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PM and BJP President adopts hypocrisy, double standard and double speak - Anand Sharma
12  Oct.  2017

Sharma said we want to make it absolutely clear that the BJP, the Prime Minister and its Party President have always happily embraced hypocrisy, double standard and double speak. Valid questions have been raised about windfall gains and income increase in the private company owned by Shri Jai Shah, Temple Enterprises Pvt. Ltd. which was running in loss in 2013-14 and even in 2014-15 it had a very nominal profit with a turnover of Rs. 50,000, suddenly multiplies the turnover by 16,000 times to Rs. 80 Crores in a matter of months of which over Rs. 15.75 crore is the unsecured loan from KIFS of Rajesh Khandwala, Rs. 51 crores are the foreign earning. A company which is dealing in stocks and shares, suddenly gains the expertise and wisdom, without questioning the right to engage in any trade, that you have a global trade and foreign income of Rs. 51 crores only during a particular window and then suddenly the company is folded up. It is an amazing story, that you go up from Rs. 50,000 revenue to Rs. 80 crores, earn Rs. 51 crores in foreign income and then suddenly say I have got losses of over Rs. 1 crore and the company is closed. Similarly, about the other company which I have referred to and we will be issuing a Press Release also, that is again a family owned company - Kusum Finserv – it is a Limited Liability Partnership Company – 60% stake holding is of Shri Jai Shah, it also has unsecured loan of almost Rs. 5 crores (Rs. 4.9 crore) unspecified from whom, that should also be made public - Who gave? 

The second issue is of the loan which was given by IREDA, for Renewable Energy Project in Ratlam in Madhya Pradesh. There must be sound business reasons, but from Stocks and Shares to Wind Energy, there is the filing before the Registrar of Companies which says otherwise, needs some explanation. And the loan from the Kalupur Commercial Co-operative Bank is in violation of the RBI rules and guidelines because the collaterals are only Rs. 6 crores 20 Lakhs and that too in the form of two properties and the two properties – one belongs to Shri Jai Shah’s father, Shri Amit Shah and it is good, a father has every right to give a collateral of his property or family property for his son ‘s business. We are not questioning, I want to make that clear. But the second collateral is given by Shri Yashpal Chudasama and the question is that Shri Yashpal Chudasama was a co-accused along with Shri Amit Shah in Sohrabuddin and Kausar Bi false encounter case in which Shri Amit Shah was acquitted. The fact is that they were co-accused and the fact is that he gives a collateral.

There is no legal bar on his giving a collateral, but these coincidences and connections raise some bona fide questions which should be answered. We want to make it absolutely clear to the Prime Minister and to the BJP - first it is not for a Union Cabinet Minister to act as a Spokesman or a Defence Counsel. He was a Minister when IREDA had given the loan. That is why we have said, release the list of all those beneficiaries – Start-up companies who got a loan from IREDA of Rs. 10 crores and above whereas the listing before the Registrar of Companies did not mention that as a core business or as a Start-up, because the ROC filing is important. Normally if a Start-up or a genuine Start-up goes for IREDA loan, they will see that whether you are in the core business or not, whether you have the knowledge, what is your filing, what is the structure of the company, even for a Start-Up. But here, what was the scrutiny before diversification sanctions and then the Minister says that a defamation case will be filed. This is not defaming, this is asking questions. Yes, the country would like to know and the young people in particular, the young entrepreneurs and they must share this great Business Model when Shri Piyush Goyal is the same Minister, who two days before, made one of the most ridiculous statements ever heard that - job losses is good news, this means that young people are creating their own jobs. He is on record. Mr Minister, share this business model with those who are creating their own jobs.

This should be revealed. As we have said, all the details of the foreign earning, because the country’s trade is collapsing for the last three years, if you look at the numbers of India’s International Trades or International Exports, which were there when UPA left, this Government has not been able to keep that secure. At a time when global trade has increased, we went down and we are still below Rs. 300 Billion, when we left at Rs. 326 Billion only a merchandise exports, whereas we should have gone up to Rs. 450 crores. That is why I am requesting, that this Business Model must be shared and perhaps this wisdom should have been given also to the Director General of Foreign Trade and to then Commerce and Industry Minister of State who is now the Defence Minister, that this is Business Model if you adopt it, you can actually take India’s exports to Rs. 1 Trillion US Dollars from Rs. 326 Billion when UPA left. So, that was again exclusive Model, only for one enterprise that is why we are asking this question. 

 

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