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DoT Orders Probe into Tata Realty’s 2007 Loan to Unitech

09 Jun 2011

DoT, has asked the corporate affairs ministry, the Income Tax department (I-T) and the Reserve Bank of India (RBI) to probe a 2007 transaction where Tata Realty and Infrastructure (TRIL), a Tata Group company, had extended a Rs 1,700-crore loan to Delhi-based real estate firm Unitech.

The Central Bureau of Investigation and the Enforcement Directorate, that are probing the 2G spectrum scam, are also investigating the deal between these two real estate companies. The corporate affairs ministry will investigate allegations that the deal involved financial irregularities, the income tax department will probe if there has been a tax evasion while the RBI will check if the trail of funds between both companies had violated the Foreign Exchange Management Act, or FEMA, and money laundering laws, the person quoted above added. The telecom ministry had sent out this communication on May 30 and asked these bodies to take ‘appropriate action’.crackcrack

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