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IRB says no link with Gadkari’s loan; Purti Group chief denies allegations

IRB Infrastructure Developers Ltd has said it has no business links with Global Safety Vision Pvt Ltd,a company that allegedly gave a Rs 164-crore loan to a sugar cooperative controlled by Nitin Gadkari.

Written by Vivek Deshpande | Nagpur | Published: October 24, 2012 12:59 am

IRB Infrastructure Developers Ltd has said it has no business links with Global Safety Vision Pvt Ltd,a company that allegedly gave a Rs 164-crore loan to a sugar cooperative controlled by Nitin Gadkari.

Gadkari has acknowledged being friends with one D P Mhaiskar,a director in IRB,and accepting the loan from Global Safety Vision,a company reportedly floated by D P Mhaiskar.

In a clarification signed by company secretary Mehul Patel,IRB said: “In Prospectus dated 8th February 2008,it is disclosed on its page 163 that Global Safety Network is a Promoter Group Entity. Global Safety Vision Private Limited is not and has never been a subsidiary of IRB Infrastructure Developers Ltd nor any of its downstream subsidiaries have ever committed or made any investment in Global Safety Vision Pvt Ltd.”

It adds: “We are not privy to business decisions made by Global Safety Vision Pvt Ltd and therefore unable to comment on any investment made or money lent by it to any other entity.”

Sudhir Dive,managing director of Gadkari’s Purti Group,confirmed having taken the loan from Global Safety Vision. Dive also gave his response to allegations made against Gadkari and his aides.

“Global Vision may not be an IRB company,but we have taken a loan from them at 14 per cent interest rate and are repaying it in 73 instalments. We have mortgaged our properties worth Rs 250 crore against that. And if Mhaiskar’s company has taken shares in Purti,what’s wrong? Anyone can take shares of any company. They become proportionate owners of the company,” Dive told The Indian Express.

On the allegedly doubtful addresses provided by Purti’s investor companies,Dive said,“We can’t be held responsible for those companies not giving correct addresses. But we have come to know that some of the companies have changed their addresses. They haven’t filed their I-T returns for this year so far. Once they do that,their new addresses will be displayed correctly.”

Dive said Gadkari’s former driver Manohar Panse was no longer a director in Purti companies. “It’s not true. He was a director till 2009. Since then he is not.”

Panse is a witness in the case of the alleged murder of the seven-year-old daughter of maid Yogita Thakre,who was found dead in a car parked at Gadkari’s residence in May 2009. A local court ordered re-inquiry after the CID filed a “C” summary (closure) last year.

On Gadkari’s aide Kawdu Zade being a director of one of the investor firms,Dive said,“He is not a director in any of Purti companies.” Asked why Zade had given Gadkari’s address,Dive said,“He used to run a small fabrication business and has been part of the Gadkari household for some time.”

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