Ind directors on DLF Board backed stake sale to Skylight

Independent directors on the board of DLF were party to its 2009 decision to sell 50% stake in a hotel at South Delhi to Robert Vadra-owned Skylight Hospitality , according to D V Kapur, an independent director.

In a statement uploaded on the company's website, D V Kapur on behalf of independent directors of DLF said the board approved the stake sale to Skylight Hospitality at an enterprise valuation of Rs 150 crore.

"During its meeting on October 15, 2009, the board deliberated and approved the formation of a partnership with Skylight Hospitality Pvt Ltd including the transfer of the company's hotel property in Saket to the partnership firm at an enterprise valuation of Rs 150 crore," Kapur, also an independent director on board of Reliance Industries, said.

Out of Rs 150 crore of enterprise value, the equity valuation was Rs 70 crore and therefore 50% stake was sold for Rs 35 crore, the statement added.

Skylight Hospitality has been in news since last week after civil society activists Arvind Kejriwal and Prashant Bhushan alleged that DLF had given unsecured loans to Robert Vadra for the stake purchase as a 'quid pro quo' for favours.

The statement on DLF website was issued by the independent director D V Kapur, former chairman of NTPC, on behalf of all the independent directors.

"All the above statements fully reflect the views of all the independent directors particularly those who were then the members of the audit committee such as K N Memani, M M Sabharwal, D V Kapur and B Bhushas," the statement said.

"... They (independent directors) were always aware and involved in the matter to the extent it was required in a listed company keeping in view the interest of large number of small shareholders," the statement said.

The independent director D V Kapur said that DLF had sold thousands of residential apartments in last four years and the audit committee, with the help of internal auditors, ensures that the same has been done as per rules and established business practice.