The BS report said, the Friends Colony branch of Corporation Bank, located close to Vadra's offices in Delhi, gave an overdraft of Rs 7.94 crore to Sky Light Hospitaly, a newly incorporated company having a total resources of only Rs 1 lakh as its paid-up share capital.
The report said, Sky Light Hospitality invested the entire loan amount plus share capital in a piece of land at Manesar.
That was the first installment, with a second installment of Rs 7.43 crore paid the following year (2008-09).
The Business Standard report said, it would be unusual for any public sector bank to fund virtually the entire value of a big-ticket land purchase; perhaps the bank already had a business relationship with Vadra, or they knew of his family connections, or both.
Whatever the case, they must have considered him a good risk — which, as it turned out, he was because the money was returned in a year or less.
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