Three companies owned by former IAF chief S P Tyagi with his wife Vandana Tyagi show disproportionate borrowings and capital infusion by the promoters in the three years of its operations.
This is according to the Registrar of Companies records for the firms Anuras Properties, Shavan Enterprises, Meghanu Realtors, which are now under the CBI’s scrutiny.
RoC data shows that Shavan Enterprises, ostensibly engaged in the business of financial and management consultancy, was incorporated in November 2011, four years after Tyagi retired.
Shavan saw its authorised share capital rise from Rs 1 lakh to Rs 10 lakh in December 2012 and then again jump to Rs 60 lakh in December 2015.
Also, the company’s balance sheet for the year ended March 2013 shows that the company had borrowed Rs 2.4 crore in long-term loans during the year. Of this, Rs 20 lakh was from Citizen Co-operative Bank branch in Sector 62, Noida. Details for the remaining loan amount could not be traced.
Similarly, in case of Anuras Properties, which was incorporated in August 2012 and engaged in the business of infrastructure development and real estate, the authorised share capital went up from Rs 1 lakh to Rs 10 lakh in December 2012 and then to Rs 50 lakh in December 2015.
Also in the year of its incorporation the company borrowed Rs 3.2 crore. Of the total borrowing, while Rs 1.7 crore was taken from the same Citizen Co-operative Bank’s Noida branch against a mortgage of immovable property, the remaining loan amount of Rs 1.5 crore could not be traced.
On the operations front, while Shavan Enterprises saw its revenue remain flat for the three-year period and stood at Rs 36 lakh in March 2015, Anuras Properties saw its revenue rise from Rs 13.9 lakh in March 2013 to Rs 43.48 lakh in the year ended March 2015. Both the companies reported profits of Rs 28 lakh and Rs 21.2 lakh respectively in 2014-15.
A company usually hikes its authorised share capital to borrow money for growth. “In this case though, the growth is missing and the borrowing happened immediately after incorporation and not after the capital infusion. This is not generally how things happen,” an accountant said.
RoC data shows that the third entity owned by SP Tyagi and his wife, Meghanu Realtors, is currently in the process of “striking-off” i.e. being shut down.