Express Exclusive: Realty giants Jaypee, Unitech and DLF in web of firms linked to Mayawati's brother

Hotel Library Club is also the holding company of three other firms, which had a total bank balance of Rs 320 crore as of end-March 2012. One of the three subsidiaries of Hotel Library Club is Revolutionary Realtors, which earned Rs 60 crore through "speculation business" in 2011-12, and had a bank balance of Rs 54 crore as of end-March 2012.

Tamanna Developers, a subsidiary of Revolutionary Realtors, had a cash surplus of Rs 160 crore as of end-March 2012. As managing director, Anand Kumar earns an annual salary of Rs 1.2 crore each from Hotel Library Club and Revolutionary Realtors.

Real estate developer Deepak Bansal of SDS Group was one of Kumar's key business associates — a director in Hotel Library Club and in another firm owned by Kumar, called DKB Infrastructure Pvt Ltd.

Bansal, whose firms are building about 2,500 apartments in Noida and Greater Noida, is one of the two main links between Kumar's companies and the real estate giants who invested in Carnoustie.

Bansal's SDS Developers is a subsidiary of Carnoustie. Carnoustie is into hospitality, real estate, sports management and security, among other businesses. It had a net worth of about Rs 620 crore in end-March 2012.

Of this, Rs 376 crore was invested by prominent real estate developers, some of whom are business rivals. Between 2010 and 2012, these firms — DLF, Unitech, Shivalik Ventures (a Unitech company) and Omkar Realtors, among others — invested in "Class B equity" (without voting rights) at a premium of Rs 1,490 for a Rs-10 share.

The second link between Kumar and Carnoustie is a chartered accountant named Shubhendu Tewari, who was an initial director in Revolutionary Realtors and Shivanand Real Estate Pvt Ltd, both Kumar's firms.

Carnoustie has 14 subsidiaries, all of which were incorporated after 2007, the year in which Mayawati came to power. Tewari was initial director in all 14. He was also a director in Kumar's firms.

... contd.

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