Sonia, Rahul convert public trust into private property


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29 Oct 2012

 
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A private company managed by Sonia Gandhi, Rahul Gandhi, Moti Lal Vora, Oscar Fernandes, Suman Dubey and Satyan G Pitroda, has quietly acquired the over Rs 600 crore estate and properties belonging to the Jawaharlal Nehru-founded The Associated Journals Ltd for the paltry sum of Rs 50 lakh. The acquisition, which was finalised as recently as April 26, 2012, covers an ‘extinguished’ loan of over Rs 90 crore from the All-India Congress Committee.

The Associated Journals Ltd is the owner and publisher of National Herald (English daily), Qaumi Awaz (Urdu daily) and National Herald International Weekly.

Amethi MP Rahul Gandhi is a Director in the said firm, Young Indian (Registration No 55-210686), which is a private company registered under section 25 of the Companies Act, 1956. Its principal aim is to inculcate “in the mind of India’s youth, commitment to the ideal of a democratic and secular society for its entire populace without any distinction as to religion, caste or creed and to awaken India’s youth to participate in activities that promote the foregoing objective”.

As this has nothing to do with journalism, it is unclear why Young Indian is acquiring the huge assets of a newspaper company for its activities.

As per the Notes to Accounts for the period ended March 31, 2012, a public limited company started by Jawaharlal Nehru with 5,000-odd shareholders has effectively become a private firm managed by Sonia Gandhi and Rahul Gandhi, using funds from the AICC. The legality of a political party giving a loan to a private person to set up a private firm remains questionable.

In fact, many aspects of the deal are problematic. The Notes to Accounts (II.1) states that in pursuit of its objects, “the Company acquired loan owed of Rs 90,21,68,980 by The Associated Journals Ltd (‘the said Company’), presently engaged in achieving a recast of its activities so as to have its main object congruent to the main object of the company, for a consideration of Rs 50 lakh”.

It continues, “As a part of restructuring exercise of the said company, the said loan was converted into 9,02,16,898 ordinary shares of Rs 10 each fully paid. Since said acquisition is treated as application on the objects of the company (and accordingly, treated in the financial statements of the company), the same has not been reflected as an investment in shares. Besides, even if the shares were to be treated as an asset (‘investment’), having regard to the fact that the net worth of the said company is negative, recognising the entire cost as “diminution in value” would result in an equivalent charge to the Income & Expenditure Account.”

This statement has been signed for and on behalf of the Managing Committee by Pradeep S Shah, Partner, Chandrakant & Sevantilal Chartered Accountants, Suman Dubey, director, and Moti Lal Vora, director.

It is pertinent that the official address of Young Indian is 5A, Herald House, Bahadur Shah Zafar Marg, Delhi, 110002, which is also the official address of publications owned by The Associated Journals Ltd, the registered office of which is Nehru Bhawan, 1 Bisheshwar Nath Road, Lucknow, Uttar Pradesh.

Prima facie there seems to have been no general body meeting of shareholders to discuss and approve this huge disbursal of public property to a private firm. The records show that Moti Lal Vora, chairman, The Associated Journals Ltd, informed the Board of Directors in their meeting held on February 26, 2011, that 9,02,16,898 equity shares of Rs 10 each be allotted to Young Indian in consideration of the extinguishment of the amount of Rs 90,21,68,980 due to Young Indian under loan facility availed by the Company from All India Congress Committee.

Resolution No. 3 continues that this loan facility and all the benefits thereunder was approved by the board in the board meeting held on 21.12.2010 and by the shareholders by a Special Resolution in the Extraordinary General Meeting of the members held on 21.01.2011.

Vora requested the board to approve the allotment of 9,02,16,898  equity shares of Rs 10 each to Young Indian.

This is simply unprecedented and by far surpasses the generous loans extended by DLF, a private sector corporate house, to facilitate the staggering acquisitions of Robert Vadra (now reputedly holed up in Dubai).

The AICC loaned and wrote off the amount of Rs 90 crore plus to Young Indian, but Young Indian paid only Rs 50 lakhs for the entire transaction and became owner of the immense properties and estates of The Associated Journals Ltd.

Then, the objectives of Young Indian have nothing to do with journalism, which is the sole reason why the then Government allotted prime land to the publishing house. It stands to reason that if the publications are defunct and cannot be made viable, then the trust managing the same must be dissolved and the land returned to the Government.

If Rahul Gandhi has no intention of starting a new newspaper or magazine, or re-launching the National Herald and allied publications – which his staff reputedly asserted when asked by journalists who learnt that something was afoot in the trust – why has he acquired The Associated Journals Ltd and all its assets?

It may be pertinent to note that in The Associated Journals Ltd’s List of Shareholders and Debenture Holders 2008, the name of Rahul Gandhi has been inserted by hand at Page 49, with no shares or debentures allotted, and no other particulars given. In the List for 2011, Young Indian figures as the last entry, with the address N-125 Panchsheel Park, New Delhi-17, and the shares allotted are 9,02,16,898. Moti Lal Vora has signed this document in his capacity as managing director.

The whole thing reeks of crony capitalism and seems prima facie illegal. A public trust cannot be made private in this surreptitious manner.

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  • guru bhat

    What a sly operators, these Gandhi’s!
    No one dare question them? No one dare prosecute them?
    They can ruin all rules of the land and still preach honesty?

  • http://twitter.com/prashanthkpp Prashanth K.P.

    Would any media houses dare take up this issue?? Facts and figures are provided here in abundance for them to take the lead and carry out an independent investigation. They simply dare not. I know, you know, we know, unless a change of guard is brought in, Nation is rest assured going to dogs, I meant, going to be the Gandhi household.

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  • Sumedha

    Please upload the Balance Sheet and Income & Expenditure account. Further analysis can be made by people with expert knowledge.

  • http://Satyameva-Jayate.org/ B Shantanu

    As for as a I know, Motilal Vora is AICC Treasurer. Is that not a direct conflict of interest in case of this transaction?

  • Ravish Kumar Verma

    Why other media keeping quiet? This is worse than Nitin Gadkari’s Purti affairs. Why BJP keeping quiet? Sonia and Rahul’s grabbing of hundreds or even thousands crore worth properties of National Herald shows that Robert Vadra has entered the right family. Congrats to Mrs.Sandhya Jain

  • http://www.facebook.com/profile.php?id=100001306330411 Mohan Mallya

    dear arnab gosvami of times today note how a trust property has become soniaji & rahul gandhis personal property read the full story in national herald & verify these people of congress party are better than gadkari

  • abhi

    why BJP is silent on Dr.Swamy exposi of rahul ang sonia gandhi.

  • Pingback: Sonia, Rahul convert trust into over Rs. 600 crore property – Sandhya Jain « From barmaid to empress of India Sonia is our curse and lament

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  • Bong

    “The AICC loaned and wrote off the amount of Rs 90 crore plus to Young Indian…”

    And where did AICC get those 90 plus crores from?

  • Rajaram

    Why should anyone be surprised? did anyone believe that Sonia and her friends (a la Quattrocchi) came to India for the love of the people of India? She is the quintessential gold digger who struck gold. But why blame her? It is the people of India who are to blame. Sonia was true to her dharma as a gold digger, but has India been true to its dharma?
    There is an old saying: A fool and his money are soon parted. Like Robert Clive, Sonia too put it to practical use.

  • Rajaram

    The bottom line: a supposedly public trust cannot be turned into private property. But apparently the law does not apply to the parties involved.
    From this (and other activities) it is clear that India is not a country of laws but a feudal state run for the benefit of a favored few. In the U.S. Vice President Spirow Agnew had to resign for tax evasion and President Richard Nixon had to resign for obstruction of justice. Both offenses are commonplace in India.

  • Nandita

    Dr Subramanian Swamy or any other eminent public figure should look into this matter by filing a case against this misappropriation of AICC Funds.

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  • HanS

    they have robbed this nation ENOUGH… Thanks to Dr. Subramanian Swamy’s Efforts. They Should both Leave this country and Corrupt Congress should wrap up

  • http://www.facebook.com/profile.php?id=100001238409990 Abhishek Chaudhari

    Let us see, how many channels / newspaper shows this.. Swamy’s press conference went unnoticed though…

  • Pratham

    Please share this on facebook – twitter – other social forums wherever possible.

    media will not be interested in reporting this

  • Shyamal Sarcar

    Democratic India is guided by these corrupted persons in Supream authority and PM just a puppet to this family. can we know what funds are apart from this?

  • Shyamal Sarcar

    democratic India guided by these corrupted persons. apart from these wealth, how more lying in Swiss bank

  • Ravindra K Singh

    Weldon Sandhya..

  • Tejpal

    “First, if one has money and power. Second, through family connections. I am an example of that. Third, if one knows somebody in politics. And fourth, by working hard for the people.” Raul aka Rahul is partly true as his three points apply to him. The last point is a reverse phenomenon in that it is the people or their Aam Aadmi work hard for them. Raul takes few media people, walks inside some huts like in a movie and shots are shown to the poor people to win their sentiments and thus votes in turn. Look at their corrupted family profiles. Non of them are Hindus but Muslims. However they call themselves either Parsis or Hindus. Why do they belittle Muslims or Christians so badly? It is only for votes and notes. Such is the attraction of power and pelfs. Shame on this rootless dynasty.

  • shalabh

    if purthi.. Nitin g’s company is being investigated such rigour, why not this company and the issues raised being highlighted, are being investigated?

  • urikar

    Nehru-gandhi dynasty has destroyed this country….period. They are a disgrace to this nation and their despicable acts are beyond beleif.

  • http://twitter.com/mbhagawat bhagawat

    Sonia rahul has converted Congress as slave party and India as her slave country.She has established amonarchy of her family where in hesr family members sisters son son in law daughter are all in all and all congressman are boot licker slaves.India is now a autocrat dicattorial country of Sonia.She is empress of india.Any one raises a finger on her is kicked around by her goons and CBI.She has made hinduism redundant and allowed a muslim rule all over india.Muslims are highly aggressive and belligerent now.Thay are having a superiority complesx as MMS declared them as 1st Citizen and Primary assets.SO now hindus must convert themselves to islma and enjoy the govt or be slave.Not only funds of india govt but also all funds of tempoles are family property of sonia.If the N ational Herald owned by her father in law firoze khan is absued and sold to her for 50 lakhs having a proerty of 1600 crores it is not only showed mentality of her but also a slave mentality of BJP TOP most leader advani who failed to question her.It is Drswamy questione dher and media is silent ion his aallegations as if nothing illegal has done.Dead names are as share holders name is not only illegal but also criminal.

  • Pramod

    Subramaniam Swamy’s press conf came just 3 days after your article, not a coincidence I’m sure? Happy to see two sharp minds working in unison to expose the Congi high command. All the best!




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