Dec 11 2015 : The Times of India (Chennai) Bhushan: Transfer of AJL shares to Sonia-Rahul company illegal
Former law minister Shanti Bhushan has initiated the process to challenge the “wholly illegal“ transfer of shares of Associated Journals Ltd (AJL) to Sonia-Rahul Gandhi controlled private firm Young Indian Limited (YIL) which has Congress president Sonia Gandhi and her son Rahul as directors.Bhushan said he had inherited over 300 AJL shares which his father had bought in 1938. “My father had taken the shares in 1938 in his name. I have initiated the process for substitution of his legal heirs as owners of those shares,“ Bhushan told TOI. Asked if he would challenge the transfer of AJL shares to YIL, Bhushan said, “Very surely I will challenge it in court. This transfer of shares is wholly illegal.“ This will give a completely new dimension to the raging controversy over the trial court summoning Sonia and Rahul on a case filed by BJP member Subramanian Swamy who had chal lenged the transfer of AJL ownership rights to YIL and called it illegal. Congress has questioned Swamy's locus standi to move the court, and has emphasized that nobody has complained against the controversial switch of ownership to YIL in which Sonia and Rahul together own 76% shares. “My father had 10 children. Three of them have passed away . I have to get the signatures of their legal heirs for substituting my father's name with ours as owners of these 300 shares,“ Bhushan said. |
Dec 11 2015 : The Times of India (Chennai)
Herald cheating case can't be made: Sibal
As Congress faces the heat on the National Herald issue, se nior lawyer and former min ister Kapil Sibal tells Sub odh Ghildiyal it's a motivated case filed at the behest of BJP . Excerpts from the interview:How is the National Herald issue not a criminal offence?
The essential ingredients of cheating are criminal con spiracy, breach of trust and criminal misappropriation Who has been cheated? No shareholder of AJL has com plained, no Congressman has either. Subramanian Swamy, the complainant, be longs to BJP. We would like to know who has been cheated whose trust has been breached? The essential in gredients of cheating are not made out. The court said Swamy can file a PIL on the basis of Antulay case. But that is when the offence is against the state corruption. Cheating is between two persons. Where is the complainant? Ultimately, we will be vindicated in the courts.
A huge amount was loaned by Congress, a political party receiving tax exemptions.Isn't it in breach of law?
Which provision says a party cannot loan money.The I-T Act (Section 13A) even allows a political outfit to earn money but there is no law regulating its expenditure. The EC gave this reply on November 6, 2012, to a query from Swamy. BJP invested in Kenstar Mutual Fund, earned money and claimed tax exemption on the capital gains. And a five-member I-T tribunal upheld the claim.
Has not the change of shareholding from Associated Journals to Young Indian handed huge property to the Gandhis and Congress?
Swamy has said Congress gets money from voluntary donations and cannot give loans. AJL owed Rs 90 crore to Congress and the loan was assigned to a Section 25 no-profit company Young Indian Ltd (YIL). AJL issued nine crore shares by which YIL came to control 90% of AJL. Swamy calls it a criminal offence as Congress gained control of property worth Rs 2,000 crore. But the property belongs to AJL and it cannot go to the share holders. Even if the AJL shares are sold, neither Ra hul Gandhi nor Sonia nor any shareholder can get a penny out of it. Also, AJL has only one property in its name -in Lucknow. All oth ers are leased.
There is a serious view that Congress should not protest in Parliament over court summons in the Na tional Herald case.
Swamy is misinforming the country and acting at the behest of his “master“. Oth erwise, why would BJP say we want Congress-mukt In dia. It reflects the mindset of vendetta. The director of En forcement Directorate, who closed the Herald case, was shifted out and the new per son reopened it. Swamy and the arms of the governmen are working together and singling out key Congress leaders. On the other hand, CBI did not even appeal in the fake encounter cases of BJP president Amit Shah.Others in encounter cases have not only been reinstated but also put in positions of power.
Swamy's is a private complaint and BJP has said it has nothing to do with it?
Swamy is a BJP leader.And Arun Jaitley in August 2014 said in a TV interview that the prima facie case in the Herald issue was strong.He said a political party cannot benefit from tax exemptions and then become a property company. He said all this as finance minister and now he claims BJP has nothing to do with it.
The essential ingredients of cheating are criminal con spiracy, breach of trust and criminal misappropriation Who has been cheated? No shareholder of AJL has com plained, no Congressman has either. Subramanian Swamy, the complainant, be longs to BJP. We would like to know who has been cheated whose trust has been breached? The essential in gredients of cheating are not made out. The court said Swamy can file a PIL on the basis of Antulay case. But that is when the offence is against the state corruption. Cheating is between two persons. Where is the complainant? Ultimately, we will be vindicated in the courts.
A huge amount was loaned by Congress, a political party receiving tax exemptions.Isn't it in breach of law?
Which provision says a party cannot loan money.The I-T Act (Section 13A) even allows a political outfit to earn money but there is no law regulating its expenditure. The EC gave this reply on November 6, 2012, to a query from Swamy. BJP invested in Kenstar Mutual Fund, earned money and claimed tax exemption on the capital gains. And a five-member I-T tribunal upheld the claim.
Has not the change of shareholding from Associated Journals to Young Indian handed huge property to the Gandhis and Congress?
Swamy has said Congress gets money from voluntary donations and cannot give loans. AJL owed Rs 90 crore to Congress and the loan was assigned to a Section 25 no-profit company Young Indian Ltd (YIL). AJL issued nine crore shares by which YIL came to control 90% of AJL. Swamy calls it a criminal offence as Congress gained control of property worth Rs 2,000 crore. But the property belongs to AJL and it cannot go to the share holders. Even if the AJL shares are sold, neither Ra hul Gandhi nor Sonia nor any shareholder can get a penny out of it. Also, AJL has only one property in its name -in Lucknow. All oth ers are leased.
There is a serious view that Congress should not protest in Parliament over court summons in the Na tional Herald case.
Swamy is misinforming the country and acting at the behest of his “master“. Oth erwise, why would BJP say we want Congress-mukt In dia. It reflects the mindset of vendetta. The director of En forcement Directorate, who closed the Herald case, was shifted out and the new per son reopened it. Swamy and the arms of the governmen are working together and singling out key Congress leaders. On the other hand, CBI did not even appeal in the fake encounter cases of BJP president Amit Shah.Others in encounter cases have not only been reinstated but also put in positions of power.
Swamy's is a private complaint and BJP has said it has nothing to do with it?
Swamy is a BJP leader.And Arun Jaitley in August 2014 said in a TV interview that the prima facie case in the Herald issue was strong.He said a political party cannot benefit from tax exemptions and then become a property company. He said all this as finance minister and now he claims BJP has nothing to do with it.
