High-value land deal, post-demonetisation, under scanner

By | February 20, 2017

Just a month after Prime Minister Narendra Modi announced demonetisation, a little-known company with a paid-up capital of only Rs 1 lakh purchased a land in Gurgaon for over Rs 30 crore from another unknown company. The high-value transaction between the two companies has now come under the scanner after a complaint was lodged at CM window and with the district administration.

TOI has accessed documents that show that Mask Realcon Pvt Ltd purchased around seven acres of land in Gurgaon’s Chauma village for Rs 30.96 crore from Vichitra Prestressed Concrete Pvt Ltd vide registered sale deed No 24071 on December 15, 2016. According to data available on the website of Union ministry of corporate affairs, the paid-up capital of Mask Realcon is Rs 1 lakh. Also, Mask Realcon is a subsidiary of Aakshi Realtors Pvt Ltd, a holding company with a paid-up capital of Rs 11 lakh.

Source: Times of India