Khemka's Report : Serious Unanswered Questions In Vadra-DLF Land Deal

Ashok Khemka's report as regards the illegal land deal between Vadra's company,Skylight & Onkareshwar properties raises certain serious unanswered questions about the role,credibility,& biasness based on mutual understanding for profits to all parties both political & monetary.It is very disturbing to find politically well connected people making merry at the cost of state treasury ironically,with the aid of the state govt itself! It presents a glaring example of brazen misuse of position & political status for personal gain.

The main questions being raised are:

1.Why does the cost of land wary? Vadra's company,Skylight's balance sheet shows land purchased in Feb,2008 for Rs 7.5 crore in Manesar but sale deed shows cost of Rs 15.38 crore.It's value went up to Rs 58 crore in 65  days after Haryana govt. allowed it to be developed for residential purposes.

2.Why was it still with Vadra firm? While DLF paid advance of over 85%=Rs 50 crore,the land remained with Vadra's company till Sept,2012.The mutation of this land deal was cancelled by Dr.Ashok Khemka on Oct 15,2012,four days after his transfer.

3.Why was Khemka transferred? Khemka claims his transfer was the result of his initiating an enquiry into the land deals by Vadra's firms.The state cites a Punjab & Haryana High Court order which said that Khemka had no legal powers to cancel the mutation of the land from Vadra's company to DLF's.

4.Why change land use terms? Obviously,it was a well planned exercise to increase the value of land by allowing residential construction for the purpose of increasing profit margin for Skylight,Vadra's company & DLF for whom Vadra was just a front/broker for pocketing premium land at throwaway price at the cost of the exchequer.There were a number of beneficiaries about whom I will talk about while analyzing the evident pattern of all premium land deals entered into by Vadra in other congress ruled states.

But the most pertinent & vital question is should SEBI investigate this matter since DLF is a publicly listed company?

Everybody including the state govt. is uncomfortable at countering these questions.Why was the subsequent intention to develop land for residential purposes not made clear in the very beginning of the deal? If DLF was the ultimate beneficiary why did it not approach Onkareshwar properties in the very beginning.All concerned parties are shying away from these questions but the reality is that DLF used Vadra as a front in a classic benaami deal to first pocket premium land for throwaway price & then paid him handsomely  to influence the Haryana govt. to mark the land for colonization purpose.

Unfortunately,it very clearly displays the politician-corporation nexus for mutual gain where they do not hesitate to take the illegal route for huge profits even at the cost of harming national interest ultimately looting the poor taxpayer for selfish endeavours! 

Can we trust anybody more than our govt.? If the duly elected govt.does not hesitate in harming our interests to benefit some powerful people what use is it to elect such govt.? Here the real power of vote comes into question.God save our country for it is well out of the common man's hand to put a check on these plunderers who are politically well connected & pimp the govt. to make huge,well orchestrated,&artificial profits.

Khemka's Report -Part-I:VADRA-DLF LAND DEAL

Recently Ashok Khemka,an IAS officer,submitted a report to the Haryana govt regarding illegal land deals in the state.His report contains explosive revealations supported by strong facts,which completely exposes Vadra-govt nexus in cornering prime land at throwaway rates.All parties to the deal working in unison for mutual benefit.

Khemka's conclusions in Vadra-DLF land deal are:

1.Illegal purchase of land in Shikohpur,Gurgaon by Vadra's company,Skylight hospitality in Feb,2008.

2.Sale deed records that Vadra bought the land from Onkareshwar properties through a cheque of Rs 7.5 crores from Corporation bank which is bogus transaction since Skylight's balance sheet had on Rs 10 lakhs as paid up capital.

3.Reference is also made to Corporation bank's clarification that no such overdraft was extended by them & the Rs 7.5 crores was simply a book entry in Skylight's balance sheets.

4.Actual payment to Onkareshwar is done 6 months later.By then Vadra had sold the land to DLF & had money in his bank.This makes the sale illegal because no money changed hands at the time of registery,nullifying Vadra-Onkareshwar deal.

5.By registering a cheque which they never intended to cash,Khemka concludes,Vadra & Onkareshwar effectively lied before a public servant which is punishable with jail sentence of 7 years.

There  are two opinions on the legality issue:

1.Vadra's supporters say that sale amounts to purchase & transfer of property & payment can be made/received in the future.Since payments were made 6 months later,the seller got his consideration therefore,the transaction was legally & effectively closed.So this becomes a non issue!

2.Those opposing Vadra suggest this entire land deal to be a classic benaami deal where Vadra was simply a front for the real beneficiary,DLF which paid the consideration for the deal between Vadra's company,Skylight,&, Onkareshwar properties after 6 months,immediately after which Vadra entered into back to back agreement with it for resale at Rs 58 crores.Vadra was simply engaged to influence Haryana govt to grant land use permission for colonization process.

Everybody is entitled to an opinion but  his supporters are countered by a clear pattern emerging out of his other land deals which ominously resemble this deal.