Vadra's Media Warriors: A Story From Deep Freezer

 

An investigative story on Robert Vadera was filed over an year ago but never found its way to the India Today pages for the reasons best known to its editor Kaveree Bamzai. The story, taken out of deep freezer, still has lot to say. Pushed to wall by the activists, the media is now forced to act.  Shafi Rahman Shafi.Rahman@intoday.com  expressreporter@gmail.com

 

date:		11/3/11 at 5:12 PM
to Kaveree, M, Ranjit, me

From being a low-profile exporter of blings, Robert Vadera, son-in-law of Gandhi family, is expanding his business interests at a pace at that will envy any businessman. In the process, he has sewn up partnerships with big and small business houses, while amassing assets and properties running into several hundred crores.

His assets, associations and fitness obsession have been part of Delhi’s feisty rumour mill for long. But even by those standards, what India Today investigation has unveiled is much bigger. The companies owned by Vadra have among its assets acres of land in Congress-ruled states like Delhi, Rajasthan and Haryana, enjoy partnership in top-notch business hotel in the capital and own premium flats and plots in National Capital Region.

Vadra companies have ventured into real estate business in tier-three cities. But his intention to turn the properties from agricultural to non-agriculture land use raises questions. The changing of land use from agricultural use to non-agricultural use had caused political tensions in many parts of the country, especially in Haryana and Uttar Pradesh. The conversion from agricultural usage to non-agricultural usage spirals the price of the land.

In 2007-2008 Sky Light Hospitality, with Vadra and his mother Maureen Vadra as directors, purchased agricultural land measuring five Bhigas and 12 Biswas in Sohna tehsil of Haryana for 7,94,00,000. “The land is in the process of conversion from agriculture to non-agricultural usage. Your directors hope that the project will yield good profit to the company in the future,” Vadra wrote in the director’s report of Sky Light Hospitality.  In 2008-09, the company acquired land in Bikaner for Rs 79 lakh and in Manesar for Rs 15.3 crores.

The Skylight Realty Private Limited, another company owned by Vadra asnd his mother Maureen Vadra, with a paid up capital of Rs 5 lakh, made fresh investments in land and property in 2009-10. “The company has paid remuneration to the directors and also appointed well experienced staff member in the field of realty. In order to create attractive profit on flat booking services of the property broker also were obtained,” says the director’s report of the company written by Vadra. In 2009-10 the company marked a profit of Rs 2.44 crores more than double of its profit in 2008-09 of Rs 1.11 crores. The earning per share of the company also shot up to Rs 489.95 from previous year’s Rs 22.25. Vadra also received Rs 60 lakh as renumeration for his role as the director of the company.

In the same year company purchased flats land in Palwal in Haryana for Rs 4,220,000 and Hayyatpur in Haryana for Rs one crore. Flats were booked with Ramaprastha Builders, DLF Ltd and Endure Realty for Rs 3.09 crores. In 2009-10 company added agricultural land in Bikaner, Rajasthan, to its kitty worth Rs4,786,760. It also bought B-1115 Aralias apartment for Rs 8,941,650. Another Rs 9,383,324 was spent on furnishing the apartment. It also spent Rs 52,320,000 for acquiring 7 flats in Maganolias, a DLF property. It also paid DLF Estates Rs 50,682,427 for its Capital Green property. The company has Rs 6,237,957.48 as fixed deposit in Standard Chartered bank.

Another company with Vadra and Naureen, the Real Earth Estates also went on huge purchase of land in tier-three cities in 2009-2010. It spent Rs 58740170 for purchasing land in Hayatpur, Hassanpur, Bikaner and Mewat. The company also set aside Rs 12,190,000 for buying a plot in the capital’s posh Greater Kailash. The company also received Rs 5 crore loan from the DLF. “The company has entered into joint venture arrangements with Sky Light Realty Private Limited. Very soon company hopes to enter into the field of construction. Necessary legal formalities are being completed in this respect,” says Vadra in the director’s report for 2009-10.

Another firm, under ownership of Robert Vadra,Sky Light Hospitality had entered into a partnership agreement on 20 Dec 2009 with Saket Courtyard Hospitality after acquiring 50 per cent shares for mere Rs 5 crores. The DLF is another partner in the firm. “The company has contributed Rs 5 crores as contribute capacity as partner. The business for property at Saket is managed by Hilton International,” says Vadra in the director’s report. The Hilton Worldwide had opened the doors of the first Hilton Garden Inn in the Asia Pacific region in December 2009, its latest addition to the brand’s portfolio of nearly 500 hotels worldwide.

The company also spent Rs 79,500,000 and Rs 153,844,500 for buying property in Manesar in 2008-09 and added another land worth Rs 7,956,530 in Bkaner in 2009-10. The company balance sheet for 2009-10 shows that a land at Maneasr was sold and Rs 50 crore was received as advance. The Sky Light Hospitality also received Rs 2.5 crores as unsecured loans from the DLF Ltd in 2008-09 and only Rs 1 crore has been returned as 2009-10 balance sheet. The company also received Rs 5,214,970.54 as interest from fixed deposits during the period.

North India IT Parks, again with Vadra and his mother as directors, bought 85.62 acres and 75 acres each in Bikaner, for Rs 10,211,030 during 2009-10. Silver Breeze, Vadra-owned firm, which is engaged in aircraft leasing business has also purchased agriculture land worth Rs 6,909,262.  The company receives Rs 425,447.56 as interest on fixed deposits. Former Indian Innformation Service officer, Sreenivasan Krishnan is one of the partners in the firm.

Robert Vadra has received unsecured loans from the DLF companies as well as a small-time hotelier in New Delhi. In 2008-2009, Sky Light Hospitality, with Vadra and his mother as partners, took unsecured loans from the DLF Ltd, twice -- once Rs 15 crore and later Rs 10 crore. Of these Rs 10 crore loan was paid back in 2009-10.

Vadra has also received unsecured loans from Hotel Golden Tulip owners Carnival Intercontinental. Hotel Golden Tulip is located in the Safdarjung residential area. The Carnival Intercontinental, owned by Gurgaon-based businessman Lokesh Pahwa, gave Rs 1.55 crore loan in 2008-09 financial year to the Sky Light Hospitality.

The unsecured loans of the Indian companies have recently come under scanner as it became a convenient means of paying bribes. The DMK-family owned Kalainjar TV had got into trouble after it received unsecured loans from DB realty involved in 2G spectrum scam.