Why Subramanian Swami alleges Rahul Gandhi and Sonia Gandhi Swallowed US$750 Million?

In Brief: The Indian National Congress lends Rupees 92 Crores to Loss making National Herald’s parent company Associated Journals Limited (AJL). Later Rahul Gandhi, Sonia Gandhi and two others transfers the properties of AJL which is worth $750 Million to a sham company, Young India Pvt Ltd of which 76% of the shares are owned by Rahul and Sonia.

rahul and Sonia

Congress President Sonia Gandhi and her son Rahul along with five others have been ordered by the Patiala House Court to appear before the court on December 19th in the National Herald case. Congress blames the Modi Government for political Vendetta and it looks like the Indian public are not much bothered about the National Herald Case. In fact this is one of the worst Corruption and money misappropriation cases India has ever seen and unfortunately it involves two most prominent members of India’s much respected political dynasty.

The National Herald Case

In 2012 BJP leader Subramanian Swami filed a complaint before the Metropolitan magistrate, alleging that Rahul and Sonia are involved in the cheating and breach of trust in the acquisition of Associated Journals Ltd (AJL) by Young Indian Pvt Ltd. In this transaction crores of rupees worth of assets had been transferred to Young Indian Pvt Ltd. 76 per cent of shareholding of Young Indian Pvt Ltd (YIL) is with Sonia Gandhi and Rahul Gandhi and the remaining 24 per cent held by Congress leaders Motilal Vora and Oscar Fernandes (12 percent each), partners in crime.

Indian National Congress has granted 90,25Crore rupees to Associated Journals Limited. It was alleged that the loan was either not paid or repaid in cash which is in violation of Income Tax Act. Young Indian Pvt Ltd was established in 2010, with a capital of 5 Lakh rupees, acquired all share holdings of AJL and all its properties which is around $750 Million. It is clear that the Gandhis have effectively transferred all the properties of AJL in their name through the shell company YIL.

The Associated Journals Limited (AJL) which owns the National Herald is an unlisted public limited company, incorporated in 20th November 1937. It was the Brain child of Nehru but was never his personal property. AJL’s initial capital of 5Lakh rupees were divided into 2000 preferential shares of 100 rupees and 30000 ordinary shares of 10 rupees. Company did not belong to any particular person. In September 2010 Company had 1057 shareholders. AJL own properties worth around US $750 Million in New Delhi, Lucknow, Bhopal, Mumbai, Indore, Patna and Panchakula. Its original 5000 shareholders which included former Congressmen, freedom fighters and corporate people are the biggest losers in the Herald case since they have died. Jawaharlal Nehru only had three preferential shares worth Rs.300

Chronology of Events –  National Herald Case

2012: National Herald case filed by BJP leader Subramanian Swami against Sonia and Rahul Gandhi, their companies and associated persons in Delhi Metropolitan Magistrate Court.

Jun 26, 2014: Metropolitan Magistrate Ms. Gomati Manocha summoned   Sonia and Rahul for alleged cheating and misappropriation of funds in acquiring ownership of AJL. The defendants appealed in the Delhi High Court against the summons issued by the magistrate. The court issued a temporary injunction against the summons for a week

Aug 1, 2014 : Delhi HC issues notice to Swami on a batch of petitions filed by Gandhis and others in the case seeking stay on summons issued for August 7.

Aug 6, 2014: HC stays proceedings against Gandhis and others in the case. The judge said according to the evidence so far “it appears that YIL was in fact created as a sham to convert public money to personal use” to acquire control over ₹20 billion worth of AJL assets. The court noted that all accused persons had allegedly acted “in consortium with each other to achieve the said nefarious purpose/design.”

28 August 2014, the metropolitan court fixed 9 December 2014 for the next hearing of the case

Dec 15, 2014 : HC extends stay till disposal of the appeals.

12 January 2015 the judge of the Delhi High Court recused himself from hearing the case stating that schedule of cases has been changed and directed that the petitions be directed before an appropriate bench

Jan 27, 2015: Supreme Court asks Swami to make out a case for speedy trial in HC since petition cannot be heard directly. The case was assigned to Justice Sunil Gaur.

18 September 2015, it was reported that the Enforcement Directorate had reopened the investigation

Dec 4 2015: HC reserves order on pleas.

Dec 7 2015: HC refuses to quash lower court’s summons to Sonia and Rahul Gandhi in the case and ordered Sonia Gandhi, Rahul Gandhi, Oscar Fernandes and Suman Dubey to appear in person before the trial court on 9 December





You must be logged in to post a comment Login