Three Firms That Bought Land From Vadra Have Records Riddled With Holes – The Indian Express – 11-Dec-2014
December 22, 2014 - Uncategorized
Addresses that are either inaccurate or don’t exist, shareholders who cannot be traced or are clueless about the companies, a mismatch between what’s on paper and what’s on the ground — such discrepancies mark the land transactions between Robert Vadra’s firms and three of the four companies that bought nearly 200 hectares from him.
These three firms are all linked to Faridabad-based manufacturer of medical disposables Poly Medicure Ltd which is linked to the family of Congress leader and former Rajasthan Finance Minister, the late Chandan Mal Baid.
According to records, the three companies, Allegeny Finlease, Sachchiya Enterprises and VCB Trading, own 14.1%, 3.5% and 4%, respectively, in Poly Medicure. These companies, as first reported in The Indian Express on November 27, paid three to seven times the price at which Vadra companies were buying land in the same areas at around the same time.
Allegeny bought 69.5 hectares, Sachchiya 17.6 hectares and VCB Trading 53.8 hectares from the three Vadra companies Sky Light Hospitality, Sky Light Realty and Blue Breeze Trading in Bikaner’s Kolayat tehsil. The remaining land was bought by Mumbai-based PR Fonroche, a joint venture between PR Clean Energy and French Fonroche Energy.
Himanshu Baid is managing director and his father Jugal Kishore Baid is non-executive director of Poly Medicure. Jugal Kishore is the brother of the late Chandan Mal Baid. Himanshu Baid’s brother Vishal is president (sales & marketing) at Poly Medicure. While Vishal Baid owns VCB Trading with wife Shaily (65.45%, 34.55%), Allegeny and Sachchiya have 41 and 12 shareholders respectively.
The Indian Express found that none of the three companies exists at their registered addresses as mentioned in the Registrar of Companies (RoC) records. Consider the following:
Allegeny Finlease: One Risal Khan of Asaoti village, Faridabad, is one of the two directors of the company and signed the land deals with Vadra’s companies for Allegeny. When The Indian Express visited Khan’s house, he was away at work. His family and neighbours said he worked for Poly Medicure as manager.
At the Chittaranjan Park address of Allegeny in south Delhi is an office of Faridabad-based accountancy firm VRSK & Associates. VRSK partner Vineet Gupta directed queries to one Arvind (Gupta could not recall his last name) who he claimed dealt with the firm on behalf of Allegeny. He turned out to be the same Arvind named by Faridabad’s Narender Mittal & Co — auditors of VCB Trading — as the company’s point person Arvind’s number went ‘out of service’ soon after he promised to get back with details of the company.
VCB trading: Its Vasundhara Enclave address in Delhi till August 14, 2013 as per RoC records turned out to be the residence of one Sujit (he refused to share his last name), a marketing executive at Poly Medicure. He claimed he knew nothing about VCB Trading.