HindustanTimes Sun,26 Oct 2014

Pilot seeks report on Tata-Unitech deal

HT Correspondent   Mumbai, October 01, 2013
First Published: 00:38 IST(1/10/2013) | Last Updated: 00:41 IST(1/10/2013)

The ministry of cor­po­rate affairs (MCA) has asked the the Serious Fraud Investigation Office (SFIO) to provide status report on a probe that had found some dubious transactions between Tata group and Unitech.


“The ministry has so far received no such report. I have asked the agency (SFIO) to come and brief me as to what the status of the report is,” said Sachin Pilot, corporate affairs minister.

Last year, the MCA had ordered probe into the affairs of Niira Radia-led public relation firm Vaishnavi.

While investigating this case, officials have found some dubious transactions disguised as realty deals between the two firms. It is suspected that a `1,700-crore realty deal between the two companies in 2007 could have been meant for funding Unitech’s telecom licences issued in January 2008.

Both Tata Group and Unitech have denied any dubious transations between them.

“At the outset, we wish to clarify that the Tata-Unitech transaction was a legitimate and bonafide business transaction between two real estate companies. In fact, contrary to what is being alleged, Tata Realty is in advance stage of completing a real estate development on the captioned land, which is being marketed as Tata Primanti,” a Unitech spokesperson said.

“The Tata group has addressed questions from all government agencies and fully cooperated with authorities in their investigations. The group has not seen any SFIO report so far; as such, we are not in a position to address questions relating to any such report,” a Tata Sons spokesperson said.

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