BGR Energy,Oberoi Realty deny scam role

Three firms,including BGR Energy Systems Ltd and Oberoi Realty,denied their involvement in the housing loan scam.

Three firms,including Chennai-based manufacturer of capital goods BGR Energy Systems Ltd and real estate major Oberoi Realty,today denied their involvement in the recently-exposed housing loan scam.

“There have been reports in print and electronic media indicating some connection (of ours) with bribery/illegal gratification scandal involving LIC Housing Finance Ltd and some PSU banks. We strongly deny any connection whatsoever with the said scandal and reports to the contrary are absolutely false,defamatory,malicious and illegal,” BGR Energy Systems said in a filing to the Bombay Stock Exchange.

It said the working capital loan sanctioned to it was done by a consortium of banks in which Bank of India was a participating bank.

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“The loan was syndicated by IDBI Bank,who is also the leader of the consortium. Working capital loan to the extent of Rs 500 crore was sanctioned by Bank of India vide sanction letter dated October 14,2008,” BGR Energy Systems said.

Stating that it has not dealt with Money Matters India,one of the companies on CBI radar,the manufacturing firm said it has replied to the central investigation agency’s Economic Offences Wing to clarify its position.

Meanwhile,Oberoi Realty also put out a statement,denying involvement in any wrongdoing.

“Oberoi Realty has not taken any loan from LIC,LIC Housing Finance Ltd,Bank of India,Central Bank of India and Punjab National Bank…Oberoi Realty has never dealt with Money Matters for any transaction whatsoever,” it said.

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It added that the firm is a zero debt company and has currently no loan understanding with any bank or financial institution.

Mining and mineral firm Ashapura Minechem also gave a release of a similar tone.

“Ashapura Minechem Ltd has no interests in the real estate business…has not availed any loans for the last two years from any banks or public sector financial institutions in its normal course of business,” it said in a filing to the BSE.

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