Ajai Kumar, CMD of the bank said they did not have records of such transaction and added that he had looked for full facts on the matter. It is said that Vadra's firm Sky Light Hospitality, in its annual report for 2007-08, had sought an overdraft of Rs 7.94 crore from the bank.
It was the first year of operation of the company, which had paid-up capital of just Rs 1 lakh. By the end of the year, Vadra's firm claimed to have fixed asset worth Rs 7.95 crore.
Directors of the firm Vadra and his mother Maureen told the shareholders that the company had bought a land measuring 5 bighas and 12 biswas in Sohna tehsil of Haryana for Rs 7.94 crore. It is implied that the Corporation Bank overdraft had paid for the land.
The denial by Corporation Bank, however, has increased doubts about the authenticity of the Vadras' claims. The then CMD of the bank, B Sambamurthy, said no such loan had been approved then. Member of India Against Corruption (IAC), Manish Sisodia said the Corporation Bank's statement clealry expalined that Robert Vadra had compiled a false balance sheet and might have made way for black money through this.
The fact that a company with no asset was given a huge amount by a public sector bank had also surprised many.