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The Jay wire
In a stunning report, The Wirewebsite, triggering a political brickbat, said that a company owned by BJP president Amit Shah’s son, Jay Amitbhai Shah, grew by 16,000 times after Narendra Modi formed the government at the Centre and the former became the saffron party’s chief.
Turnover of Shah’s son company ‘grew’ by 16,000 times, writes the website
New Delhi: In a stunning report, The Wirewebsite, triggering a political brickbat, said that a company owned by BJP president Amit Shah’s son, Jay Amitbhai Shah, grew by 16,000 times after Narendra Modi formed the government at the Centre and the former became the saffron party’s chief.
In an explosive piece, The Wirewrote that the balance sheets and annual reports obtained from the RoC had revealed 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. However, a year after its worth increased by 16,000 times, the Temple Enterprise Private Ltd reportedly wound up its operations by stopping its business activities altogether, declaring, in its director’s report, that Temple’s networth had ‘fully eroded’ because of the loss it posted that year of Rs 1.4 crore and its losses over earlier years.
The report in the website also claimed that the astonishing surge in the 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.
The Wire, says the report, sent a questionnaire to Jay Shah on Thursday seeking details about the shifting fortunes of the 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.”
Junior Shah’s lawyers, reported the website, have denied any wrongdoings but did not contest the phenomenal growth in the turnover of the company owned by junior Shah.
Meanwhile, the revelation has evoked sharp reactions from civil right activists. This is the first time questions of alleged impropriety have been raised against the person as high as Amit Shah in the BJP.
Amit Shah is the most influential BJP functionary in the Modi government and despite being only a party president, he reportedly wields enormous clout even in the appointments and sackings of the cabinet ministers.
In the last Cabinet reshuffle, Rajiv Pratap Rudy had confessed on record how the decision to sack him from the Modi Cabinet was conveyed to him by Amit Shah’s office and not the Prime Minister.
