the jv thus this rs 132 crore is effectively the amount owed by sky light hospitality the vadra entity that holds 50 in the jv to dlf an email sent to vadras personal secretary manoj arora seeking his response to all three transactions remained unanswered while these dealings disclose no apparent illegality they raise questions about the terms of the relationship between vadra and dlf experts say a former chief financial officer of a real estate company speaking on the condition of anonymity says if advances are due for more than six months the standard practice is for the auditor to ask the management for an explanation if not satisfied it should disclose it in the notes to accounts he adds no financial documents of saket courtyard hospitality an unlisted company are available in the public domain although unlisted companies have to file their annual accounts with the ministry of corporate affairs mca saket courtyard hospitality has not done so yet because it existed as a partnership firm till may 2011 which exempted it from this requirement subsequently it became a private limited company and came under the mca ambit but its first annual report is not yet available on the mca website however in its 201112 annual report dlf stated its share of several financial metrics of saket courtyard hospitality which can be extrapolated to gauge the hotel jvs numbers such an extrapolation shows that in 201112 saket courtyard hospitality posted revenues of rs 254 crore and a net loss of rs 68 crore and as of march 31 2012 it had fixed assets of rs 1425 crore and current liabilities of rs 140 crore an auditor from a multinational firm not wanting to be named says the key question in such a transaction involving the transfer of assets and development rights to a jv is this when dlf decided to transfer did it consider the jvs ability to pay back given its cash flows according to mca filings dlf has also extended an unsecured loan of rs 27 crore to prowess buildcon in 201011 which has since been repaid at the time of the loan the company was a 5050 jv between the dlf group and vadras sky light hospitality another dlf group company dlf new gurgaon home developers ltd extended a loan of rs 15 crore to prowess buildcon during the same period the amounts must have been utilised to acquire development rights or pay government charges a dlf spokesperson said with inputs from sruthijith kk ravi teja sharma