Amit Shah’s son’s company grew by 16,000 times in one year

News Network
October 8, 2017

New Delhi, Oct 8: The Congress and the Aam Aadmi Party on Sunday took a dig at the NDA government over a report that the company owned by Amit Shah’s son recorded a massive 16,000-times increase in turnover over in the year following the election of Narendra Modi as prime minister and the elevation of Shah to the post of party president.

The Opposition parties have sought answers from Prime Minister and the BJP president, and demanded a probe by the ED and the CBI.

Addressing a press conference at the AICC headquarters, senior Congress leader Kapil Sibal said it seems the fortunes of some people have changed after the change of power. He said filings with the Registrar of Companies (RoC) have revealed that the company owned by Shah’s son Jay started making profits after 2014. The story was reported by The Wire today.

He said in March 2013 and in March 2014, Shah’s Temple Enterprise Private Ltd recorded losses of Rs 6,230 and Rs 1,724 respectively. “In 2014-15 it started making profits…that means there was some change in May and profit ka karvah shuru ho gaya….”

“In 2014-15, the company made a profit of Rs 18,728. The real change happened in 2015-16 and it is shocking…..The company made a turnover of Rs 80 crore in 2015-16. The company started getting loans. One Rajesh Khandwala, who owns KIFS Financial Services, gave a loan of Rs 15.78 crore. And the company stopped business activities in October 2016. And the reason stated was that the company was incurring losses.”

“Today, we want to ask our Prime Minister what you now think about crony capitalism. Will you direct the CBI to probe? Will you direct the ED to probe? Will you ask them to arrest them? Because in the case of opposition, the ED immediately sends notice and shows speed in arresting them…If somebody’s name is Jai, Amit and Shah who can arrest them. I can confidently tell you that the Prime Minister will remain silent,” Sibal said.

He alleged he has learnt that the electronic media has been asked not to show his press conference.

“Our pradhan sevak always used to talk about crony capitalism. Even if there is an allegation of Rs 10 lakh against anyone, they set the CBI after them. They set the ED after him. If they want to level any allegation against a Congress leader….there was an allegation of Rs 10 crore against Virbhadra Singh….how many cases did they launch…So we want to ask where is the CBI, ED and where is the prime minister.”

“The Prime Minister will not speak. Because it is about the son of his party’s president. Unhi ki ho jai wo hain? So how suddenly there was a turnover of Rs 80 crore..this company was dealing in agri products….” he said.

Asked where is the criminality, he said “we are talking about crony capitalism. Criminality will only (be established) if there is an investigation. That will only be determined by an investigation. Why where these loans given through ooperative banks without a mortgage, without proper security. Seven crore was the turnover of the cooperative bank and loan of Rs 25 crore was given…why,” he asked.

He spoke about Kusum Finserve, a limited liability partnership incorporated in July 2015 with Jay Shah owning a 60 per cent stake in it. He said the got company got Rs 25 crore loan from the Kalupur Commercial Cooperative Bank. The board of directors of the bank, he said, include individuals from the Nirma group and Nirma university.

Asked whether the Congress will seek an investigation, he said “investigation is to be done by agencies under their control. Who will listen to the Congress. We just want you to tell the people of India that this is happening in our country. We know who CBI, ED will investigate and who ED and CBI will not investigate. Is the Prime Minister open and honest enough to say investigate the son of Amit Shah. That is the issue.”

“Our appeal to the Prime Minister is that you are the pradhan sevak ….you always say na khaunga, na khane dunga….tho nahin khane dijiye.” “This is the Shah model of business…,” he said.

Defending Jay Shah, BJP’s national IT cell chief Amit Malviya, in a series of tweets, said: “Every new business starts with nil turnover on day one, expands later. What is wrong with legitimate expansion of business?  This was a legitimate commodity export import business, where volumes are high and margins are low so 16,000x misleading. Is Jay Shah not allowed to take loan on market rates of interest from a registered NBFC? Where is the favour / impropriety? Since when has taking a loan by cheque become illegal? Jay Shah company took a loan from NBFC, disclosed it in income tax.”

Meanwhile, Congress vice president Rahul Gandhi tweeted: “We finally found the only beneficiary of Demonetisation. It’s not the RBI, the poor or the farmers. It’s the Shah-in-Shah of Demo. Jai Amit,”

The AAP also held a press conference. Senior leader Ashuthosh said a FIR should be registered against Jay Shah and a probe should be ordered into his company’s activities.

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ahmed
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Monday, 9 Oct 2017

ha haa ACCHA DIN AAYA HEY SIRF MODI PARIVIAR Ko...

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News Network
September 20,2024

Starting in the 2025-26 academic year, private universities in Karnataka offering professional courses will no longer conduct separate entrance exams. This decision follows a directive from the state’s Higher Education Department, prompting private universities to form an association and agree to this significant change.

In a recent meeting with Higher Education Minister Dr. M. C. Sudhakar, representatives from 17 private universities confirmed their decision to discontinue individual entrance tests. Of the 27 private universities in the state, 17 offer professional courses, and they have collectively agreed to accept scores from existing national or state-level entrance exams.

“Some universities will consider JEE scores, others will rely on KCET, and a few are inclined towards COMEDK,” Dr. Sudhakar stated, leaving the choice of examination to the universities themselves. However, the department has also suggested that the universities consider a unified entrance test for admissions.

Looking ahead, Dr. Sudhakar hinted that the government may introduce a common entrance test for general degree courses at private universities as well. "As government colleges and universities currently don’t require entrance exams for general degree courses, we haven’t made any decisions on this yet," he explained.

The meeting also addressed concerns over the high fees charged by private universities. To regulate this, the universities were instructed to establish fee fixation committees, headed by retired judges, as required by law. These committees will be responsible for determining tuition fees. Additionally, the government will continue to regulate fees for 40% of seats in professional courses that are filled through KCET.

In an effort to bring greater uniformity among private institutions, the government is considering enacting a common law for all private universities, which would replace the individual acts currently governing each university. This would place all private universities under a single regulatory framework.

This move is expected to streamline the admissions process and create a more standardized system for both professional and general degree programs across Karnataka's private universities.

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Source: Arab News
September 15,2024

prince.jpg

London: There will be no normalization of ties between Saudi Arabia and Israel until an independent Palestinian state is established, Prince Turki Al-Faisal, the former head of the Kingdom’s intelligence services, has warned. 

During a talk at London-based think tank Chatham House, the former Saudi ambassador to the US also discussed Washington’s role in the peace process as the Gaza war approaches its first anniversary, and how talks before the outbreak of hostilities had been broadly positive.

He said the US is keen on the resumption of talks between Israel and Saudi Arabia to strengthen regional security and to forge economic ties, but Riyadh’s position is that “if there’s a Palestinian state that Israel accepts to come (into) existence, then we can talk about normalization with Israel.”

The prince added: “Before Oct. 7 … talks not only progressed along those lines, but also the Kingdom invited a Palestinian delegation to come and talk directly to the Americans about what it is that might bring about a Palestinian state.

“I’m not privy to those talks so I don’t know what happened between the Palestinians and the Americans, but the Kingdom’s position has always been we won’t speak for the Palestinians. They have to do it for themselves. Unfortunately, of course, the Oct. 7 (Hamas attack against Israel) put an end to those talks.”

Prince Turki said the establishment of a Palestinian state is not only crucial for Israeli ties with Saudi Arabia but with the rest of the Muslim world as well.

“A Palestinian state is a primary condition for Saudi Arabia to have normalization with Israel, but … on the Israeli side, the whole government is saying no Palestinian state,” he added.

Prince Turki said for Saudi Arabia, an independent Palestine would encapsulate the 1967 borders, including East Jerusalem.

He added that the Kingdom has led the way in trying to achieve a peaceful resolution to the conflict, citing the 1981 King Fahd Peace Plan and the 2002 Arab Peace Initiative proposed by King Abdullah.

During the current Gaza war, “the Kingdom led the Muslim world, and not only summits with the Arabs but with the (rest of the) Muslim world, and also … the diplomatic missions that have been taking place to convince the world that there must be an end to the fighting, led by the Saudi foreign minister,” Prince Turki said.

“The Kingdom has been in the forefront of condemning the Israeli onslaught on the Palestinians, not just in Gaza but equally in the West Bank.”

He criticized the US and other Western nations for not applying more pressure on Israel to end the war, citing how the UK had only recently begun to suspend certain arms export licenses to Israel following the election of a new government in July.

“I’d like to see more done by the UK,” he said. “I think, for example, the UK … should recognize the state of Palestine. It’s long overdue.”

Prince Turki said the US could apply direct pressure on Israeli Prime Minister Benjamin Netanyahu over the actions of his government and military, and should address funding and lobbying by groups and individuals sympathetic to Israel.

“I think the US has enormous tools to affect Israel which it isn’t using, not just simply … denial of supply of weapons and material to the Israelis,” the prince added.

“A lot of financial help goes to Israel from the US. If some of the privileges that (the) Israeli lobby, for example, in America, enjoys — of tax-free contributions to Israel — can be withdrawn from those Israeli lobbyists, that will (put) great pressure on Israel.”

In the US, “you have to register as a lobbyist for a specific country, or be prosecuted, if you want to talk for that country, but a lot of organizations in America do that for Israel and still enjoy a tax-free status because they’re considered not representing Israel per se, but simply as philanthropic or humanitarian groupings,” he said.

“There are many tools that are available to the US, not simply harsh talk, which seems to have gotten us nowhere. But is America ready to do that? As I said, I’m not too optimistic about that.”

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News Network
September 14,2024

Mangaluru: The block level and District Congress Committee presidents in the state will be changed in the next one month for better reach into society and bring in organisational fortification, said Karnataka Pradesh Congress Committee working president G C Chandrasheker on Saturday.

The All India Congress Committee and KPCC have a vision for bringing a change in how the party works with the last man and woman in the state, he said at a press conference here.

"We are looking at bringing development models into the state with a new vision. We are a party that likes to work with the opposition in the developmental aspects and keep all other matters away that do not relate to the development of the state.

"We have a great respect for the people of the coast who are considered to be forward-looking and perceptible, but it is also true that we do not have the numbers in the upper house and in the Urban Local Bodies (ULBs)," he said.

"Our endeavour is to not only create a strong pro-development workforce at the base level by strengthening the second and third level leadership in the state," he said.

Chandrasheker, who is also a Rajya Sabha member, said that he and his four colleagues of the rank of working presidents of the KPCC are going to every district to infuse the new thinking in our workers and leaders.

"This move will get a new surge considering the party is facing byelections in Shiggaon, Chennapatna and Sandhur segments and also vacant seats in the legislative council, followed by elections to the Urban Local Bodies and Panchayats" he said.

When asked about the reason for the changes, Chandrashekar said most of the people have already lived their tenures. The party wants to reward those who have not been given tickets to contest in the 2023 state assembly elections and 2024 Lok Sabha elections for political reasons.

There are quite good leaders and hard-working ground level workers who have great potential to lead the party in the coming years, he said.

"Women will get at least one top post in all District Congress Committees and block levels. There is also a move to give responsible positions for the workers and leaders coming from different strata of society, which are deliverable. The party will not shy away from it," he said.

The other two working presidents, Dr Manjunath Bhandary and Vasanth Kumar, were also present at the press conference.

Kumar said some of the regions in the state are dominated by the BJP. "We want to end this run and defeat the divisive models of the BJP." Bhandary said the Indian National Congress was aiming at a high development phase in the state and involve the opposition parties and their leaders in the development plans in the state. 

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