Corporation Bank CMD denies giving overdraft to Vadra company

The bank's name got associated with Vadra's company after IAC's Kejriwal casted doubts on the dealing between Vadra and realty major DLF

Corporation bank chairman and Managing Director Ajai Kumar on Thursday denied that the bank gave any overdraft facility to Sky Light Hospitality a company owned by Robert Vadra, son-in-law of Congress president Sonia Gandhi.

"We never gave any loan or overdraft to that company. Those documents which had come in the media do not belong to our bank but were that of the company," Kumar said when questioned about his bank giving Rs 7.94 crore overdraft to Vadra's company for purchase of property.

"Our bank has not given any overdraft facility to the company. Everything in that regard has been reported by the media. If you carefully look at the documents you will know that it is just a matter of accounting practice of that company," he added. He declined to further comment on the issue.

Kumar was here to inaugurate a new branch of the bank in the city.  He also addressed a press conference here, along with Executive Director Amar Lal Daultani.

Corporation Bank's name got associated with Vadra's company after India Against Corruption's Arvind Kejriwal casted doubts on the dealing between Vadra and realty major DLF.

The Sky Light Hospitality, according to some media reports, in its balance sheet had shown that Corporation Bank had given an overdraft of Rs 7.94 crore. The auditor's report for Sky Light Hospitality for 2007-2008, submitted to the Registrar of Companies, had claimed that it got an overdraft of Rs 7.94 crore from Corporation Bank's New Friend's Colony branch. This document was signed by Vadra and his mother Maureen Vadra.