24 March 2011

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Shunglu Committee Second Report – Loss to India Rs.220 Crore EMAAR MGF Indicted

Shunglu Committee Second Report – Loss to India Rs.220 Crore
EMAAR MGF Indicted

The Shunglu Committee was formed by the prime minister immediately after the commonwealth games to investigate corruption

The VK Shunglu Committee has submitted its second report to the Cabinet Secretary. The report dealt with corruption in building of the Commonwealth Games Village.

According to Shunglu Committee Report , because of corruption India suffered loss of Rs.220 Crore.

EMAAR MGF, the developers of the games village, indicted for causing loss to the exchequer.

The EMAAR MGF, the developers of the games village sold 333 flats at a higher price. The overall price was hiked from Rs 134 crore to 222 crore.

The Report also found unauthorized payment of Rs.64 Crore to EMAAR MGF.
non-levying of liquidation damages leads to a loss of 81.45 crore
carriage cost of unsold apartments was estimated at Rs 40 crore per annum.

The report also recommended action against EMAAR MGF for acts of omission and commission and has asked for a detailed probe by income tax.

The questions must be asked about why a bail-out package of Rs 728.89 crore was given to EMAAR MGF by DDA.

EMAAR MGF presented a hiked price of Rs 11,000/sq ft instead of the original price of Rs 7,829/sq ft.

The report also fixed the responsibility on following officials who played a key role in determining bail out package for EMAAR MGF. The report also recommended the Government to take action against all public servants named and involved.

Leiutant Governor Tejinder Khanna , ex-officio chairman of DDA

Ashok Kumar, vice chairman, DDA

Nand lal, Member Finance

AK Bajaj, former member, engineering

M Ramachandran, former secretary, Urban Development

Reality views by sm –
Thursday, March 24, 2011

Suggested Reading –
Know and Understand complete Shunglu Report on CWG –
Shunglu Committee Submitted First Report to Government of India



BK Chowla, March 24, 2011  

I would like to see if any action ever be taken

sm,  March 24, 2011  

BK Chowla,,