“Businessman of the year award… None recognised the genius of Jay Shah”???
PM Narendra Modi, Amit Shah and Jay Shah
HIGHLIGHTS:
“Businessman of the year award goes to…None recognised the genius of Jay Shah son of Amit Shah”
“Businessman of the year award goes to…None recognised the genius of Jay Shah. It is the media’s collective failure. Surely, a young man whose company goes from a mere Rs 50,000 to Rs 80 crore in just one year ought to have been singled out for prescience and judgment to have read correctly the business and commodity trade winds. Surely, the man ought to have been honoured at least with the best young entrepreneur of the year award: Mr. Harish Khare:The Tribune, Chandigarh
And
“Reactions to the story: The BJP held a press conference last evening, and Union minister Piyush Goyal rubbished the story by The Wire, saying Jay Shah would file Rs 100-crore defamation suit against the reporter Rohini Singh, the editor of the portal, and its owners”. Courtesy Daily O
Rohini Singh, the journalist who filed the story for The Wire, had also broken the Vadra-DLF sweetheart deal story, making it a political rallying point for the then Opposition in the BJP. It must be noted that Singh doesn’t mention the word “scam” or “illegal” anywhere, but only highlights the amounts transacted, the loans/credits extended and in what circumstances.
OR
“Businessman of the year award goes to…None recognised the genius of Jay Shah” could not be recoganised due to the following corrupt reasons and the demerits as Torrential-‘flowing powerfully, flowing or falling fast and in great quantities’ reign-rule, control of India?
“What The Wire story alleges against Jay, Amit Shah’s son: On Sunday, October 8, The Wire published a piece alleging an exponential “16,000 times” growth of a company, Temple Enterprise, co-owned by Jay Shah, son of BJP national president Amit Shah, “after” Narendra Modi became the prime minister of India.
Titled “The Golden Touch of Jay Amitbhai Shah”, the story by former Economic Times journalist Rohini Singh alleged that the “revenue from the company owned by Amit Shah’s son jumped from just Rs 50,000 to over Rs 80,00,00,000 in a single year”.
These allegations of corruption and the resultant declaration of the intention to file a civil and criminal defamation suit made it to the front pages of almost every national daily.
However, it’s important to break the story down to understand the allegations made against Jay Shah and associates, as well the counters offered by the BJP, which fielded a Union minister to defend the “private citizen”.
Here’s the lowdown: The story essentially makes four major points.
1. One, "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."
2. Two, Jay Shah’s Temple Enterprise received an unsecured loan of Rs 15.78 crore from KIFS Financial Services, a non-banking financial services company (NBFC) owned by Rajesh Khandwala, who happens to be the in-law of Parimal Nathwani, a Rajya Sabha MP from Jharkhand who is a senior functionary of Reliance Industries’ Gujarat operations.
3. Three, Temple Enterprise, which [was] “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”, according to Jay Shah’s lawyer’s statement to The Wire, was wound up in October 2016, despite the turnover of over Rs 80 crore.
4. Four, another company, Kusum Finserve – a limited liability partnership incorporated in July 2015 with Jay Shah owning 60 per cent stake in it, and converted into an LLP from a previous private limited company – while stating that its main business was “trading in stocks”, according to its filings with the Registrar of Companies (RoC), obtained a loan of Rs 25 crore from a cooperative bank – the Kalupur Commercial Cooperative Bank.” Courtesy Daily O
Highlights Forwarded By
Balbir Singh Sooch-Sikh Vichar Manch
http://www.sikhvicharmanch.com/
https://www.facebook.com/balbir.singh.355
PM Narendra Modi, Amit Shah and Jay Shah