In 2010, JIL went in for an IPO (initial public offer) to meet its project commitments. Based on JIL’s audited financial statements, Gupta says the company collected over Rs 20,797 crore from home buyers until 2015-16 in addition to other income, going by interest paid to banks on a term loan of Rs 6,328.60 crore, Rs 1,156 crore tax on presumptive profits from real estate activities, dividend of Rs 451 crore to shareholders, dividend tax of Rs 75 crore to the Centre, besides the amount set aside for corporate social responsibility, remuneration to the promoter, directors and their relatives, investment of Rs 427.50 crore in Jaypee Hospital, among others. The company also utilised Rs 15,000 crore for purchase of land and construction of flats. “About 950 acres bought for Rs 15,000 crore was mortgaged by JIL as collateral for a Rs 33,000 crore loan,” says Gupta, pointing out that while JAL invested in JIL’s equity, JIL provided its assets as collateral for the JAL loan.