CAs find holes in Vadra-DLF JV balance sheet
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The transaction involving the transfer of R150 crore of fixed assets by DLF in 2009-10 to Saket Courtyard Hospitality finds no mention in the balance sheet of the latter.
That, chartered accountants point out, is probably because Saket Courtyard Hospitality is a partnership firm, the accounts for which are not yet in the public domain. Had the transfer happened to Saket Courtyard Hospitality, it would have been reflected in that company's balance sheet. Saket Courtyard Hospitality is a 50:50 joint venture between DLF and Robert Vadra promoted-Skylight Hospitality, and was formerly known as DLF Saket Hotels.
DLF's balance sheet for 2009-10 mentions that that it invested R4 crore —- the book value — in Saket Courtyard Hospitality, a partnership firm.
The real estate major's annual report also reflects a profit/loss sharing ratio in the partnership firm Saket Courtyard Hospitality as also for Sky Light Hospitality where the ratio was 50%.
The balance sheet of Vadra's Sky Light Hospitality shows the worth of its 50% stake in the hotel project at R31.7 crore. However, it does not mention any loan from DLF for the hotel project, whereas the latter's latest annual report shows an outstanding of R132 crore from two transactions — one when it sold assets for R150 crore to Saket Courtyard and then when DLF sold the development rights to Prowess Buildcon, a 100% subsidiary of Saket Courtyard to develop an affordable housing project. The balance sheet of Saket Courtyard for 2009-10 shows a loss carried forward of R60.87 lakh compared with R 27,000 in the previous year. The loss arises from the Saket Courtyard Hospitality (Firm), which chartered accountants say could be a partnership firm.
What is also unclear now with the Corporation Bank denying that it gave an overdraft of R 7.94 crore, how did Vadra pay R15.28 crore for the 3.5 acre land which he later sold to DLF for R58 crore. As is known DLF paid an advance of R50 crore to him for this land.
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