Robert Vadra winding up businesses after BJP takes over in Rajasthan and Haryana; closes four companies, two more closing soon

Date : Nov 7, 2014

The ministry of corporate affairs document which shows the list of Vadra’s companies . Closed companies are highlighted

Sonia Gandhi’s son-in-law Robert Vadra who launched six companies hoping to be the realty czar of Rajasthan and Haryana is now closing them one by one. Vadra’s dreams were shattered after the Congress lost power in both the states. 

The four companies Vadra has already closed include Lifeline Agrotech Private Limited, Greenwave Agro Private Limited, Rightline Agriculture Private Limited and Primetime Agro Private Limited. The two companies in the process of closing, as per the ministry of corporate affairs are Future Infra Agro Private Limited and Best Seasons Agro Private Limited. All the six companies were incorporated in 2012.

Vadra started the process of closing the companies soon after the BJP-led NDA government took over the reins of the country. dna in May this year was the first to report that Vadra was not filing financial returns of his companies since 2011 and was planning to close some of the companies. As per the ministry of corporate affairs records, all the companies were active till May this year. 

The six companies Vadra closed are apparently agro-based and may be dealing with land transactions and agricultural technology, as the name suggests, in the absence of any financial details or returns. None of these companies has filed annual returns or balance sheets since inception. Vadra holds the position of managing director in all the six companies. 

Vadra has not only started closing his companies but is also selling land in both the states fearing stringent monitoring and actions by the state and central governments. Vadra’s fortune witnessed a rise only after he started dealing in realty sector and bought huge tracts of land in Rajasthan, Haryana, Uttarakhand. However, most of his deals came under the scanner, due to alleged dubious transactions and unverified sources of money. 

For example, four of Vadra's companies — North India IT Parks Private Limited, Real Earth Estates Private Limited, Sky Light Realty Private Limited, Sky Light Hospitality Private Limited — are already under the scanner for land deals in Rajasthan, where he has reportedly bought several thousand acres of land at throwaway prices. All these companies are still active, as per government records. 

In a flurry of deals between June 2009 and August 2011, Robert Vadra purchased at least 20 plots of land collectively measuring more than 770 hectares in Rajasthan’s Bikaner district. The value of the land shot up drastically as eight months later the ministry of non-conventional and renewable energy announced the Jawaharlal Nehru National Solar Mission Policy under which huge subsidies were offered for setting up grid tight solar plants. The BJP government in the state ordered a probe. The then Rajasthan government has also allegedly changed the course of NH-15 to benefit Vadra, around which he had brought another tract of land. 

Similarly in March 2011, a controversy had erupted over Vadra using DLF money to buy land in Haryana. He had disclosed this fact in his financial statements submitted to the ministry till March 2011. However, since then, Vadra has not been filing financial statements.

According to sources, Harbans Lal Pahwa, in his 70s, who served as director of one of the companies of Vadra, many believe, was and remains instrumental in building up real estate assets of Robert Vadra in Gurgaon and elsewhere and turning Vadra’s real estate companies from Rs50 lakh capital to Rs500 crore in less than five years.

Vadra’s office did not respond to questions from dna. Telephone calls, emails and SMSes to his spokesperson Manoj Arora went unanswered.

Source And Courtsey By :- http://www.dnaindia.com/india/report-robert-vadra-closes-four-companies-two-more-closing-soon-2032480