Dynamix Realty offloaded the Rs200-crore loan it took towards project expenses for a slum rehabilitation authority project in Mumbai as kickbacks to Kalaignar TV in lieu of the Delhi-circle licence for the Shahid Balwa-promoted Swan Telecom.
The chief operating officer of IL&FS Financial Services, Mumbai, has told CBI Dynamix Realty had approached his company seeking a credit of Rs500 crore for the slum project in 2007, of which Rs242 crore was sanctioned.
The CBI said the bribe was costumed as an inter-corporate deposit (a loan facility), which Kalaignar TV started repaying after the CBI summoned former telecom minister A Raja in December 2010.
The agency, in its chargesheet, said Kalaignar TV was not eligible for corporate loans. Dynamix Realty paid the bribe via transactions from Kusegaon Fruits and Vegetables and Cineyug Films. The agency alleged neither of these companies held the status of a non-banking finance company, required to forward loans amongst each other.
The chargesheet said, “There exists… material to establish inadequate consideration by the accused… as these so-called loans were obtained by Kalaignar TV at 10% per annum, whereas those giving the so-called loans took loans from IL&FS at 13.5% to 16% per annum.” Elaborating on the Kalaignar’s ineligibility, the CBI said, “At this time (when the loan was given), the paid-up equity of Kalaignar TV was Rs10.01 crore and its turnover for the year ending March 31, 2009 was Rs47.54 crore.” The CBI alleged the earning of the company was from the loan.
Regional director ministry of corporate affairs KL Kamboj told CBI the amount received by Kalaignar TV towards share application was reflected under ‘sundry creditors’ rather than ‘share capital’ and ‘reverses and surplus’. Kamboj said the former are normally made for supply of goods and services.