Latest News | Nothing to Implicate Company nor Officials: Shriram Properties on TN Bribery Case

Chennai, Sep 25 (PTI) Real estate developer Shriram Properties Ltd on Wednesday said there was nothing to implicate its former joint venture company in an alleged bribery case involving a former Tamil Nadu minister.

The Bengaluru-headquartered company said it was taking up the matter legally.

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The issue pertains to the police filing an FIR over an alleged payment of Rs 27.90 crore to R Vaithilingam, a former AIADMK Minister by Shriram Properties and Infrastructure Pvt Ltd to secure planning permission for a project in 2016.

“Based on certain media reports, we learn that an FIR has been filed against the former Minister of Government of Tamil Nadu and his family members related to alleged payments of Rs 27.90 crore in 2016. In the said FIR, one of the former JVs of the company — Shriram Properties and Infrastructure Pvt Ltd (SPIPL), now known as Gateway Office Parks Pvt Ltd, and the JV’s former director, KR Ramesh, a senior executive of the company, along with several other parties have been named,” Shriram Properties Ltd said in a statement.

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As per the legal advise, the company said “we state that there is nothing to implicate either SPIPL or its directors or the company in connection with the alleged payment, and the allegations are not connected with the businesses of the company or its various subsidiaries and joint ventures.”

Maintaining that Shriram Properties Ltd was always committed to fair practice and compliance with applicable regulations, the company assured there is no direct or indirect involvement in the alleged matters by it or its special purpose vehicles or executives.

“The company is taking up the matter legally, consistent with the legal advice received from counsel. This is being submitted voluntarily as a matter of good governance and timely clarification,” it said.

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