CBI's Enquiry Against Tata Realty Unitech Land Worth Rs 1700 Crore

Bangalore : The country's summit investigating agency, CBI (Central Bureau of Investigation) has enlisted a Preliminary Enquiry (PE) to examine into an affirmed Rs 1,700 crore land deal between Tata Realty and Unitech in 2007 to ostensibly account the latter's telecom project.' Profoundly placed sources in the agency pronounced that the Supreme Court has been conversant about a probe that was being conducted to determine a tangible purpose of the land deal. The CBI has also said that it would be inspecting an allocation of dual technology spectrum to Tata Teleservices in February 2008.

The sources said that these perspectives were not investigated in the earlier progressing review into the 2G scam. Now these perspectives will be gazed thoroughly after that a report will be submitted to the Supreme Court. Tata Realty representative pronounced that company was 'not mindful of any preliminary inquiry'.

We have clarified our position on this emanate in the past. We repeat that we broadly addressed questions from all government organizations and fully cooperated with all authorities in their investigations. We highlight that we are focused on the highest standards of ethics and business conduct. The representative said that the Unitech declined to comment on the issue. The investigation agency will survey whether the advance given by Tata Realty was utilized by Unitech for real estate projects or for a telecom license pertaining to the 2G telecom spectrum allocation scam.

CBI has already sought a duplicate copy of the report of the Serious Fraud Investigation Office (SFIO) which had suspected that the realty deal between Tata's and Unitech in 2007 could have been aimed at funding Unitech's telecom license. The requirement for the investigation was felt after Reliance had approached the Supreme Court seeking directions to stifle the FIR filed against it in connection with Swam Telecom which was affirmed to be the front association of Reliance Telecom Limited.

As the agency was setting up an answer on RTL plea, the CBI found that no search had been conducted against Tata's so far and the same was conveyed to a Supreme Court. The CBI would now be investigating comparison Tata group officials, a source said.

Beside this, the investigation agency would demeanor the report of SFIO probe, which was ordered by the ministry of corporate affairs in 2012 to investigate the issues of Nira radia-led PR firm Vaishnavi, that used to hoop media relations of various Tata group firms and Unitech, the sources said.' The SFIO report asserted that the Rs 1,700 crore realty deals between Tata's and Unitech in 2007 could have been meant for funding Unitech's telecom license issued in January 2008.

The Unitech Stock price:

On August 18^th 2014, Unitech price closed at Rs 22.95, up Rs 0.30, or 1.32 percent. The 52 week high of the share was Rs 38.60 and the 52 week low was Rs 10.86. The company's trailing 12 month (TTM) EPS was at Rs 0.30 per share as per the quarter ended March 2014.

The stock price to earnings (P/E) ratio was 76.5 the latest book value of the organization is Rs 37.72 per share. At present values, the price to book value of the company is 0.61.