According to official filings with the Registrar of Companies, Vadra has moved to shut down six of the 12 companies that he controls as director.
READ ALSO: Vadra made Rs 44 crore windfall gain in Haryana deal, CAG says
These companies — Lifeline Agrotech, Greenwave Agro, Rightline Agriculture, Future Infra Agro, Best Seasons Agro and Primetime Agro — have been dissolved or are in the process of being dissolved in recent months. All six have been mostly engaged in acquiring property in Rajasthan, especially cheap land.
Vadra's move coincides with the dramatic downfall of Congress in the national elections. The specific date when he started the process of winding up is not clear, but it was initiated in recent months.
Rs 33cr gain in 2012-13, Rs 2.3cr loss next year
Narendra Modi's ascent to power at the Centre, months after BJP defeated Congress in last winter's assembly polls in Rajasthan, seems to have hastened Vadra's actions. The new BJP government under Manohar Lal Khattar in Haryana too has decided to probe his suspect land deals, allegedly facilitated by the then Congress government.
The six companies, along with the other six in which Vadra is a director and are still active, have been involved in buying up large tracts of land cheap in Haryana and Rajasthan. In many of these cases, there was either change in land use from agriculture to residential or commercial after the companies acquired the land, reaping them huge profits. Where there was no land use conversion, there was allegation that Vadra had privileged information about possible new projects coming up in those areas.
Even as he reduced the number of companies controlled or owned by him, one of Vadra's companies, Sky Light Hospitality, declared an impressive Rs 33.26 crore profit in 2012-13. In 2013-14, though, the company reported a loss of Rs 2.31 crore.
READ ALSO: Action into Robert Vadra land deal after examining all complaints, Haryana chief minister says
According to the latest filings, Sky Light Hospitality has invested Rs 35 crore in Saket Courtyard for a 50% stake. Saket Courtyard owns a five-star hotel, and is jointly owned by Vadra and DLF group as per the last filing. According to reports in the past, DLF has carried out transactions in the range of over Rs 400 crore with this joint venture.
The balance sheet of Sky Light Hospitality also raises questions about the quality of the audit. Whereas the auditor says the company earned a profit in 2013-14, details show that it actually suffered a loss.
Vadra's move to wind down companies comes even as a draft report of the CAG found that Sky Light Hospitality made a windfall gain of nearly Rs 44 crore, facilitated by the then Bhupinder Hooda government in Haryana. The auditors found that the town and country planning department of the state government ignored the weak financial position of the company and allowed it to develop a commercial colony when it had just Rs 1 lakh in its kitty.
http://timesofindia.indiatimes.com/followceleb.cms?alias=Robert Vadra,Rightline Agriculture,Primetime Agro,Lifeline Agrotech,Greenwave Agro
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