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

Feb 01 2013, 17:15 IST
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An SDS project in Greater Noida An SDS project in Greater Noida
SummaryUnitech, DLF say transactions normal business: they are fair, transparent, in compliance with laws.

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 Kumars 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 Kumars companies and the real estate giants who invested in Carnoustie.

Bansals 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 Kumars 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 Kumars firms.

Anand Kumar and the Carnoustie group also share a chartered accountant. Prashant Kumar and Associates of 7/8 Punjabi Bagh Extension, New Delhi, represents some key firms of Kumar as well as the entire Carnoustie group.

Carnousties annual report for 2011-12, prepared by Prashant Kumar, lists UK-based Ibonshourne Limited as an associate firm. Ibonshourne is registered in London and its directors include Sameer Gaur, joint managing director of Jaypee Infratech Ltd that built the Yamuna Expressway, and has several real estate projects along the highway. Harish Vaid, company secretary and senior president, corporate affairs, of Jaiprakash Associates Ltd, is a director in Ibonshourne.

One of the firms linked to Tewari and owned by Carnoustie, a Mumbai-headquartered company called Shloka Realtors Private Ltd, is now being probed by Noida authorities for allegedly misrepresenting information to acquire prime land in Noida.

Tewari was a director of Shloka when the land deal was executed in 2011. The allegation against Shloka

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