Pilot seeks report on Tata-Unitech deal

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 Untech.

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.