However, even in 2010-11, Sky Light Hospitality's books show an advance of a little over Rs 58 crore (equivalent to the Manesar sale price), and no booking of profits on the deal (which would have to be done if the land had been conveyanced to DLF). Perhaps this was done in 2011-12, for which the regulatory filings are not yet available.
The obvious question is how land that was valued in 2007-08 at Rs 15.38 crore came to be worth Rs 58 crore the next year (assuming that DLF paid the correct market price, and nothing more).
The likely explanation would be that the permission to commercially exploit the land had overnight multiplied its value, in which case Mr Vadra played the role of a clever land developer.
Meanwhile, since Rs 58 crore stayed as an advance, no profits were booked and no taxes paid on the Rs 42.62 crore profit from the deal.
Already, by 2008-09, Robert Vadra was busy deploying the large amounts of money that had come to Sky Light Hospitality: (1) Rs 25 crore from DLF as advance on two separate deals, (2) Rs 4.45 crore from Artex, and (3) Rs 1.55 crore from a company called Carnival International Estates.
The BS report says, Vadra wiped out the overdraft with Corporation Bank, paid the second instalment on the Manesar land, and lent Rs 5.5 crore to two other companies of his — Sky Light Realty got Rs 3.5 crore and Blue Breeze Trading got Rs 2 crore. A further Rs 10 crore lay in the bank.
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