Can’t afford a car? 67% of UP MLAs are crorepatis

July 5, 2012

MLAcrore

Lucknow, July 5: Having invited comparisons with Mayawati's profligate ways, a rattled UP chief minister Akhilesh Yadav on Wednesday reversed his decision to allow all legislators to purchase four-wheelers worth up to Rs 20 lakh by dipping into their local area development fund.

This is the second time in three weeks that Akhilesh has been forced to revoke his decision within 24 hours. Last month, he rescinded his order of shutting down malls and shops at 7pm to tackle the power crisis.

"I take back the decision. The reason for this is that most of the MLAs have decided not to take the offer after media criticism," a visibly upset Akhilesh said. "I felt that since MLAs have to move constantly, a vehicle will help them visit remote areas and monitor development effectively. But the media painted the decision as if it was against public interest," he said. The spirit of the decision, he added, was not understood.

An upset Akhilesh Yadav defended his "car fund" for legislators as meant only for those who could not afford one, but the chief minister's argument doesn't really wash.

According to analysis by an NGO, out of 403 MLAs in UP, 271 (67%) are crorepatis. There are only six MLAs who have declared assets less than Rs 5 lakh. Among the main parties, the average assets per candidate for SP is Rs 2.52 crore; for BSP it's Rs 4.44 crore; for BJP it's Rs 4.01 crore; and for Congress Rs 4.61 crore.

Akhilesh said many legislators had told him that they had vehicles that were seven to eight years old and were no longer suited to travelling large distances. It was after the media hype that MLAs refused to buy a car with the area development fund, he said.

But incongruously, after blaming the media, Akhilesh said the rollback should be seen as a sign of healthy democracy where due weightage is given to the "positive" suggestions by the opposition parties.

BSP's leader of opposition Swami Prasad Maurya welcomed the move but gave credit to the opposition for the rollback. He said the opposition pressure forced the government to revoke its decision to use MLA funds for buying personal cars.

"This and his earlier decision to shut malls at 7pm show that the CM is immature," he said, adding some ministers were the real force behind the decision.

BJP spokesman Vijay Bahadur Pathak said there was something wrong with Akhilesh's advisers. The Congress, however, was all praise.

Akhilesh Pratap Singh of Congress said, "By taking the decision back, the government has shown it has the courage to rectify a wrong as everyone said it would not send a good message."

Among main parties, the average assets per candidate for SP is Rs 2.52 crore; for BSP it's Rs 4.44 crore; for Congress Rs 4.61 crore, and for BJP it's Rs 4.01 crore.


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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 11,2024

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The Manipur Kuki MLAs have released a statement calling out Solicitor General Tushar Mehta's 'lies' in the Supreme Court. In a joint statement, the MLAs, including those from the Bharatiya Janata Party, said they had not had any meeting with the Chief Minister since May 3, 2023, nor did they intend to meet him in the future as “he was the mastermind behind the violence”.

As per the MLAs, the SG lied about state CM N Biren Singh speaking to Kuki MLAs to control the situation there, in order to halt a Supreme Court probe into the leaked tapes which allege that Singh has been complicit in the violence that broke out between Kukis and Meitis there.

"We...clarify that we have never had any meeting with Chief Minister, Shri N. Biren Singh since May 3, 2023, nor have any intention to meet him in future as he is the mastermind behind the violence and ethnic cleansing of our people from the Imphal valley, which is continuing till today, the latest being the brutal killing and burning of Mrs Zosangkim Hmar on November 7, 2024," the letter read, while condemning the recent 'barbaric' killing of the woman there, and noting the SG's assertion is 'tantamount' to misleading the top court.

“We, the undersigned ten MLAs, have come to know that during the Supreme Court hearing held on November 8, 2024, the Solicitor General of India submitted that ‘CM is meeting all Kuki MLAs and trying to bring the situation down to get peace’. In this connection, we hereby categorically state that this submission is a blatant lie and tantamount to misleading the Hon’ble Supreme Court of India,” the statement said.

The Supreme Court, while hearing a petition by a Kuki organisation, asked that it submit audio tapes to substantiate its claim that the Chief Minister was instrumental in inciting and organising violence in the northeastern State.

Solicitor-General Tushar Mehta orally informed the court that the Chief Minister was meeting all the Kuki-Zo MLAs and that peace in the State had come at a huge cost.

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