Business

The Golden Touch of Jay Amit Shah

BJP president Amit Shah’s son, Jay Shah, has seen a dramatic increase in some of his businesses since Narendra Modi became prime minister.

Jay Shah, Prime Minister Narendra Modi and BJP president Amit Shah, seen here at the wedding reception of Jay in 2015. Credit: BJP

Key highlights:

  • Turnover of a company owned by Shah’s son increased 16,000 times over in the year following election of PM Narendra Modi
  • Revenue from company owned by Amit Shah’s son jumped from just Rs 50,000 to over Rs 80,00,00,000 in a single year
  • Firm of Amit Shah’s son, whose business is chiefly stock trading, turns to windmill generation with PSU loan
  • Do a story on Amit Shah’s son’s ‘honest, legal, bonafide’ businesses and ‘he shall reserve right to prosecute you’, his lawyer warns The Wire

New Delhi: The turnover of a company owned by Jay Amitbhai Shah, son of Bharatiya Janata Party leader Amit Shah, increased 16,000 times over in the year following the election of Narendra Modi as prime minister and the elevation of his father to the post of party president, filings with the Registrar of Companies (RoC) show.

Company balance sheets and annual reports obtained from the RoC reveal that in the financial years ending March 2013 and 2014, Shah’s Temple Enterprise Private Ltd. engaged in negligible activity and recorded losses of Rs 6,230 and Rs 1,724 respectively. In 2014-15, it showed a profit of Rs 18,728 on revenues of only Rs 50,000 before jumping to a turnover of Rs 80.5 crore in 2015-16.

The astonishing surge in Temple Enterprise’s revenues came at a time when the firm received an unsecured loan of Rs 15.78 crore from a financial services firm owned by Rajesh Khandwala, the samdhi (in-law) of Parimal Nathwani, a Rajya Sabha MP and top executive of Reliance Industries.

One year later, in October 2016, however, Jay Shah’s company suddenly stopped its business activities altogether, declaring, in its director’s report, that Temple’s net worth had “fully eroded” because of the loss it posted that year of Rs 1.4 crore and its losses over earlier years.

The Wire sent a questionnaire to Jay Shah on Thursday seeking details about the shifting fortunes of Temple Enterprise and his other business ventures, as obtained from RoC filings, which he said he could not immediately respond to as he was travelling. On Friday, however, Shah’s lawyer, Manik Dogra, sent in a response with a warning that criminal and civil defamation proceedings would be launched in the event of “any slant or imputation which alleges or suggests any impropriety on his part.”

As is obvious, the story the RoC documents themselves tell do not indicate anything more than the bare fact of various loans and revenues, which have not been denied by Shah’s lawyer. The world over, it is normal for the business affairs of politicians’ relatives in democracies to be subjected to public scrutiny, especially when there is a sudden change in fortunes that coincides with an uptick in the political cycle. During UPA-II, for example, the Congress party spent the better part of three years confronting questions about how party president Sonia Gandhi’s son-in-law, Robert Vadra, had managed to grow his real estate businesses on the basis of loans, including unsecured advances by real estate giant DLF. Indeed the sharpest attacks on Vadra’s affairs were from the BJP.

Though Shah’s lawyer has not disputed the information drawn from Shah’s submissions – filings that companies must mandatorily make with the RoC to enable public viewing and examination – The Wire will be happy to publish any response from Shah as and when it is received.

The shifting fortunes of Temple Enterprise

Temple Enterprise was incorporated in 2004 with Jay Shah and Jitendra Shah listed as its directors. BJP president Amit Shah’s wife, Sonal Shah, also has a stake in the company.

In 2013-14, Temple Enterprise did not own any fixed assets and had no inventories or stock. It also got an income tax refund of Rs 5,796. In FY 2014-15, it earned Rs 50,000 as revenue. However, in 2015-16, the firm’s revenues jumped to over Rs 80.5 crore, a growth of 16 lakh percent. Reserves and surplus turned negative to Rs 80.2 lakh from Rs 19 lakh the previous year. Trade payables were Rs 2.65 crore, up from Rs 5,618 the previous year. The assets of the company were only Rs 2 lakh. The firm had no fixed assets the year before. Short-term loans and advances were Rs 4.14 crore, up from Rs 10,000 the year before. Inventories were Rs 9 crore, up from zero the previous year, according to the firm’s filings.

The massive increase in revenues is described in the filings as coming from the “sale of products”. This included Rs 51 crore of foreign earnings, up from zero the previous year.

The filings also reveal an unsecured loan of Rs 15.78 crore from a listed entity, KIFS Financial Services. The revenue of KIFS Financial Services for the same financial year when the loan was given was Rs 7 crore. The annual report of KIFS Financial Services also does not reflect the Rs 15.78 crore unsecured loan given to Temple Enterprise.

Rajesh Khandwala, the promoter of KIFS Financial Services, first agreed to respond to The Wire’s questionnaire sent on Thursday seeking clarification on his firm’s dealings with Shah’s companies but subsequently did not respond to calls and messages. KIFS, a non-banking financial company (NBFC), has had run-ins with SEBI in the past.

Khandwala’s daughter is married to Parimal Nathwani’s son. Ahmedabad-based Nathwani heads the Gujarat operations of Reliance Industries and has operated for years at the intersection of business and politics. He is an independent member of parliament from the upper house. His re-election to the Rajya Sabha in 2014 was supported by BJP legislators in Jharkhand.

A source close to Amit Shah told this reporter that neither Nathwani or Reliance had any role to play in the facilitation of the unsecured loan from Khandwala’s firm to Temple Enterprise. On his part, Jay Shah’s lawyer said in his written response to The Wire that Khandwala is an old friend of the family.


Also read: Opposition Seeks Probe into Jay Shah’s Firm After The Wire’s Report


“Rajesh Khandwala, the promoter of KIFS is the sharebroker for the family of Jay Shah for the last several years. This NBFC has been providing loans to Jay Shah’s and Jitendra Shah’s other businesses regularly for the last several years. Jay Shah has had family relations with Rajesh Khandwala much prior to the marriage of Nathwani’s son to Khandwala’s daughter, about 4 years ago,” says the statement from Shah’s lawyer.

In response to the query about the loan, Jay Shah’s lawyer wrote:

“Jay Shah, Jitendra Shah and their associates invested share capital and unsecured loans in this company [Temple Enterprise]. Since working capital facilities were not available to a new business/company, interest bearing Inter Corporate Deposits (ICD) were taken from time to time from KIFS Financial Services Ltd., a registered NBFC, to run this business. Tax has been deducted on the interest paid (TDS) regularly and the principal and interest amount has been repaid in full.”

In 2015, the same year KIFS provided an unsecured loan to Shah’s firm, Khandwala and Shah also formed a limited liability partnership (LLP), Sattva Tradelink, though this was dissolved later. The Wire had asked Jay Shah to describe his dealings with Khandwala, incuding Sattva Tradelink. Replying on Shah’s behalf, his lawyer said: “Though this LLP was formed by Jay Shah with Khandwala, in view of adverse market conditions no business was carried out and the LLP was wound up and has already been struck off from the Registrar records.” (emphasis added).

It is not clear what Shah’s lawyer meant by ‘adverse market conditions’, for the year the LLP was formed was also the year Khandwala’s firm lent Rs 15.78 crore to Shah’s company and the latter went on to book revenues of Rs 80.5 crore.

Specific questions to Khandwala about why the annual report of KIFS Financial Services for the loan year does not mention the loan to Jay Shah’s company went unanswered.

After the boom, the bust

According to Shah’s RoC filings, Temple Enterprise is described as being engaged in wholesale trade and more than 95% of revenues come from the sale of agricultural products. “Temple Enterprise is in the business of import and export of agri commodities like rapeseed DOC, castor DOC meal, desi chana, soyabean, coriander seeds, rice, wheat, maize etc,” notes the statement from Shah’s lawyer.  The statement also credits the business acumen of Shah’s partner, Jitendra Jayantilal Shah, and the education Amit Shah’s son received for the performance of the company. “The business ownership and management was principally held by Jay Shah and Jitendra Shah (an old family friend) and their associates. Jay Shah is a qualified engineer having done his B.Tech from the renowned Nirma University and Jitendra Shah was already engaged in the business of commodities for the last several years and his companies had been recording an annual turnover of over Rs.100 crore,” says the statement.

Shah’s lawyer also said a turnover of Rs 80 crore in the commodity business is not “abnormally high.”

What does appear a little abnormal, however, is that the firm, whose revenues jumped from just Rs 50,000 to over Rs 80 crore in a single year (FY 2015-16) stopped its business activities last year. The explanation offered by Shah’s lawyer: “Unfortunately, the business activities of the Temple Enterprise Pvt. Ltd. resulted in losses due to which the business activities were stopped sometime in October, 2016.”

From stock trading to power generation

Kusum Finserve is a limited liability partnership incorporated in July 2015 with Jay Shah owning a 60% stake in it. It was formerly a private limited company, Kusum Finserve Private Ltd, before being converted into an LLP. The private limited company also got inter-corporate deposits from KIFS Financial worth Rs 2.6 crore in FY 2014-15. The partnership generated Rs 24 crore as income as per its last filings.

The filings also reflect an unsecured loan of Rs 4.9 crore but do not specify from whom. Shah’s lawyer says the main business of Kusum Finserve is “trading in stocks and shares, import and export activities and distribution and marketing consultancy services.” He adds that KIFS Financial Services has regularly been giving it loans. “This entity has also been regularly raising ICDs/loans from KIFS Financial Services for the last several years and the amount of Rs. 4.9 crore was the outstanding closing balance from them. These amounts were used for regular working capital. Tax has been deducted on the interest paid (TDS) and principal and interest amount has been repaid in full,” the statement says.

While the main business of the firm is trading in stocks, its RoC filings reveal it is involved in diversifying into a completely unrelated field: it is setting up a 2.1 megawatt windmill plant worth Rs 15 crore  in Ratlam, Madhya Pradesh.

Loans from a cooperative bank, and a PSU

Shah’s filings with the RoC also reflect Rs 25 crore worth of finance from the Kalupur Commercial Cooperative Bank. The board of directors of the bank include individuals from the Nirma group and Nirma university. The chairman emeritus of the bank is Nirma’s Ambubhai Maganbhai Patel.

File photo of wind turbines in Rajasthan Credit: REUTERS/Pawan Kumar

The properties mortgaged include one owned by BJP president Amit Shah, valued at Rs 5 crore, and another transferred by an associate of Amit Shah, Yashpal Chudasama, to Kusum Finserve Private Limited in 2014. Shah did not reveal what the value of the 2002 square foot property was but market estimates put it at Rs 1.2 crore. Chudasama, a former director of the Ahmedabad District Cooperative Bank, was chargesheeted by the CBI in 2010 for attempting to “convince, coerce, threaten, and influence witnesses on [Amit Shah’s] behalf to conceal the truth from the CBI” about the fake encounter of Sohrabuddin and his wife Kauser-bi. In 2015, a special CBI court discharged Chudasama from the case, just as it had discharged Amit Shah too in December 2014.

Asked how Kusum Finserve had managed to raise a loan of Rs 25 crore from a cooperative bank against collateral valued at under Rs 7 crore, and whether other properties had also been mortgaged, Jay Shah’s lawyer said the bank did not give the firm a “loan” but a “non fund based working capital facility in the form of a Letter of Credit up to Rs 25 crore.” This facility is availed “from time to time,” says the lawyer’s statement. “This facility has been secured on usual banking terms which include hypothecation of the goods purchased under the LC, cash margin of 10% and collateral security of a property belonging to Jay Shah’s father and another property of Kusum Finserve (purchased on April 5, 2014 through a duly executed purchase deed) which is duly reflected in the financial statement of April, 2014 to March, 2015,” says the statement.

“The bank receives payments before the retirement of LC on its due date resulting in this being a non-funded and no-risk facility for the bank,” Shah’s lawyer said.

Piyush Goyal

Railways minister Piyush Goyal, formerly minister in charge of the Ministry of New and Renewable Energy.  (Credit: Piyush Goyal/Facebook)

Besides the cooperative bank, Jay Shah’s partnership has also availed of a Rs 10.35 crore loan from a public sector enterprise, Indian Renewable Energy Development Agency (IREDA), described as a ‘mini ratna’ on its website, in March 2016. It is controlled by the Ministry of New and Renewable Energy. Piyush Goyal was the minister at the time the loan was sanctioned.

“The loan taken from IREDA for setting up a 2.1 MW wind energy plant is based on the equipment prices prevailing at that point of time as per industry standards (approx Rs 14.3 crore) and duly appraised and sanctioned in the normal course of business. The outstanding loan as on 30-06-2017 is Rs 8.52 crore and interest and repayment of loan are regular,” says Shah’s lawyer.

What is not clear are the parameters by which a partnership whose primary business, according to Shah’s lawyer, is “trading in stocks and shares, import and export activities and distribution and marketing consultancy services” decided to apply for and get a loan sanctioned for a 2.1 MW wind energy plant despite lacking any experience in the infrastructure or electricity sector. The Wire has reached out to IREDA about its lending policies and will add its response later.

From Shah’s lawyer, a threat

While replying to The Wire‘s questions on behalf of his  client, Jay Shah’s lawyer warned that any story on Jay Shah’s business dealings could have adverse legal consequences:

“In view of the answers and explanations detailed above, the facts are absolutely clear and you are requested not to publish anything in this behalf, which would not only infringe my clients’ privacy rights but would also be libelous and/or defamatory.

“Jay Shah is a private citizen doing his legitimate business. His business transactions are honest, legal and bonafide. Your questionnaire indicates that your intention is to drag him into a false and a manufactured controversy. Any slant or imputation which alleges or suggests any impropriety on his part will not only be false but also malicious and defamatory. It will also be a breach of his fundamental right to privacy. He shall, in that event reserve the right to prosecute you for defamation and also sue you for the civil wrongs.

“Notwithstanding the above, if you or anyone in the print, electronic or digital media carries and/or broadcasts any defamatory and/or false imputations including those which breach his fundamental right of privacy and/or defame him, Jay Shah reserves the right to prosecute and sue such person/entity including anyone who carries or broadcasts a repetition of such libelous/defamatory statement.”

Rohini Singh is an investigative reporter who worked at the Economic Times till recently. In 2011, she broke the story of Robert Vadra’s business dealings with DLF.

 

Note: In an earlier version of the article, it was stated that the reserves and surplus of Temple Enterprise rose to 80.2 lakh in 2015-16, whereas it turned negative compared to the previous year. The reserves of the company at the end of the year are inconsequential for the larger investigation into the huge increase in turnover of the company.

  • S.N.Iyer

    Very well documented and details given. No doubt nothing is wrong in his doing business but a meteoric rise in one year does raise a shadow of doubt on how much did Amit Shah’s position help in the phenomenal rise. Is nepotism and quid pro quo not within the definition of corruption?

    • Anjan Basu

      Not in the BJP’s book, apparently. Had the characters involved been from among the BJP’s favourite whipping boys- – the Nehru / Gandhi family – – all hell would have broken loose by now.

  • Anjan Basu

    A roaring scam, nothing less! Here is an incredibly intricate web of deceit, malfeasance and manipulation. Clearly, Amit Shah’s political clout and the BJP’s proximity to India Inc in general and the Gujarat unit of Reliance Industries in particular have helped reap a bounteous harvest of illegitimate profit for his son. Govt agencies like the IREDA — ably headed by the pliant Piyush Goyal — have also duly played their part in furthering the business interests of the BJP President’s son. A cloak of secrecy is paramount to sustaining such illegal enterprises, and that explains the angry response of Shah’s lawyer to The Wire’s queries. The poor lawyer likely does not know he caught a tartar in The Wire. For all the loud mouths who claim dynastic plunder to be ‘alien’ to the BJP’s political culture, here is a strong rebuttal they will find hard to wish away. The piece could indeed be headlined as ‘The Golden Touch of Amit Shah, BJP President’.

    • https://babupaedia.blogspot.in Sudhansu Mohanty

      Entirely agree with you. This is Golden Touch vs Scintillating Investigative Journalism! I love your expression, “The poor lawyer likely does not know he caught a tartar in The Wire.” How apt! A tartar caught in the wire! The breaking news is Jay Shah will file a criminal defamation suit of ₹100 crore against The Wire news portal. More details of the plunder and loot will inevitably spill over in public domain.

  • atul

    Big Expose ! Kudos The wire team , Hope few channels will show this on TV and don’t worry about legal threat we are with you

    • Joji Cherian

      Shall we hope Republic and Times Now will take it up!!!

      • Anjan Basu

        No harm in hoping, even if you are hoping for the impossible.

      • https://babupaedia.blogspot.in Sudhansu Mohanty

        A friend tells me there was a debate in Times Now.

  • Dr. Sanjay Sharma

    Interesting that Amit Shah’s BJP opposed Fundamental Right to Privacy in Supreme Court & now son’s lawyer uses FUNDAMENTAL RIGHT TO Privacy to threaten scribe!

    Quote:
    Any slant or imputation which alleges or suggests any impropriety on his part will not only be false but also malicious and defamatory. IT WILL ALSO BE A BREACH OF HIS FUNDAMENTAL RIGHT TO PRIVACY. He shall, in that event reserve the right to prosecute you for defamation and also sue you for the civil wrongs.

    • https://babupaedia.blogspot.in Sudhansu Mohanty

      I pity Amit Shah and yes, his dynasty! How short is his and the BJP’s memory! Only on October 4, the Gauhati High Court’s Aizawl bench had stayed defamation proceedings initiated before the city’s chief judicial magistrate (CJM) against The Wire by media baron and MP Subhash Chandra’s Essel Group, which had in fact summoned Jay Sayta, the author of the piece, for personal appearance the very next day. And how Subhash Chandra had to eat his own humble pie when The Wire refused to give up and agree to bring the issue to a closure (Read “Stayed by High Court, Essel Group’s Defamation Case Against The Wire Now Withdrawn” published in The Wire on October 6, 2017)? Caught between the Scylla of Supreme Court’s verdict and the Charybdis of facts brought out here in the piece, poor dear Amit Shah has – still is – been trying to do his best when “16,000 times” is now becoming a cliche, much as Kapil Sibal granted “zero-loss” a cult status! How else do you explain a minister answering to the name of Piyush Goyal trying to rubbish the piece when facts speak for themselves and inferences are only too logical and apparent? Well, the faces are many and eggs too are aplenty!

  • Anjan Basu

    Compliments to Rohini Singh for such meticulous analysis of the many layers of the scam! It could not have been easy for her to gather such a large body of facts from many different sources. Linking them up so as to reconstruct the broad pattern of manipulation and deceit may have been even tougher. This is investigative journalism at its best.

    • Ashok Akbar Gonsalves

      Theres a rebuttal article on the opindia web site. Now, opindia is very obviously a pro-BJP media outlet (the Indian equivalent of Fox News, it seems), but it would be interesting to get Ms Rohini Singh’s and The Wire’s counter to that. I hope they respond, and fast.

      • kujur bachchan

        Opindia appears to be more of an in-house propaganda portal of the RSS-BJP combine. Anyway, The Wire should come out with a credible and vigorous counter.

      • Anjan Basu

        You are right: the rebuttal needs to be rebutted. Opindia’s sermon about Rohini Singh going wrong on UP election results was gratuitous, of course. The desperate attempt to explain away the LC facility availed from the Coop Bank as ‘not a loan’ is hilarious, for the LC is nothing but a credit/loan line. Rohini has already corrected her mistake in interpreting the 2015-16 Reserves & Surplus in the B/S. The pitch has been somewhat queered by the Congress/AAP who have foolishly commented on the ‘huge profits’ booked by Shah. The point in fact is the exact opposite: how did Shah manage to show such large losses (and avoid paying taxes) despite such a large increase in gross revenue? Why did his business fold up immediately thereafter? How has he been servicing his loans when his cash flows are non-existent? A follow-up story is called for here.

  • ashok759

    The business environment is so tough, everyone is struggling to make money.

    • Amitabha Basu

      Ane are ‘everyone’s struggles’ equally rewarding ? Ha Ha Ha.

  • Pierson Sam David

    This is the sorry state of our country. Only business connected with politicians are able to succeed. Now the political opponents Will try to tarnish the image of Amit Shah. We will have to watch the drama on competing channels.

  • shubhankar takle

    Please release links to download the balance sheet and it return pdfs. This wi help in propogating the story for other media fronts

  • Anjan Basu

    Well, while all are equal, some are more equal than others. The BJP President’s son is one of the more equal, naturally.

  • alok asthana

    He is the BJP son. Modi has none of his own, so he does it for Shah’s son. It would have been better to do small gestures of a good don towards his mother and those of a good or even average husband, towards his wife.

  • Anjan Basu

    And see how the BJP President’s son does not forget to be religious even when it comes to shady dealings. Appropriately, he calls his business ‘Temple Enterprises’.

  • Shijo Joseph

    If there ar irregularities, it should be investigated regardless of the amount

  • http://thewire.in anonymous

    Congratulations to Ms. Rohini Singh and the Wire. My feelings are mixed. While it gives hope that there are journalists doing their bit to expose corruption, the common man had to bear the trouble of demonetisation and believe their PM is doing that for them. Not only the economy hasn’t seen investments or jobs promised, industries developed with little or no assistance like meat/leather are being damaged by cow vigilantes. Imagine the party that was opposed to GST, Aadhar is now crying fowl. Was midnight session for GST justified. In US, Secretary of State’s comment of “moron” is not hidden. I don’t know the right expression for our Government’s performance.

  • Rahul Ganesan

    The article has been meticulously discussed and has used all the publicly available information possibly. The crux of the argument revolves around 1. Sudden rise in revenue of the commodity trading div 2. Nature and accounting of unsecured loan given 2. Entry into wind energy and qualification for fund/non-fund based facilities of Banks/FIs. Articles of another publication state that the questionnaire sent to Mr. Jay Shah was answered. If that is so, then a comparison of the facts and the reply should bring further clarity to the issue . It is my opinion that the wire should have waited to gather all necessary information and let the facts speak for themselves. The presented facts, while they do raise questions, should not be construed as a evidence of guilt. There just aren’t enough facts on hand to do so. Otherwise its a great article.

  • aziz ansari

    This is what BJP called “Acchhe din aa gaye”. Remember Amit Shah was jailed for “Sohrabuddin encounter case” and there were thousands of proofs against him. Even that time Gujarat BJP government filed affidavit in court that “Sohrabuddin encounter” was fake. But after Modi becomes PM, Sohrabuddin case was dismissed and Shah was released from case. Acchhe din for Shah and his family…

  • AdamFazbic

    Thanks for this investigative journalism. What happened Modi Ji, Main na Khaunga aur na khanedunga.

  • Shiva

    Kudos to thewire for such unbiased blunt report. It takes real courage to do this.

  • Amrit Grewal

    Excellent Job TheWire… I am always impressed by your fiery journalism, against all odds and threats that are bound to come your way from the current dictactorship.. Hope that the youth of India strive for truth, just as have ancestors over generations have done.

  • kavitha sarma

    Remember NaMo took a bribe of 60 crores from Birla and Sahara !!!!!

  • ageofempires.av

    Why are other newspapers and media houses quiet on this? Unbiased reporting should be the mainstay of media. Kudos to the journalist and wish you the best to bring out the facts to the public domain.

  • Merit Basha

    politicians are politicians , to which ever party they may belong .

  • Bhat, T R

    In 1977 when a disparate group of parties cobbled together to form what was known as Janata Party which defeated the Congress Party in the elections held that year T A Pai a former Minister, Chairman of Syndicate Bank and Chairman of LIC of India had commented that the new team was Congress B team. The persons were largely from the Congress. There was no qualitative difference between the erstwhile rulers and the new team. Namo promised ‘parivartan’: his party went on attacking leaders various parties and their kin for their ‘wrong-doings’ (Karti Chidambaram, Robert Vadra to name just two) Now with the exposure of BJP’s supremo’s son by The Wire, one is convinced that there is no difference between the party it defeated and itself. One is A team; now B team is in charge! And cabinet ministers are heads over heels to defend a private citizen like Vadra was defended by Congress Ministers. It needed a lot of courage and conviction on the part of your reporter and the editorial team to expose the double talk of the champions of Parivartan. Congratulations for your effort.

  • https://babupaedia.blogspot.in Sudhansu Mohanty

    This one truly takes the cake! Huge break out! Of the innumerable exposes that The Wire has done in the last few years, this seems the biggest. Hats off to Rohini for ferreting out information that often lie in layers of obfuscation and for connecting the dots. Though the breaking news says Jay Shah will file a criminal defamation suit of ₹100 crore against The Wire news portal, this will help more and more webs of lies and machinations getting caught and put out in public platforms. Fantastic work!

  • Vaibhav Goyal

    good work done…at least truth still lies in India

  • Shruti Choudhury

    Uh.. because she is a journalist. Her job is to ‘report wrong doings’ not file PILs and cases.

  • g. s. buch

    Every one asks the other to come out clean. Piyush Goel has put forth the case.. Will Mr Israelsuggest thge way how to come clean?

  • Oceanetto

    Is there any corruption or nepotism? Did the company loot public money? These are the things we would like to know. Your report does not make it clear. Deriving profit from business is not a crime in our country. Has he paid taxes? Are books of accounts clean?
    Similar stories can be told about a lot of other companies – Patanjali is another example.

    • max

      Loan from a co operative bank is public money dude. And just FYI….Vijay Mallya of Kingfisher also did not take public money. He took money from banks – the same way as in this case.

  • Mayank Sharma

    I believe Amit Shah, the father of the person , must tender immediate resignation so that the investigation can proceed smoothly.

  • Oceanetto

    If the allegation is baseless and aimed at tarnishing one’s image, why should he answer him? The right thing to do in such a situation is to take the person to court. If he has proof, he can present them in court. Otherwise the court can find out the truth for us public.

  • S Sridhar

    It is not her job to go to courts. She is a journalist and she will expose such issues.

  • Murugesa Pandian

    Keep aside this,court(s) can decide his fate and I cannot comment on it until its proved by courts. But I am requesting Jr.Shah should teach the Indian youngster on how to trade, how to convince the financial bodies to get the loan for share trading business or start the legitimate business. He should come up with this business plan ,, formula or ideas . I am struggling on cracking the Share trading business since 10 years. Please Mr. Jr Shah help the Indian youngsters with your master stroke to grow in short span of time.

  • S Sridhar

    It will be of relevance to find out from where the company purchased equipment for 2.1 MW plant.

  • sarita Vijayan

    Dear Rohini,
    Thank you for a well written Article that is based on facts and not jargon. A welcome relief.
    It will be interesting to see how this progresses.
    Wishing you and team all the very best and yes , I am definitely going to make a donation.
    God knows that India needs journalists like you.

  • Vishal Menezes

    Now BJP will declare Rohini SIngh as a a anti nationalist coz she has not said Bharat Mata ki Jai…….Hahahaha
    This is called Achey Din…. Bhaaraaaaat Mata ka Jai…….

  • Alok Sharma

    Excellent written article, Keep it up

  • http://www.pvariel.com Philip Verghese Ariel

    Hi Rohini,
    Incredible reporting!
    Well presented facts!
    But sad, even a probe into such cases will generally come out with a clean chit with the investigating authorities, since it the Bigwigs are involved in no investigative team can’t go beyond their orders! 🙁
    So sad to note that, this is the trend in Indian political and economic history!
    So sad to note that that is the trend in Indian history!

    But at the same time it is good to note that some of the TV channels and print medias are bringing this into the notice of general public. That is indeed a good sign too!

    Anyways, we appreciate your guts to bring out such truths!
    May your tribe increase!
    Have a great time ahead with revealing such dirty dealings public!
    Best Regards

    • Debi Acharya

      Don’t want to stop your enthusiasm, but the truth is there is nothing wrong here.

  • Sagir Hossain

    well written article mam… KEEP exposing these issues in future also…thank you

  • agni786

    First Amit Shah and Piyush Goyal have to resign, then only fair probe will be possible.

  • Vinay Bhardwaj

    He made a loss of 1.5 crore and closed the business. His “turnover” increased 1600 times, not “profit”. Both are different.

  • akc

    will this prove to be a tip of iceberg?

  • Rakesh Agrawal

    Dear Rohini,
    Kudos to you for living to the ultimate parameter of responsible, yet investigative journalism and your story has blown off the mask from the faces of all these RSS/BJP leaders who claim themselves as holier-than-thou.

  • Robzilla

    I would imagine The Wire is carefully not making inferences, just stating RoC facts to avoid legal attacks by the subject.
    If my company grew from Rs. 0 to Rs. 80 crore in a year I would be sharing the exciting news with everyone, not surrounding it in a veil of secrecy. Wouldn’t you?
    You are correct on turnover/margins, but the gigantic jump in turnover deserves a response from the subject, particularly when related to such a powerful public figure.

  • Virendra Sason

    IT SEEMS TO ME, IT CONTAINS NECESSARY & SUFFICIENT prima facie MATTER. HARD WORK MATTERS.

  • Mohan Damodaran

    15 yrs is too long a period for the BJP govt to wield absolute power. Thus people of Gujrat would like to vote for a CHANGE in the coming state elections provided a credible alternative were available.Can the opposition provide that ?

  • Meena Muralidharan

    Can you please advise what is the allegation. Whether the company got any extra favours, illegally like Karthik Chidambaram’s consultancy firm? Whether the company has defaulted in repayment and the same has been written off by the concerned bank, stealthily? whether making more turnover in sale of securities is uncommon or illegal? Ultimately the company incurred loss and wound up in BJP rule itslef, unlike Robert Vadra’s ventures which flourished during congress rule. Please advise

  • Sarah Awasthi

    detailed information

  • Debi Acharya

    What probe? What is wrong here? Nothing is hidden and every activity is with RoC?

  • The Wire

    There has been a surge of comments and it is taking time to moderate. Please bear with us.

  • man!l

    EXCELLENT Point !… Indeed when the ED and IT departments are sending notices to ordinary citizens for having deposited few lakhs in their bank accounts, here’s how the govt. official responds. What a joke these people have turned this country into?

  • man!l

    People in Kerala were wondering why Amit-tu Sha-ji (as he’s fondly called down the south), had to cut short his ‘Jana-Raksha’ yathra, and rush to Delhi for ‘Jay-Raksha’ on the 3rd or 4th of October. Now, it’s clear that it was because he knew this was coming.