background...background 1. indiabulls housing finance company limited (ibhl) is a nbfc and currently...

BACKGROUND

1. Indiabulls Housing Finance Company Limited (IBHL) is a NBFC and currently engaged in theBusiness of lending Money. IBHL was promoted by Mr. Sameer Gehlaut, Rajiv Rattan andSaurabh Kumar Mittal. Indiabulls started its journey from seed funding from L N Mittal.Currently, the promoter of the company is Mr. Sameer Gehlaut. The family of SameerGehlaut includes the following:

Sn

Name Relationship Remarks

a) Divya Gehlaut Spouse

b) Narendra Gehlaut Brother MD of Indiabulls Real Estate

c) Jyoti Mirdha Gehlaut Sister in Law MP from Nagaur on congressTicket

d) Hemsweta Mirdha Hooda Sister of Jyoti

e) Deepender Hooda Spouse ofHemsweta

Son of Bhupinder Hooda congress

f) Balwan Singh Gahlawat Father mining business

g) Krishna Gahlawat Mother

h) Prem Prakash Mirdha Father in law ofNG

2. The source of money is raising money from bank, financial institution and public. A synopsisof IBHL (Consolidated) is tabulated as under:

Rs in croresSn

Particulars Amount Remarks Source

a) Net Worth 12,891 Annual report 2017-18.(Annexure 1)b) Borrowing from Bank/FI 87465 Bank- 30,065

NCD – 37,805CP – 12,455Sub – 4,321ECB – 2,819

c) Advances 93,158 Secured advance – 93,011unsecured – 146.29

ADVANCES – YES BANK PROMOTERS

3. Yes Bank Limited is promoted by Mr. Rana Kapoor. Wife of Rana Kapoor is Mrs. Bindu RanaKapoor. IBHFL has advanced loan to companies in which Mrs. Bindu Rana Kapoor hasinterest:

Sn Name of the Company Address Amount in

Crores

Remarks

a) Rab Enterprises (India)Private Limited

15th Floor, Tower 2a, OneIndiabulls Centre SenapatiBapat Marg, Lower Parel

Mumbai City 400013

735.00 owned by BinduRana Kapoor

b) Bliss Abode PrivateLimited

40, Amrita Shergill MargNew Delhi DL 110003 IN

375.00 Owned by RabEnterprises

c) Imagine Realty PrivateLimited

15th Floor, Tower 2a, OneIndiabulls Centre SenapatiBapat Marg, Lower Parel

Mumbai City 400013

225.00 100% subsidiaryof RabEnterprises

d) Bliss Habitat PrivateLimited

-do- 200.00 100% subsidiaryof RabEnterprises

e) Morgan Credits PrivateLimited

-do- 400.00 Owned by radha,rakhee androshni (loan since paidin 2017-18 out ofdebenture issueto reliancemutual fund of600 crores)

f) Doit Creations (India)Private Limited

-do- 174.00 Subsidiary ofMorgan credit(loan paid byinfusion fromMorgan)

g) Doit Urban Ventures(India) Private Limited

-do- 30.00 Owned byMorgan credits

h) Total 0

Following serious irregularity/fraud/scam is being observed:a. Charge not filed with MCA for any of the above company.b. Mr. Sameer Gehlaut served the board of Bliss Agri And Eco Tourism Private Limited a

company owned and controlled by Bindu Rana Kapoor from 14 May 2010 to 02 Aug2013. It is interesting to note that Yes Bank Limited has advanced loan to all the groupcompanies of Indiabulls as under:

Sn

Name Of TheCompany

09-10

10-11

11-12

12-13

13-14

14-15

15-16

16-17

17-18

18-19

1. Indiabulls RealEstateLimited

yes Yes Yes

1. IndiabullsHousing FinanceLtd.

50 50 Yes Yes Yes Yes 750

2. Indiabulls InfraestateLimited

Yes

3. Indiabulls Consumer Finance Limited(Formely Ivl Finance Limited)

1000

1100

4. Indiabulls Ventures Limited

50

5. Indiabulls Distribution Services Limited

0.12

6. Airmid Aviation Services Limited

245

7. Tupelo Constructions Private Limited

85 250

8. Tupelo Land Development Private Limited

125 250

9. Paidia Conconnection Private Limited

203 120

85

10. Chakrika Properties PrivateLimited

200

11. Gomini PropertiesPrivate Limited

200

115

12. Viswamukha Properties PrivateLimited

170

13. Paidia Softinfo Private Limited

100

50

14. Keysha Mining Private Limited

190

15. Bobinar Infrastructure Private Limited

310

c. Concealment of facts by not disclosing the loan as per the requirement of law in currentannual report (17-18) of group companies of Bindu Rana Kapoor.

d. No regular repayment specified on loan received from Indiabulls. Only bullet payment onterminal date is envisaged on loan amount which is not a routine practice.

https://www.zaubacorp.comcompany/INDIABULLS-VENTURES-LIMITED/L74999DL1995PLC069631

https://www.zaubacorp.comcompany/INDIABULLS-VENTURES-LIMITED/L74999DL1995PLC069631

https://www.zaubacorp.comcompany/BOBINAR-INFRASTRUCTURE-PRIVATE-LIMITED/U70109HR2016PTC078001



https://www.zaubacorp.comcompany/KEYSHA-MINING-PRIVATE-LIMITED/U14200HR2011PTC078779

https://www.zaubacorp.comcompany/KEYSHA-MINING-PRIVATE-LIMITED/U14200HR2011PTC078779

https://www.zaubacorp.comcompany/PAIDIA-SOFTINFO-PRIVATE-LIMITED/U72900HR2011PTC078009

https://www.zaubacorp.comcompany/PAIDIA-SOFTINFO-PRIVATE-LIMITED/U72900HR2011PTC078009

https://www.zaubacorp.comcompany/VISWAMUKHA-PROPERTIES-PRIVATE-LIMITED/U70102HR2014PTC078283



https://www.zaubacorp.comcompany/GOMINI-PROPERTIES-PRIVATE-LIMITED/U70102HR2014PTC078208

https://www.zaubacorp.comcompany/GOMINI-PROPERTIES-PRIVATE-LIMITED/U70102HR2014PTC078208

https://www.zaubacorp.comcompany/CHAKRIKA-PROPERTIES-PRIVATE-LIMITED/U70102HR2014PTC078003



https://www.zaubacorp.comcompany/PAIDIA-CONCONNECTION-PRIVATE-LIMITED/U72200HR2011PTC078278



https://www.zaubacorp.comcompany/TUPELO-LAND-DEVELOPMENT-PRIVATE-LIMITED/U70109HR2012PTC078282



https://www.zaubacorp.comcompany/TUPELO-CONSTRUCTIONS-PRIVATE-LIMITED/U70200HR2012PTC078281



https://www.zaubacorp.comcompany/AIRMID-AVIATION-SERVICES-LIMITED/U62200DL2007PLC166080

https://www.zaubacorp.comcompany/AIRMID-AVIATION-SERVICES-LIMITED/U62200DL2007PLC166080

https://www.zaubacorp.comcompany/INDIABULLS-DISTRIBUTION-SERVICES-LIMITED/U74999DL2009PLC191143



e. The money was actually used as under:

Sn Name of the Company Remarks

a) Imagine Realty PrivateLimited

Invested in flat build by indiabulls infraestate pvtltd by name indiabulls blue 2014-15, Yes Bankgave Loan to same party.

b) Rab Enterprises (India)Private Limited

Investment in JBCN School mumbai, Hans hotelDelhi.Investment in Awfis space sharing and otherbusiness interest on Bindu Rana Kapoor, wife ofRana Kapoor.Invested in flat build by Satellite Group 2014-15,Indiabulls gave Loan to same party SatelliteGroup.

c) Bliss Habitat Private Limited Invested in flat build by indiabulls infraestate pvtltd

d) Doit Creations (India) PrivateLimited

Invested in Press 2 Dryclean, Education, IndianScholl of design and innovation, media by nameDOIT media etc

e) Morgan Credits PrivateLimited

The loan of Indiabulls has been paid by fundingfrom Reliance Mutual fund, whereas deliberatelyhidden their name.Used for acquisition of shares of Yes Bank andother business venture by the name Ravi.

f) Doit Urban Ventures (India)Private Limited

Subsidiary of Rab Enterprises (india) PrivateLimited which holds interest in other companiesshares transferred to Morgan credits.Loan taken on mortage of property held byImagine realty, which is already mortgaged. Invested in Awfis, Best Foodwork, NelsonPlanning and design, Ncube planning anddesiogn, and other business interest. The loanhas since been repaid out of equity infusion fromRAB/Morgan.

g) Bliss Abode Private Limited Purchased whopping property at Rs 400 crores.

f. A pictorial graph showing the transaction is as under:

ADVANCES – AMERICORP GROUP

4. Americorp Group is promoted by a NRI Gentlemen, Mr. Harish Fabiani based out of MadridSpain. IBHL has advanced following loan to company belonging to Americorp Group:

Sn Name Of The Company Address Amount in

Crores

a) Transpacific BusinessServices Private Limited

1607 16th Floor, Lodha Supremus, Opp.Kamala Mills Compound, Senapati BapatMarg, Lower Parel Mumbai Mumbai City MH400013 IN

30.00

b) Americorp BusinessServices Private Limited

Do- 30.00

c) Americorp CapitalPrivateLimited

Do- 40.00

d) Chennai Business ParkPrivate Limited

New No. 57, Second Floor, Bazullah Road,T. Nagar Chennai Chennai TN 600017 IN

30.00

e) Total 0

. Jasol Investment and trading Private Limited (Jasol), a company has invested in followingcompanies of Indiabulls:

Sn

Name of the Company Amount incrores

a) Indiabulls Housing Finance CoLimited

22.83

b) Indiabulls Real Estate Co Limited 62.28c) Indiabulls venture Limited 19.73d) Myrina Builders Private Limited 31.00e) Total 0

Besides, Jasol has also invested a sum of Rs 25 crores in Avinash Bhosle InfrastructurePrivate Limited. Details of Avinash Bhosle discussed subsequently

Further, M/s IPHITO Real Estate Private Limited has also received Rs 44 crores fromJoindre Finance Private Limited which belongs to Americorp Fund as on 31 Mar 2018which is a Round tripping transaction and Quid pro Quo.

All the transaction appears to be a round tripping transaction where Indiabulls Housing isfunding the company of promoters through Americorp. A simple line diagram is as under:

ADVANCES – PROMOTER GROUP

5. The material irregularities observed in the group company promoted byIndiabulls/Sameer Gehlaut are as under:

1. Emu Realcon Private Limited

A 100% step down subsidiary of M/s Mugwort Real Estate Limited (Mugwort)through, M/s EMU Construction Private Limited. Mugwort is 100% owned bySameer Gehlaut.

The shareholding of EMU Construction in Emu Realcon was transferred in 17-18to Cleta Buildtech Pvt Ltd, a 100% subsidiary of Inuus Land Devlopment Pvt Ltd(Inuus). Inuus Land is 100% owned by Mr. Sameer Gehlaut.

The company has received huge preference share capital from followingcompanies:

Sn

Name of the Company Amount inCrores

1. Cotys Buildcon Private Limited 22.00

2. Malayeka Builders & Developers Private Limited

22.00

3. Naja Builders & Developers Private Limited 22.00

4. Total 0

It is very surprising to note that all the above company belongs to DLF Group. Allthe above company has received huge loan from IBHL. Loan by one of thecompany M/s Naja Builders & Developers Private Limited is still outstanding. Thesecurity documents for loan from IBHL has intentionally not been filed by IBHL withMCA to hide the misadventure of Mr. Sameer Gehlaut.

Also, it may be treated as the kickback of Sameer Gehlaut by DLF group foradvancing various questionable loan to DLF Group as discussed subsequently inthe Section Advances to DLF Group.

A flow of transaction is tabulated hereunder:

Further, the investment by EMU Realcon Private Limited is in the form ofCompulsory Convertible Debenture (CCD). The terms of CCD are contrary innature. The name of the instrument is Compulsory Convertible Debentures,which has no interest/ insignificant interest, whereas the detailed terms saysthe Compulsory Convertible Debentures are convertible at the option of theholder. This shows that the money is being moved from one company toother under the garb of Compulsory Convertible Debentures, escaping theinterest provisions on the said debentures, thereby leading to huge loss togovernment exchequer.

2. Galax Minerals Private Limited

The company is 100% owned directly by Mr. Sameer Gehlaut, promoters of IBHL. The capital structure along with deployment is graphically presented hereunder:

The loan from Reliance Corporate Advisors Private Limited is in the form ofdebentures carrying 0.01% interest per annum, and is secured by hypothecation ofcurrent assets. No Current asset/significant is available in books of Galax MineralsPrivate Limited except for investment which is not charged. The security is just aneye wash. The transaction is round tripping and accommodation entry.

The fund invested by Myrina Real Estate Pvt Limited is from the following sources:

Sn

Name of theCompany

Instrument/Mode

INR inCrores

(31 Mar2018)

Relationship Remarks

a) KarkinosConstructionPrivateLimited

0.01%Debentures

847.13 100% subsidiaryof EMUConstruction PvtLtd.

Details insubsequentpara

b) EMUConstructionPrivateLimited

0.01%Debentures

56.39

c) PaidiaConconnection PrivateLimited

Mobilisation advance

114.25 100% subsidiaryof SG AdvisoryServices Pvt Ltdwhich is 100%owned bySameer Gehlaut

Factsconcealed asthere in nobusinessactivity of thecompany,receipts ofmobilisation

advance isjust anaccommodation entry toavoidincidence ofinterest.

d) Total 0

The investment by IPHITO Real Estate Private Limited is from Joindre FinancePrivate Limited which belongs to Belongs to Americorp Fund aggregating to Rs 44crores as on 31 Mar 2018 which is a Round tripping transaction and Quid pro Quo.Refer loan to Americorp Group above.

Further, the investment along with issuance of debentures by Galax MineralsPrivate Limited is in the form of Compulsory Convertible Debenture (CCD). Theterms of CCD are contrary in nature. The name of the instrument isCompulsory Convertible Debentures, which has no interest/ insignificantinterest, whereas the detailed terms says the Compulsory ConvertibleDebentures are convertible at the option of the holder. This shows that themoney is being moved from one company to other under the garb ofCompulsory Convertible Debentures, escaping the interest provisions on thesaid debentures, thereby leading to huge loss to government exchequer.

3. KARKINOS CONSTRUCTIONS PRIVATE LIMITED

The company is 100% owned by EMU Construction Pvt Ltd, which is 100%subsidiary of Mugwort Real Estate Limited. Mugwort is 100% owned by SameerGehlaut.

The company received an astonishing sum of Rs 200 crores from M/s AgnesDevelopers Private Limited, a company owned by Vatika Group.

Further, Agnes Developers Private Limited has also received loan from IBHL, forwhich no charge/record was filed with MCA. It is clearly evident that thetransaction is Quid-pro-quo.

A sum of Rs 740 crores has been recorded as Security Deposit in FY 16-17 by thecompany under the head Long Term Loan, which is a wrong classification anddeparture from accounting standard and company act requirement. The companyhas no/insignificant asset except for investments. Security Deposit of such amountis purely an accommodation entry to avoid disclosure of terms of loan and interestincidence.

The illicit money has been utilised to purchase the shares of Indiabulls real estatethrough Myrina Real Estate Private Limited for benefitting Mr. Sameer Gehlaut.

Further, the investment of debentures by Karkinos Construction Private Limited isin the form of Compulsory Convertible Debenture (CCD). The terms of CCD arecontrary in nature. The name of the instrument is Compulsory ConvertibleDebentures, which has no interest/ insignificant interest, whereas thedetailed terms says the Compulsory Convertible Debentures are convertibleat the option of the holder. This shows that the money is being moved fromone company to other under the garb of Compulsory ConvertibleDebentures, escaping the interest provisions on the said debentures,thereby leading to huge loss to government exchequer.

4. INDIA BEST BUY PRIVATE LIMITED

The company is owned by Divya S Gehlaut, Spouse of Sameer Gehlaut. The company received an astonishing sum of Rs 200 crores from M/s Agnes

Developers Private Limited, a company owned by Vatika Group. The amount istowards subscription to Debentures. The Security mentioned is trade receivable ofIndia Best Buy, whereas there are no trade receivables in the Company. A copy ofthe Deed of Hypothecation and balance sheet is enclosed herewith

Further, Agnes Developers Private Limited has also received loan from IBHL, forwhich no charge was filed.

The Amount of Rs 200 crores received by Agnes Developers was in the form ofDebentures, which was paid off in 2017-18 by infusion of fresh debentures fromReliance Capital Limited. The Debenture subscribed by Reliance capital is onsecurity of trade receivable, which is not present in the company. The transactionmay be categorised as an accommodation as Group companies of Reliance hasreceived a large sum from IBHL in the form of loan as discussed earlier.

Further, the money raised by illicit means has been utilised to subscribepreference shares of M/s Karanbhumi Estates Private Limited (Company 100%owned by Sameer Gehlaut) aggregating to Rs 602.30 crores at a premium of Rs

990 per shares, which in turn has been utilised to purchase shares of IndiabullsReal Estate Limited through its 100% subsidiary M/s Kritikka Infrastructure PrivateLimited. Also a sum of Rs 160 crores has been utilised to invest in equity shares ofIndiabulls Pharmaceuticals Pvt Ltd.

It is further very surpising to notice that a sum of Rs 7.43 crores has been utilisedto pay to M/s Infracon Private Limited, the address of the company as per MCA is87 BANGUR AVENUEBLOCK C KOLKATA WB 700055. The company has neverfiled any return with MCA and actually is a shell company. MCA has strike off thename of the company.

More to add, entries of Rs 6.45 crores, Rs 39.97 crores and Rs 45 crores in theform of investment in debentures is appearing in the audited financial with noname. copy of the audited financial enclosed herewith.

Further, the investment along with issuance of debentures by India Best Buy PrivateLimited is in the form of Compulsory Convertible Debenture (CCD). The terms ofCCD are contrary in nature. The name of the instrument is CompulsoryConvertible Debentures, which has no interest/ insignificant interest, whereasthe detailed terms says the Compulsory Convertible Debentures are convertibleat the option of the holder. This shows that the money is being moved from onecompany to other under the garb of Compulsory Convertible Debentures,escaping the interest provisions on the said debentures, thereby leading tohuge loss to government exchequer.

5. Myrina Real Estate Private Limited

The company is 100% subsidiary of EMU Construction Private Limited. EMU isowned by Mr. Sameer Gehlaut through Mugwort Real Estate Limited, promoters ofIBHL.

The capital structure along with deployment is graphically presented hereunder:

IBHL has advanced loan to Americorp Group as discussed in Section Advances toAmericorp above. The debenture subscribed by Jasol Investment and tradingPrivate limited is a round-tripping transaction from IBHL to the promoter companyby utilising Americorp.

Round tripping transaction is clearly visible with Reliance / Yes Bank Group. Huge investment in Indiabulls housing and Indiabulls real estate made out of the

illicit means as can be seen from the flowchart above. Mobilisation advance as per the meaning means, an amount advanced by the

Contractee to the Contractor for mobilising the resources for execution ofthe work. Interestingly, the company has no work history in the past and thecompany does not have any resources in the financial statement. Also, themobilisation advance is pending since long. Above all, the same is shown asLong Term Borrowing in the financial statement, which is a materialdeparture from accounting norms. The transaction appears to be a shamtransaction or accommodation entry to avoid levy of interest or to avoiddisclosure of name in the financial statement.

Interestingly, the terms of CCD issued by Myrina to all its debenture holderhas a contrary term. The name of the instrument is Compulsory ConvertibleDebentures, which has no interest/ insignificant interest, whereas thedetailed terms says the Compulsory Convertible Debentures are convertibleat the option of the holder. This shows that the money is being moved fromone company to other under the garb of Compulsory ConvertibleDebentures, escaping the interest provisions on the said debentures,thereby leading to huge loss to government exchequer.

6. Myrina Builders Private Limited

The company is 100% subsidiary of EMU Construction Private Limited. EMU isowned by Mr. Sameer Gehlaut through Mugwort Real Estate Limited, promoters ofIBHL.

The capital structure along with deployment is graphically presented hereunder:

IBHL has advanced loan to Americorp Group as discussed in Section Advances toAmericorp above. The debenture subscribed by Jasol Investment and tradingPrivate limited is a round-tripping transaction from IBHL to the promoter companyby utilising Americorp.

The section for Karkinos and India best buy has been discussed in details above. Further, the investment along with issuance of debentures by Myrina Builders

Private Limited is in the form of Compulsory Convertible Debenture (CCD). Theterms of CCD are contrary in nature. The name of the instrument isCompulsory Convertible Debentures, which has no interest/ insignificantinterest, whereas the detailed terms says the Compulsory ConvertibleDebentures are convertible at the option of the holder. This shows that themoney is being moved from one company to other under the garb ofCompulsory Convertible Debentures, escaping the interest provisions on thesaid debentures, thereby leading to huge loss to government exchequer.

7. Karanbhumi Estate Private Limited

The company is 100% owned by Mr. Sameer Gehlaut directly. The capital structure along with deployment is graphically presented hereunder:

Further, the investment of debentures by Karanbhumi Estate Pvt Ltd is in the form ofCompulsory Convertible Debenture (CCD). The terms of CCD are contrary innature. The name of the instrument is Compulsory Convertible Debentures,which has no interest/ insignificant interest, whereas the detailed terms says theCompulsory Convertible Debentures are convertible at the option of the holder.This shows that the money is being moved from one company to other underthe garb of Compulsory Convertible Debentures, escaping the interestprovisions on the said debentures, thereby leading to huge loss to governmentexchequer.

8. Meru Minerals Private Limited


IBHL has advanced loan to Reliance ADAG Group as discussed in SectionAdvances to Reliance ADAG above. The debenture subscribed by RelianceCorporate Advisors Pvt Ltd (Reliance Spot Exchange Pvt Ltd) is a round-trippingtransaction from IBHL to the promoter company by utilising Reliance ADAG.

The amount raised from various illicit sources have been utilised for purchasingthe shares of Indiabulls Real Estate.

Further, the investment along with issuance of debentures by Meru MineralsPrivate Limited is in the form of Compulsory Convertible Debenture (CCD). Theterms of CCD are contrary in nature. The name of the instrument isCompulsory Convertible Debentures, which has no interest/ insignificantinterest, whereas the detailed terms says the Compulsory ConvertibleDebentures are convertible at the option of the holder. This shows that themoney is being moved from one company to other under the garb ofCompulsory Convertible Debentures, escaping the interest provisions on thesaid debentures, thereby leading to huge loss to government exchequer.

9. Mugwort Real Estate Private Limited


Mobilisation advance as per the meaning means, an amount advanced by theContractee to the Contractor for mobilising the resources for execution ofthe work. Interestingly, the company has no work history in the past and thecompany does not have any resources in the financial statement. Also, themobilisation advance is pending since long. Above all, the same is shown asLong Term Borrowing in the financial statement, which is a materialdeparture from accounting norms. The transaction appears to be a shamtransaction or accommodation entry to avoid levy of interest or to avoiddisclosure of name in the financial statement.

10. Indiabulls Distribution Services Limited

1. The Company is 100% owned by Indiabulls Venture Limited (Listed Company),which is promoted by Sameer Gehlaut holding substantial shares directly orthrough group companies.

2. The 100% subsidiary of the company area. Indiabulls Consumer Finance Limitedb. Pushpanjli Finsolutions Limitedc. Astilbe Builders Limitedd. Astraea Constructions Limitede. Silenus Buildtech Limitedf. Auxesia Soft Solutions Limitedg. Indiabulls Commodities Limitedh. Indiabulls Alternate Investments Limited

3. The KMP of the Company are Sameer Gehlaut and Gangan Banga (CEO/MD ofIBHL).

4. The company has received large unsecured loan (around Rs 100 crores) fromIndiabulls Housing Finance Company Limited, no charge filed by the company.The loan is subsisting in the books of IBHL for FY 17-18. No disclosure of related

party in the annual accounts of either the company or IBHL.5. The Subsidiary of the company Indiabulls Consumer Finance Limited has received

large loan from Yes Bank Limited.11. Indiabulls Infraestate Limited

The Company is 100% owned by Indiabulls Real Estate Limited (Listed Company),which is promoted by Sameer/Narender Gehlaut holding substantial sharesdirectly or through group companies.

The company is undertaking project in Mumbai and have received substantialfunding from ILFS private equity and Cyprus routed Little fairy limited in the form ofdebentures. The debentures got converted to equity at a huge premium of Rs89,818 per shares.

The company has raised funds of Rs 1000 crores from Birla Mutual fund, whichhas since been repaid and a new fund of 750 crores is envisaged.

IBHL has given unsecured loan to the company and the same has not beendisclosed in the annual report.

High profile person viz. Company promoted by Bindu Rana Kapoor, Gagan BangaCEO of IBHL, Saket Bahuguna, Sameer Gehlaut and other political persons haveprebooked the flat.

12. Indiabulls Properties Limited

The Company is owned by M Holdco1 Limited, Navilith Holding Ltd 100% ofIndiabulls Real Estate Limited (Listed Company), which is promoted bySameer/Narender Gehlaut holding substantial shares directly or through groupcompanies.

The company has received huge unsecured loan from IBHL. No disclosure in theannual report. Also no charge filed with MCA.

13. Selene Constructions Limited


Company has received unsecured loan during 2017-18, the same was notreported in annual accounts as related party transaction. No charge filed withMCA.

The company is also beneficiary during land allotment by HUDCO by thanHaryana Congress Government. The company has been given licence to develop22.062 acres of land vide various licence in Sector 103, Gurugram as per thedetails as under:

Sn Licence no Area (Acres)

a) -- 0.94

b) 252 of 2007 17.08

c) 50 of 2011 1.95625

d) 63 of 2012 3.03

e) Total 0

There is difference in the data of total allotment as per the approved developmentplan vis-à-vis data of town and country planning. The first allotment has not beenconsidered.

Further, the land is co-developed by Vindhyachal Land Development Pvt Ltd

14. Airmid Developers Ltd

The company is operated from the address M - 62 & 63, First Floor ConnaughtPlace New Delhi DL 110001 IN and is wholly owned subsidiary of Indiabulls Real

Estate Limited. One of the director of the company is Mr. Prem Prakash Mirdha. The company is beneficiary during land allotment by HUDCO by than Haryana

Congress Government. The company has been given licence to develop 24.1acres of land vide licence no 80 in Sector 106, Gurugram.

15. Selene Estate Limited

The Company is 100% owned by Indiabulls Real Estate Limited (Listed Company),which is 2promoted by Sameer/Narender Gehlaut holding substantial sharesdirectly or through group companies. The entire shareholding was transferred toOzone Retail Devlopment Pvt Ltd in 2017-18.


16. Lucina Land Development Limited


Company has received unsecured loan from Indiabulls Housing Finance Limitedduring 2017-18, the same was not reported in annual accounts as related partytransaction. No charge filed with MCA.

17. Varali Properties Limited



Income tax s/earch was conducted in 2016-17, which was preferred before Incometax settlement commission.

18. Athena Infrastructure Limited


Company has received unsecured loan ~Rs 180 crores during 2017-18, the samewas not reported in annual accounts as related party transaction. No charge filedwith MCA.

Income tax search was conducted in 2016-17, which was preferred before Incometax settlement commission.

The company is also beneficiary during land allotment by HUDCO by thanHaryana Congress Government. The company has been given licence to develop19.86 acres of land vide various licence in Sector 110, Gurugram as per the detailsas under:


a) 213 of 2007 15.6

b) 10 of 2011 1.0

c) 64 of 2012 3.26

d) Total 0

19. Eternal Projects Private Limited

The company is operated from the address 296, FOREST LANE NEB SARAI

NEW DELHI. An address belonging to most of the promoter companies ofIndiabulls. The former director is the father and mother of Mr. Sameer Gehlaut viz.Mr. Balwan Singh Gahlawat and Krishna Gahlawat.

The company is beneficiary during land allotment by HUDCO by than HaryanaCongress Government. The company has been given licence to develop 5.88acres of land vide various licence in Sector 105, Gurugram as per the details asunder:


e) 155 5.88

20. Juventus Estate Limited



The company is also beneficiary during land allotment by HUDCO by thanHaryana Congress Government. The company has been given licence to develop34.0229 acres of land vide licence no 246 of 2004 dated 29 Oct 2007 in Sector104, Gurugram.

The company is also beneficiary during land allotment by HUDCO by thanHaryana Congress Government. The company has been given licence to develop34.0229 acres of land vide various licence in Sector 104, Gurugram as per thedetails as under:


f) 246 of 2007 10.72

g) 56 of 2011 10.16

h) 37 of 2012 4

i) 66 of 2012 1.28

j) 67 of 2012 2.5

k) 43 of 2014 3.39

l) 44 of 2014 1.96

m) Total 0

Income tax search has also been initiated on the said company in the past.

21. Sylvanus Properties Limited


The company is also beneficiary during land allotment by HUDCO by thanHaryana Congress Government. Income tax search has also been initiated.

Company has received unsecured loan during 2017-18, the same was notreported in annual accounts as related party transaction. No charge filed with MCA

22. Ibull Sales Limited

The Company is 100% owned by Indiabulls Housing Finance Limited (ListedCompany), which is promoted by Sameer Gehlaut holding substantial sharesdirectly or through group companies.

The company has paid a whopping brokerage of Rs 12.50 crores to Indiabulls

housing. No such disclosure is made in annual report of either parties. The accounting is

done only to inflate the revenue of listed company.

23. Priapus Developers Private Limited

The company is promoted by Mr. Rajiv Rattan, who is the former promoter ofIndiabulls.

The company received a loan of Rs 190 crores in Mar 2016 against pledge ofshares of Indiabulls Housing (which is conflict). Whereas charge filed for the samewith MCA is towards book debt. No book debt is there in the company.

Further, the company has gifted shares of Rs 346 crores as per note 14 ofthe audited financial statement and booked loss.

24. Indiabulls Real Estate Company Private Limited

The Company is owned by M Holdco1 Limited, Navilith Holding Ltd 100% ofIndiabulls Real Estate Limited (Listed Company), which is promoted bySameer/Narender Gehlaut holding substantial shares directly or through groupcompanies.

The company has received huge unsecured loan from IBHL. No disclosure in theannual report. Also no charge filed with MCA. The loan given in the company isbeing used as evergreening tool for existing bank exposure in the company,

Besides Indiabulls Housing finance, Indiabulls real estate Company Limited has advancedhefty loans to following companies:

Sn

CompanyAddress

1. Indiabulls Estate Limited M-62 & 63, FIRST FLOOR CONNAUGHT PLACE NEW DELHI Central Delhi DL 110001 IN

2. Iinfc Limited 90/A-207, Khasra No. 412, Ground Floor Mahipalpur Extension New Dellhi South West Delhi DL 110037 IN

3. Elena Power And Infrastructure Limited

A-49, Ground Floor Road No. 4, Mahipalpur New Delhi South West Delhi DL 110037 IN

4. IIC Limited 90/A-207, Khasra No. 412, Ground Floor Mahipalpur Extension New Dellhi South West Delhi DL 110037 IN

5. Ashkit Properties Limited M - 62 & 63, First Floor Connaught Place New Delhi Central Delhi DL 110001 IN

6. Sepset Real Estate Limited

M-62 & 63 First Floor, Connaught Place New Delhi Central Delhi DL 110001 IN

7. Airmid Developers Limited


8. Tapir Constructions Limited


9. Makala Infrastructure Limited

Indiabulls Finance Centre, Tower - 1, 15thFloor CS 612/613, S. B. Marg, Elphinstone (W) Mumbai Mumbai City MH400013 IN

10. Indiabulls Infrastructure Limited

PLOT NO.14, 3RD MAIN ROAD, AMBATTUR INDUSTRIAL ESTATE, AMBATTUR Chennai TN 600058 IN

11. Kenneth Builders And Developers Limited


12. Indiabulls Cseb BhaiyathanPower Limited


13. Poena Power Development Limited


14. Indiabulls Realtech Limited

A-150-151, Ground Floor, K.H. No. 407, ABlock, Mahipalpur Extension New Delhi South West Delhi DL 110037 IN

ADVANCES – ABIL Group (Avinash Bhosle)

6. IBHFL has advanced following loan:

Sn

Name of theCompany

Address Amount in

crores

a) NIBODH REALTY LLP

ABIL HOUSE, 2, RANGE HILLCORNER, GANESHKHIND ROAD,PUNE Pune MH 411007 IN

275.38 Includesunsecuredloan of 43

Croresfrom

Indiabullscommercial credit

b) Arindam Developers Llp

-do- 87.00

c) BLUERAYS DEVELOPERS LLP

-d0- 300.00

d) ADHITA REALTY PRIVATE LIMITED

-do- 36.00

e) Abil Constructions Llp -do- 53.25

f) NISHAD REALTY LLP

-do- 24.00

g) ABIL INFRAVENTURES LLP

-do- 48.41

h) Avinash Bhosle Infrastructure Pvt Ltd

-do- 33.50

i) Amrit Properties -do- 35.00

j) Total 0

Following serious irregularity/fraud/scam is being observed:

a. All the LLP is using the common e-mail [email protected] .b. Charge not filed with MCA for AC realty space LLP and Built to live realty LLP. Further

charges filed for remaining company. The charges filed for other companies shows thatthey have hypothecated an upcoming project development with M/s Adhita Realty PrivateLimited situated at Worli Mumbai with carpet area 900.34 Sq Mts that too the land ownedby M/s Ram Urban Infrastructure Limited.

c. The money was actually used as under:

Sn Name of the Company Remarksa) NIBODH REALTY LLP Amount of Rs 189.50 crores utilised for

investment in debenture. Loan to others Rs 50 crores (names not

disclosed) Avinash Bhosle balance - Rs 87.56 crores Charge not registered with MCA. Loan from Indiabulls is being used to lend

further. Repayment of loan from Indiabulls to bemade after 60 months in one bullet.

b) Arindam Developers Llp Charge not filed. Huge consultancy income given.

c) BLUERAYS DEVELOPERS LLP

Money siphoned by the promoters of ABIL. Balancesheet showing huge debit balance of partners inLLP.

d) ADHITA REALTY PRIVATE LIMITED

Money utilised for investment in Partnership firmABIL Propcon in 16-17 and again the amount gottransferred towards advance on property in 17-18. Itis surprising to see that repayment tenure of loan isbullet payment after 60 months. Copy of annualreport enclosed.No asset shown in balance sheet on which loan hasbeen granted. Deed of hypothecation enclosedherewith.

e) Abil Constructions Llp Amount given towards advance for property. Hugedebit balance of partners.

f) ABIL INFRAVENTURES LLP

Amount given towards advance for property sincelong – Rs 44.72 crores. Huge debit balance ofpartners Rs 4.87 crores.

Interesting to note that Avinash Bhosle is Father in Law of viswajeet Kadam,congress pune candidate and son of Patangrao Kadam, former State ForestMinister of Maharastra.

Avinash bhosle was once an auto rickshaw driver and currently governmentcontractor and realtor. Avinash bhosle owns a fleet of luxury cars having hugepolitical connections. He has been arrested by Director of revenue intelligence in2007. He is also known as big political broker. Mr. Abil is also known to very closeto Ajit Pawar.

mailto:[email protected]

ADVANCES – Chordia Group

7. IBHFL has advanced following loan to Chordia Group:Sn Name of the

CompanyAddress Year Amou

nt incrores

Currentstatus

a) Ac Realty SpacesLlp

Solitaire World, Level 8, S.No. 36/1/1, Opp. Regency

Classic,Mumbai - BangaloreHighw ay, Baner Pune Pune

MH 411045 IN

17-18 19.50 as on 31Mar 2018

b) Built To Live RealtyLlp

- Do - 17-18 450 since paidfrom freshborrowing inMahalunge

c) Mahalunge LandDevelopers Llp

- Do - 17-18 740 as on 31Mar 2018

d) - 0

Following serious irregularity/fraud/scam is being observed:

a. All the LLP is using the common e-mail [email protected]. Built to live realty LLP paid Rs 50 crores to Indiabulls real estate Limited as professional

income whereas no disclosure by Built to live realty LLP in annual accounts. Copy ofannual accounts enclosed herewith.

c. Concealment of facts by not disclosing the loan in annual report of Built to Live RealtyLLP.

d. Huge amount given by Built to live Realty LLP to Deloitte, a global auditing firm.e. Charge not filed with MCA for AC realty space LLP and Built to live realty LLP.f. Atul Chordia is having a stong political background with Sharad Pawar. Supriya Sule is

having invested in shares of Panchsheel Realty Tech Park project owned by Chrodia.

Sn Name of theCompany

Address

a) Built To Live Realty Llp

1. Having a fixed capital contribution of Rs 50000 only2. Amount utilised to pay huge commission to Indiabulls Real

Estate – Rs 50 crores on 15 Sep 2017 out of the totalprofessional fees of 117.31 crores.

3. wrong disclosure of loan from Indiabulls housing finance. 4. Amount utilised to pay kumar Builder and lalit Jain,

chairman of CREDAI. 5. Huge advance to Deloitte Rs 43.88 Lacs.

b) Ac Realty SpacesLlp

1. Concealment of facts by not disclosing the loan in annualreport of Built to Live Realty LLP

c) Mahalunge LandDevelopers Llp

1. Having a fixed capital contribution of Rs 50,000 only.2. Amount of loan withdrawn by nominee of partner viz.

Ashok Dhanraj Chordia Rs 543.79 crores. The amount has been disbursed to pay off the existing loan persisting in the books of Built to Live Realty LLP availed from Indiabulls housing through Ashok Dhanraj


Chordia.3. A part given to Riverview properties Pvt Ltd (Mr. Lalit Jain)

Rs 99.21 crores.4. A part given to San Finance Corporation (stock broker) for

trading in shares Rs 15.22 crores.

ADVANCES – Vatika GROUP

IBHFL has advanced following loan to Vatika Group:

Sn Name Of The Company Address Paid upcapital

(incrores)

SanctionAmount in

crores

1. Garin Developers Pvt Ltd A-20, Lajpat Nagar-II NewDelhi 110024

0.01 16.00

2. Fonzell Developers Private Limited

-do- 0.01 28.00

3. Felisa Developers Private Limited

-do- 0.01 22.00

4. Valonia Developers Private Limited

-do- 0.01 27.00

5. Valda Developers Private Limited

-do- 0.01 23.00

6. Myrica Developers Private Limited

FLAT No. 621-A, 6th FloorDevika Towers, 6, NehruPlace New Delhi 110019

0.01 46.00

7. Misaki Developers Private Limited

-do- 0.01 41.50

8. Carney Developers Private Limited

-do- 0.01 48.00

9. Uland Developers Private Limited

-do- 0.01 25.00

10. Zina Developers Private Limited

-do- 0.01 43.30

11. Agnes Developers Private Limited

-do- 0.01 23.00

12. Cebu Developers Private Limited

-do- 0.01 41.00

13. Acklin Developers Private Limited

-do- 0.01 21.50

14. Capparis Developers Private Limited

-do- 0.01 19.00

15. Jurgen Developers Private Limited

-do- 0.01 39.00

16. Islay Developers Private Limited

-do- 0.01 26.00

17. Iestin Developers Private Limited

-do- 0.01 24.00

18. Hadar Developers Private Limited

-do- 0.01 42.00

19. Bellium Developers Private -do- 0.01 46.00


(incrores)

SanctionAmount in

crores

Limited

20. Bacon Developers Private Limited

-do- 0.01 34.00

21. Edrea Developers Private Limited

-do- 0.01 30.00

22. Hagrid Developers Private Limited

-do- 0.01 29.00

23. Sirius Developers Private Limited

-do- 0.01 41.00

24. Kelsey Developers Private Limited

-do- 0.01 29.00

25. Polillo Developers Private Limited

-do- 0.01 19.00

26. Perseus Developers Private Limited

-do- 0.01 46.00

27. Persea Developers Private Limited

-do- 0.01 46.50

28. Quon Developers Private Limited

-do- 0.01 41.50

29. Pemba Developers Private Limited

-do- 0.01 57.50

30. Obira Developers Private Limited

-do- 0.01 45.00

31. Nias Developers Private Limited

-do- 0.01 41.00

32. Ambrym Developers Private Limited

-do- 0.01 31.50

33. Derica Developers Private Limited

-do- 0.01 42.00

34. Enlai Developers Private Limited

-do- 0.01 45.00

35. Yapen Developers Private Limited

-do- 0.01 35.00

36. Galicia Developers Private Limited

-do- 0.01 30.00

37. Gabby Developers Private Limited

-do- 0.01 32.50

38. Bioko Developers Private Limited

-do- 20.00 50.00

39. Haben Developers Private Limited

-do- 0.01 57.15

40. Haldis Developers Private -do- 0.01 125.71


(incrores)

SanctionAmount in

crores

Limited

41. Aplin Developers Private Limited

-do- 0.01 104.00

42. Timor Developers Private Limited

-do- 0.01 184.50

43. Shivsagar Builders Private Limited(Now Flax Devlopers Pvt Ltd)

-do- 0.25 1530.00

44. Salton Developers Private Limited

-do- 5.00 147.00

45. Ignacio Developers Private Limited

-do- 0.01 178.50

46. Velte Developers Private Limited

-do- 0.01 28.00

47. Kepa Developers Private Limited

Pratisha Building, 1, AnsariRoad, Darya Ganj, New Delhi

DL 110002 IN

1.01 185.00

48. Pegasus Infrastructure Private Limited(Now Aspire Promoters Pvt Ltd)

Flat No. 224A, 2nd FloorDevika Tower, 6, Nehru Place

New Delhi South Delhi DL110019 IN ,

0.02 100.00

49. Fermina Developers Private Limited

-do- 72.00

50. Sh Tech Park Developers Private Limited

-do- 0.13 222.00

51. Sahar Land And Housing Private Limited

-do- 50.00

52. Total 0

Loan utilised as under

Sn Name Of The Company Remarks1. Garin Developers Pvt Ltd 1. Capital of Rs 1 Lacs, incorporated in FY 12-13

2. Loan taken for housing project but deployed asunsecured loan to Vatika Limited (Balance sheet 14-15)

3. No charge filed with MCA4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on

year.6. Only a pass through entity used for evergreening of

large loan given to Vatika Ltd by Indiabulls housing.7. The original promoter at the time of incorporation was

the promoter of Vatika Limited but the shareholding got

Sn Name Of The Company Remarkstransferred to Naresh Prasd (Director in Vatika Ltd)who is the current owner of the Company.

2. Fonzell Developers Private Limited

1. Capital of Rs 1 Lacs, incorporated in FY 12-132. Loan taken for housing project but deployed as

unsecured loan to Vatika Limited (Balance sheet 13-14)


year by omitting the name of Indiabulls.6. Only a pass through entity used for evergreening of


the promoter of Vatika Limited but the shareholding gottransferred to Naresh Prasd (Director in Vatika Ltd)who is the current owner of the Company.

3. Felisa Developers Private Limited







4. Valonia Developers Private Limited





large loan given to Vatika group by Indiabulls housing.7. The original promoter at the time of incorporation was


5. Valda Developers Private Limited


unsecured loan to Vatika Limited (Balance sheet 13-

Sn Name Of The Company Remarks14)



large loan given to Vatika group by Indiabulls housing.7. The original promoter at the time of incorporation was


6. Myrica Developers Private Limited




year.6. Only a pass through entity used for evergreening of


the promoter of Vatika Limited but the shareholding gottransferred to Dipankar Ghosal (Finance and BankingController of Vatika Ltd) and Anupam Varshney (AVPSales and marketing) who are the current owner of theCompany.

7. Misaki Developers Private Limited






the promoter of Vatika Limited but the shareholding gottransferred to Virender Dhar (Associate Vice President(Planning & Coordination of Vatika Ltd) who is thecurrent owner of the Company.

8. Carney Developers Private Limited



3. No charge filed with MCA

Sn Name Of The Company Remarks4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on



the promoter of Vatika Limited but the shareholding gottransferred to Virender Dhar (Finance and BankingController of Vatika Ltd) who is the current owner ofthe Company.

9. Uland Developers Private Limited







10. Zina Developers Private Limited







11. Agnes Developers Private Limited

Money raised by the company from Deneb DevelopersPrivate Limited has been utilised for investment in company owned and managed by Sameer Gehlaut/Divya Gehlaut by the name INDIA BEST BUY PRIVATE LIMITED and KARKINOS CONSTRUCTIONS PRIVATE LIMITED. Amount invested in non-convertible debenture of Rs 400 crores.

12. Cebu Developers Private Limited


Sn Name Of The Company Remarksunsecured loan to Vatika Limited (Balance sheet 14-15)





13. Acklin Developers Private Limited


unsecured loan to Aspire Promoters Private Limitedowned and managed by Bhalla Family (Balance sheet14-15)



large loan availed by group.7. The original promoter at the time of incorporation was

the promoter of Arcturus Developers Private Limitedbut the shareholding got transferred to Ajay Aggarwal(Employee of Vatika group) who is the current ownerof the Company.

14. Capparis Developers Private Limited


unsecured loan to Aspire Promoters Private Limitedowned and managed by Bhalla Family (Balance sheet14-15)



large loan availed by group.7. The original promoter at the time of incorporation was

the promoter of Arcturus Developers Private Limitedbut the shareholding got transferred to Ajay Aggarwal(Employee of Vatika group) who is the current ownerof the Company.

15. Jurgen Developers Private Limited


unsecured loan to Vatika Limited (Balance sheet 14-

Sn Name Of The Company Remarks15)





16. Islay Developers Private Limited







17. Iestin Developers Private Limited







18. Hadar Developers Private Limited





Sn Name Of The Company Remarkslarge loan given to Vatika Ltd by Indiabulls housing.

7. The original promoter at the time of incorporation wasthe promoter of Vatika Limited but the shareholding gottransferred to Naresh Prasd (Director in Vatika Ltd)who is the current owner of the Company.

19. Bellium Developers Private Limited






the promoter of Vatika Limited but the shareholding gottransferred to Dipankar Ghosal (Finance and BankingController of Vatika Ltd) who is the current owner ofthe Company.

20. Bacon Developers Private Limited






the promoter of Vatika Limited but the shareholding gottransferred to Rajesh Gogia (General Manager ofVatika Ltd) who is the current owner of the Company.

21. Edrea Developers Private Limited

22. Hagrid Developers Private Limited





large loan given to Vatika Ltd by Indiabulls housing.

23. Sirius Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14

Sn Name Of The Company RemarksLimited

2. Loan taken for housing project but deployed asunsecured loan to Vatika Limited (Balance sheet 14-15)





24. Kelsey Developers Private Limited







25. Polillo Developers Private Limited







26. Perseus Developers Private Limited



3. No charge filed with MCA

Sn Name Of The Company Remarks4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on




27.

Persea Developers Private Limited







28.

Quon Developers Private Limited







29. Pemba Developers Private Limited


unsecured loan to Vatika Limited and paid Rs 10crores to Rudra Sen Sindhu (brother of BJP leaderCaptain Abhimanyu Singh Sindhu from Haryana, whoalso fought from Rohtak lok sabha)(Balance sheet 14-15)

Sn Name Of The Company Remarks3. No charge filed with MCA4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on


large loan given to Vatika Ltd.7. The original promoter at the time of incorporation was

the promoter of Vatika Limited but the shareholding gottransferred to Uttam Bhatnagar (Sales and MarketingManager of Vatika Ltd) who is the current owner of theCompany.

30.

Obira Developers Private Limited


unsecured loan to Vatika Limited. 3. No charge filed with MCA4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on




31.

Nias Developers Private Limited







32. Ambrym Developers Private Limited


unsecured loan to Vatika Ltd (Balance sheet 14-15)3. No charge filed with MCA4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on


Sn Name Of The Company Remarkslarge loan availed by group.

7. The original promoter at the time of incorporation wasthe promoter of Arcturus Developers Private Limitedbut the shareholding got transferred to Ajay Aggarwal(Employee of Vatika group) who is the current ownerof the Company.

33.

Derica Developers Private Limited






34.

Enlai Developers Private Limited






35.

Yapen Developers Private Limited





the promoter of Vatika Limited but the shareholding gottransferred to Lalit Dua (Employee of Vatika Ltd) whois the current owner of the Company.

Sn Name Of The Company Remarks36.

Galicia Developers Private Limited


unsecured loan to Vatika Limited. (BS 17-18)3. No charge filed with MCA4. Auditor have qualified in Annual report of 17-18.5. Notes of balance sheet changed eventually year on




ADVANCES – DLF GROUP

8. IBHFL has advanced huge loan to DLF Group of companies. All these loan are to passthrough entities, which are owned by the employees/relatives of the DLF. The same patternas followed in Vatika is being repeated. All these loan are not reported to the MCA and nocharge has been filed.

Sn

Particulars Charge

Networth

Sanction

amount(INR

Crores)

LoanAmount

as on31 Mar2018(INR

Crores)

Remarks

1. Atherol Builders & Developers Private Limited

NA Negative

173.40 Owned by FeliciteBuilder andConstructions Pvt Ltd.

Holding company for 30companies which aretaking loan from IBHL.

The loan taken by thesubsidiary company isbeing infused in thecompany in the form ofunsecured loan/ currentliability.

The amount is againutilised to purchase theland.

A part of the land isagain taken by thegovernment back at amuch higher value.Enhanced compensationis being received.

2. Kokolath Builders & Developers Private Limited

111.00 60.82 100% Subsidiary ofAtherol Builders &Developers PrivateLimited

Amount utilised topurchase land andadvance loan to relatedparty.

A part of the land isagain taken by thegovernment back at amuch higher value.Enhanced compensationis being received.

3. Dlf Home Developers Ltd.

500 338.45 Owned by DLF Ltd; Exposure of Franklin

Mutual fund in NCD is Rs 1000 crores;

Amount utilised for downward investment

4. Cadence Builders & Constructions Private Limited

Notfiled

Negative

143 84.64 100% Subsidiary ofAtherol Builders &Developers PrivateLimited


A part of the land isagain taken by thegovernment back.Enhanced compensationis being received.

5. Alana Builders & Developers Private Limited

Notfiled

Negative



6. Cadence Real Estates Private Limited

Notfiled

4.44 74.00 34.95 100% Subsidiary ofAtherol Builders &Developers PrivateLimited


7. Camden Builders & Developers Private Limited

Notfiled



8. Jayanti Real Estate Developers Private Limited

Notfiled

Negative



9. Nadish Real Estate Private Limited

Notfiled


Amount utilised topurchase land andadvance loan to related

party.10. Rosalind Builders &

Constructions Private Limited

Notfiled

Negative



11. Tane Estates PrivateLimited

Notfiled

Negative



12. Unicorn Real Estate Developers Private Limited

Notfiled



13. Hemadri Real EstateDevelopers Private Limited

Notfiled

0.31 0 100% Subsidiary ofAtherol Builders &Developers PrivateLimited


14. Nilima Real Estate Developers Private Limited

Notfiled

0 100% Subsidiary ofAtherol Builders &Developers PrivateLimited


15. Garv Promoters Private Limited

Notfiled



16. Seamless Constructions Private Limited

Notfiled

Negative

100% Subsidiary ofAtherol Builders &Developers PrivateLimited

Amount utilised to

purchase land andadvance loan to relatedparty.

17. Aaralyn Builders & Developers Private Limited

Notfiled



18. Garv Realtors Private Limited

Notfiled

1.37 0.00 0 100% Subsidiary ofAtherol Builders &Developers PrivateLimited

Amount received fromgroup companies utilisedto purchase land andadvance loan to relatedparty.

19. Garv Developers Private Limited

Notfiled

5.35 17.00 1.89 100% Subsidiary ofAnanti Builders &Construction PrivateLimited


20. Naja Builders & Developers Private Limited

Notfiled

negative 111.00 49.32 100% Subsidiary ofAnanti Builders &Construction PrivateLimited


The company hasinvested Rs 22 Crores inEMU Realcon PrivateLimited, a companyowned by SameerGehlaut.

21. Mohak Real Estate Private Limited

Notfiled



Compensation received

from LAC, Haryana.22. Blanca Builders &

Developers Private Limited

Notfiled



Compensation receivedfrom LAC, Haryana.

23. Adsila Builders & Developers Private Limited

Notfiled




24. Zanobi Builders & Constructions Private Limited

Notfiled




25. Damalis Builders & Developers Private Limited

Notfiled




26. Luvkush Builders Private Limited

Notfiled

Negative

36.00 19.06 100% Subsidiary ofAnanti Builders &Construction PrivateLimited



27. Talvi Builders & Developers Private Limited

Notfiled

Negative

100.00 59.23 100% Subsidiary ofAnanti Builders &Construction PrivateLimited



28. Abheek Real Estate Private Limited

Notfiled



Compensation received from LAC, Haryana.

29. Bellanca Builders & Developers Private Limited

0

30. Musetta Builders & Developers Private Limited

Notfiled

Negative

27.00 18.00 100% Subsidiary ofFelicite Builders &Construction PrivateLimited

Amount received fromgroup companies utilisedto purchase land andadvance loan to relatedparty. Compensationreceived from LAC,Haryana.

31. Karida Real Estates Private Limited

Notfiled

Negative




32. Vamil Builders & Developers Private Limited

Notfiled

1.67 20.00 13.33 100% Subsidiary ofFelicite Builders &Construction PrivateLimited

Amount received from

group companies utilisedto purchase land andadvance loan to relatedparty.


33. Finian Estates Developers Private Limited

Notfiled

34. Nayef Estates Private Limited

Notfiled

Negative



35. Pegeen Builders & Developers Private Limited

Notfiled

Negative



36. Shikhi Estates Private Limited

Notfiled




37. Rajika Estate Developers Private Limited

Notfiled




38. Karena Estates Developers Private Limited

Notfiled

Negative




39. Afaaf Builders & Developers Private Limited

Notfiled

Negative



40. Ati Sunder Estates Developers Private Limited

Notfiled

Negative



41. Alfonso Builders & Developers Private Limited

Notfiled

Negative



42. First India Estates And Services PrivateLimited

Notfiled

Negative



43. Sagardutt Builders &Developers Private Limited

Notfiled



44. Ethan Estates Developers Private Limited

Notfiled

Negative




45. Akina Builders & Developers Private Limited

Notfiled

Negative



46. Laxmibanta Estates Developers Private Limited

Notfiled

Negative



47. Arlie Builders & Developers Private Limited

Notfiled



48. Fabrizio Real Estates Private Limited

Notfiled



49. Zima Builders & Developers Private Limited

Notfiled

50. Ophira Builders & Developers Private Limited

Notfiled



51. Caprice Builders And Constructions

Notfiled

Negative

24.00 15.28 100% Subsidiary ofFelicite Builders &

Private Limited Construction PrivateLimited


52. Rinji Estates Developers Private Limited

Notfiled



53. Dlf Ltd 50054. Dlf Brands Pvt Ltd Not

filed54.67 25.31 21.12

55. Dlf Cyber City Developers Limited

filed 450

Statesman

All three companies are owned by Rajeev Gupta and Amit Gupta. They were incorporated in 2012with a paid-up capital of Rs. 1 lakh, and a year later they were granted these loans by IBHFL. Inaddition, these companies have been given interest free advances of around Rs. 5 crore each,Churchwood Rs. 5.14 crore (Annexure Balance Sheet Churchwood Holdings FY 2017–18, Note5, Page 10), Realway Holdings Rs. 5.69 crore (Annexure Balance Sheet Realway Holdings FY2017–18, Note 5, Page 10) and Halkins Holdings Rs. 4.75 crore (Annexure Balance Sheet HalkinsHoldings FY 2017–18, Note 5, Page 10), notwithstanding the fact they don’t carry out anybusiness. This cannot happen unless these advances and loans were granted against some favour.No surprises then that the money has been used to purchase land at Jonapur Tehsil in Mehrauli,New Delhi. The chart produced here illustrates how all the money was spent.

Needless to say that these companies did not bother to file charges, while deliberately hiding the names of their lenders, a material departure from the reporting requirement under the Companies Act 2013. It is interesting to note that the aforesaid land has been mortgaged in favour of other NBFCs, namely, Nupur Finvest Pvt. Ltd. and SE Investments Ltd. for various credit facilities in the main company, namely, The Statesman Limited, which in other words is a third-party mortgage creation (Annexure Churchwood Holdings Minutes of Meeting, held on December 28, 2017).

Chordia

Details of loans given to Chordia Group companies by IBHFL.

S.No.

Name of theCompany

Address Year LaonedAmount(Rs. incrore)

Current Status

e) AC RealtySpaces LLP

Solitaire World,Level 8, S. No.36/1/1, Opp.

Regency Classic,Mumbai–Bangalore

Highway, Baner,Pune

2017–18 19.50 As on 31 March2018 (Annexure

Balance Sheet AcRealty SpacesFY 2017–18,

Page 1)

f) Built To LiveRealty LLP

-do- 2017–18 450 This loan wasrepaid withmoneyMahalunge LandDevelopersborrowed fromIBHFL (AnnexureBalance Built ToLive Realty FY2017–18,Schedule A,Page 4)

g) Mahalunge LandDevelopers LLP

-do- 2017–18 740 As on 31 March2018

(AnnexureBalance Sheet

Mahalunge LandDevelopers FY

2017–18,Schedule A,

Page 4)

Total 1209.500

As the table above makes it clear, the sum of Rs. 450 crore that Built To Live Realty had takenfrom IBHFL in 2017–18 was repaid the same year from Rs. 740 crore that IBHFL advanced inloans to sister concern Mahalunge Land Developers. All these limited liabilities partnership firmsof the group use a common e-mail ID: [email protected]. Information available withus says that apart from the questionable advance extended to Built To Live Realty, thesecompanies have indulged in other malpractices of serious nature. For instance, Built To LiveRealty has paid Rs. 50 crore to Indiabulls Real Estate Limited as professional fee. The companyhas, however, made no disclosures in this regard in its annual report.


Further, Deloitte, a global auditing firm that has been in news lately for all the wrong reasons, hasbeen extended a hefty sum of Rs. 43.88 lakh by Built To Live Realty. AC Realty Space and Builtto Live Realty have not filed any charges with the MCA for the loans availed by them.

b. A snapshot of irregularities observed in case of Chordia Group companies.

S.No.

Name of theCompany

Irregularities

1. AC Realty SpacesLLP

Concealment of facts by not disclosing the loan in annual report of Built to Live Realty LLP.

2. Built To Live Realty LLP

A fixed capital contribution of Rs. 50,000 only. Rs. 50 crore paid to Indiabulls Real Estate Ltd., out of

the total professional fees of Rs. 117.31 crore, on September 15, 2017.

Loaned money used to pay Pune-based Kumar Urban Development Pvt. Ltd., owned by Lalit Kumar Jain, who also heads the CREDAI, an association of real estate developers.

Rs. 43.88 lakh paid to Deloitte. Wrong disclosures on loan from IBHFL. (Annexure

Balance Sheet Built To Live Realty FY 2017–18, Schedule E)

3. Mahalunge LandDevelopers LLP???

A fixed capital contribution of Rs. 50,000 only. Loaned money used to repay loans and invest in

shares. Rs. 543.79 crore withdrawn by nominee of partner

Ashok Dhanraj Chordia to repay the existing loan of Built to Live Realty availed from IBHFL.

Rs. 99.21 crore given to Riverview Properties Pvt. Ltd. (Lalit Jain).

Rs. 15.22 crore paid to San Finance Corporation, a stock broker, for trading in shares. (Annexure Balance Sheet Mahalunge Land Developers FY 2017–18, Schedule E, Page 4)

Details delineated in the table above reveal some more facts. Apart from paying the commission to IBHFL for the favour, the loaned money has been used to pay others. In case of Mahalunge Land Developers, we find Rs. 543.79 crore to have been withdrawn by the nominee of Ashok Dhanraj Chordia, a partner in the company. As already discussed, this amount was used to repaythe loan Built to Live Realty had availed from IBHFL. Out of the loan Mahalunge Land Developers received from IBHFL, Rs. 99.21 crore was given to Riverview Properties, whereas Rs. 15.22 crore was paid to San Finance Corporation for trading in shares.

background...background 1. indiabulls housing finance company limited (ibhl) is a nbfc and currently...

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