Indian real-estate major DLF Ltd. has denied allegations that it gave interest-free loans and sold land and apartments at throwaway prices to the son-in-law of Congress party chief Sonia Gandhi.
Two anti-corruption activists Friday alleged that DLF got favors in return for its deals with Robert Vadra in provinces where the Congress is in power. The party also heads the federal government.
"We would like to state that the business relationship of DLF with Mr. Vadra or his companies has been in his capacity as an individual entrepreneur, on a completely transparent and at an arm's length basis and to the highest standards of ethics and transparency," DLF said in a statement filed with the Bombay Stock Exchange.
On Sunday, Mr. Vadra dismissed the allegations as "utterly false, entirely baseless and defamatory," the Press Trust of India reported.
According to the report, Mr. Vadra said his business transactions were fully reflected in the financial statements filed before government authorities.
The Congress also denied allegations that it has given favors to DLF in provinces where the party is in power.
At 0743 GMT, DLF shares were trading 6.3% down at 226.50 on the Bombay Stock Exchange, compared with a 0.8% decline in the benchmark index.
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