let us all be reminded of the mughal invasion of 1500 AD which is
still portrayed as a cultural advancement in the Indian Society
despite India's decline from once being a central player in the Global
economy ( 40% of the world's GDP for more than 500 years from 900-1400
AD ).
BJP can dive in the revolution and support kejriwal to rise to a
position where he can implement the obvious and absolute steps
required to bring back the Nation on run.
If we ignore the history and let Congress fool us with its secularism
we are doomed to repeat it.
Countrymen, please ponder! Are we unnecessarily criticising the future Prime Ministerial candidate of India?
What is the meaning of "private law abiding citizen"? It seems the word private is qualifying the word law. If yes, does that mean he only abides by private law such as contract law and not public law such as criminal laws? The word private can't be qualifying the word citizen since, if I reckon correctly, citizen is a single category under law and is not divided into private and public citizens. I thought 10, Janpath would have proof read the statement of India's son-in-law!
Mr. Vadra is a very wealthy man besides being the son-in-law of the most powerful politician in the country. If he is innocent as he claims to be he should sue Mr. Kejriwal and Mr. Bhushan in court.
Kejriwal still is fixated with the idea of brining down the Congress
Party. He seems to be an irresponsible politician, led by anger,
discontentment and personal grouse.
Khejriwal and Bhushan make a two-some political party which will have to start, sustain and survive on throwing mud on Congress party and Sonia. BJP naturally will collaborate with any body that indulges in mud-slanging against Congress. They have been doing that since Nehru's time.Ram's Ayodhya did not take them to the gaddi of Hastinapur. Will Khejriwal, and Bhushan with his long track record of even supporting Naxals to oppose Congress, take BJP anywhere?
Liberatory Nationalism by Kejriwal.More people should join him
Mr Vadra should not allow his name and reputation to be tarnished. He should request
the government to insitutean inquiry with 3 retired supreme court judges headed by
Justice Ganguly. That would put an end this libelous charge against a very innocent
man.
DLF provided 65 Crore to vadra as individual entrepreneur? How many such individuals has
that luxury to secure such huge loans in India. Bad signs for poor India.
Vadera is a fast track business man. If 50 lac become a 300 crore
nothing be amazing ! Always when politicians criticize they postmortem
them only ! Never they read or publish the present ! So whatever
happened both sides are guilty !
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