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CBI chargesheets IRB Infra chairman, others

An anomaly in a land deal along the Mumbai-Pune Expressway was exposed in 2009 by slain RTI activist Satish Shetty

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IRB Infrastructure Developers' Chairman and Managing Director Virendra Mhaiskar and others along with its subsidiary Aryan Infrastructure Investments Pvt Ltd (AIIPL) have been chargesheeted by the CBI in an alleged land scam, forcing the company's share price to tank on Thursday.

An anomaly in the land deal along the Mumbai-Pune Expressway was exposed in 2009 by the slain Right to Information activist Satish Shetty. In January 2010, the Pune-based activist was stabbed to death in Talegaon off Mumbai-Pune Expressway, months after the scam was unearthed. CBI is yet to file a chargesheet on the activist's murder.

As per the CBI chargesheet filed with Pune Sessions Court, there is involvement of AIIPL, Virendra Mhaiskar (then Director of AIIPL) for having issued Power of Attorney, in favour of then Project Head Deepak D Gadgil (Retired – Head Realty, Airport and Hospitality of the Company, then Project Head) and the company along with certain other persons.

"…the CBI has filed a charge sheet today with the Sessions Court, Pune in the matter of an alleged illegal purchase of government land in village Pimploli and nearby, Taluka Maval, District Pune by AIIPL), a subsidiary of IRB Infrastructure Developers Limited," read company's filing with BSE on late Wednesday evening.

Soon after the trading session began on Thursday, IRB Infrastructure Developers share prices fell to an intra-day low of Rs 194.70 per share, which is over 6% drop only to recover later during the day to end at 2.29% lesser at Rs 205.20 per unit.

A discharge application will be filed by the company soon.

"Based on a preliminary review of the charge sheet, it appears that the charge sheet focuses on an alleged conspiracy to attempt to cheat for acquiring certain land parcels belonging to the government/MSRDC. We deny any allegations made against Mhaiskar, Gadgil, AIIPL and the Company in this matter and will seek appropriate remedies under law. The Company and its management are responsible citizens and have fully complied with the law of the land," the company clarified.

In an analyst call, Mhaiskar termed the charges as frivolous. "We have received charge sheet copy and we firmly believe that no offence can and has been made out against us in the same. We strongly believe that it is a very frivolous charge sheet, as we see it and as we read it. The charges that have been made are conspiracy and attempt to cheat and not even a cheating case," said Mhaiskar.

When analysts asked him about possibility of another chargesheet by CBI against the company's, he replied, that closure report on murder was filed earlier, but he is unaware about the status if the investigation is still underway or not. "Had there been an involvement in the murder case, that chargesheet should have been filed first as that's a much grave case," he remarked.

Explaining the land deal, the company added that AIIPL began acquiring land parcels from 2007 onwards an acquired approximately 1,200 acres of land parcels. In early 2009, AIIPL observed that around 5% of the total land parcels owned by it were, in fact, owned by the Maharashtra State Road Development Corporation. AIIPL on its own accord proceeded to cancel agreements to sell, for these land parcels The amount attributable to these 5% of land parcels, pertaining to which the charge sheet has been filed, is Rs 6 crore only.

This amount of Rs 6 crore was returned to the Mumbai-based highway developer.

BLOOD IN PAST

  • An anomaly in a land deal along the Mumbai-Pune Expressway was exposed in 2009 by slain RTI activist Satish Shetty.
     
  • In January 2010, Shetty was stabbed to death in Talegaon.
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