IFFCO MD and Joint MD offer to return properties gifted to them

NEW DELHI: Amid a raging row on two prime South Delhi properties gifted by IFFCO to its top executives, its Managing Director U S Awasthi and his deputy today said they will return their posh accommodations.

While Awasthi will return his 1,000 square yard Haus Khas residence, IFFCO Joint MD & CFO Rakesh Kapur will return the two-floor accommodation in Vasant Vihar.

"If this issue has become such a big problem, then I will like to return it. I have written to the Chairman of IFFCO that I wish to surrender this property to the cooperative," Awasthi told PTI.

An IFFCO spokesperson said Kapur has also decided to return the property gifted to him, pending board approval.

IFFCO had gifted the first floor and basement of a property to Kapur in the capital's posh Vasant Vihar locality.

The issue relates to the anti-graft agency Central Vigilance Commission ( CVC) looking into the issue of how a prime South Delhi property of IFFCO was transferred to its Managing Director as special incentive by the fertiliser cooperative's board of which he is a key member.

CVC is investigating a complaint filed by Registrar and Deputy Commissioner (Revenue) of South-West Delhi on the transfer of the 1,000-square yard property to Awasthi by Indian Farmers Fertiliser Cooperative Society (IFFCO).

Meanwhile, IFFCO Chairman N P Patel said it is deeply concerning that a wrong image of the organisation and its MD has been painted.

"The decision to transfer the house as a consideration for the services rendered by the MD has been taken completely out of context and blown out of proportion. No fraud or any illegal activity has taken place. It is a misunderstanding," Patel said.

The Chairman said Awasthi has written to him offering to surrender the Hauz Khas-located property.

"The matter would be discussed in the Annual General Meeting and a final decision would be taken in this regard," he added.

The IFFCO AGM is likely to be held in May this year Yesterday, IFFCO had said: "There is no conflict of interest in an officer receiving compensation or ex-gratia in recognition of his contributions. It bears repetition to say that the whole controversy seems to have cropped up based on a misunderstanding that the property in question is a public property which it is not."

Awasthi is the Managing Director of IFFCO since February 1993.