A Nagpur-based firm co-owned by Bharatiya Janata Party Rajya Sabha MP Ajay Sancheti has given loans to 10 Adarsh members, an affidavit by the company has revealed.
Abhay Sancheti, partner of M/s San Finance Corporation (SFC) told the Adarsh Commission in an affidavit filed on June 30 that the firm had granted loans/advances to Suresh Atram, Rajesh Bora, Paramveer Sancheti, Sudhakar Madke, P.H. Ram, Amarjeet Singh, Parmanand K. Hinduja, Amar Singh Waghmare, Manilal K. Thakur and J.P. Sharma.
Of these, Mr. Waghmare has repaid the loan. “The other individuals have shown intentions to repay the loan. They have, at various times, said that after the possession of the flat is given, the loans will be repaid,” the affidavit says.
The SFC also directed the Adarsh society in 2012, “not to initiate any process of sale or any other transaction of the said flats without NOC/clearance” from the firm on repayment of loans.
The affidavit said the SFC is a partnership firm. “As such, it is not governed by any of the RBI Rules, NBFC [non-bank financial companies] Act or Money Lending Act. The loans/advances granted are based on past relationship and the comfort level of the partners/firm. Hence, no resolutions are legally required for granting the loan.” The loans were disbursed “in phases by cheques to the applicants and at times directly to the Adarsh C.H.S. Limited based on the progress of construction as informed by the respective individuals,” the affidavit states, going on to say that the Income Tax department had assessed the transactions since 2004.
Meanwhile, in a reply filed before the Bombay High Court on Monday, the society targeted the former Army Chief, General V.K. Singh saying that the Adarsh scam “is, in fact, a plot initiated by [him]” when he took over the top post.
According to the reply filed by Lt. Commander G.S. Grewal: “The plot was doctored by Gen. Singh in order to settle scores with his predecessors and also to tarnish and/or defame Adarsh society members.”
The reply is in response to an application filed by the Defence Ministry asking for interventions in the slew of public interest litigation petitions filed before the High Court.