New Delhi, June 1 (IANS): The Law Enforcement Directorate’s summons to Sonia Gandhi and Rahul Gandhi, the top congressional leaders, in a money laundering investigation linked to the more than decade-old National Herald case, seems the culmination of a complex and complex case of corporate law and transfer shares.
The genesis of the controversy lies in the acquisition of the shares of Associated Journals Ltd (AJL) on January 26, 2011.
The AJL was incorporated as a limited company on November 20, 1937 under the Indian Companies Act 1913, for the purpose of publishing newspapers in different languages. He started publishing newspapers such as “National Herald” in English, “Navjivan” in Hindi and “Quami Awaz” in Urdu.
The publication of the newspapers was suspended on various occasions due to financial difficulties and some work problems, and on April 2, 2008, the newspaper was closed.
The properties were allocated for carrying out press activities and publishing newspapers in different languages. However, he was also allowed to rent these properties for rent to meet his publishing activities, after the newspaper closed.
AJL’s office was relocated from Lucknow on September 1, 2010 to its Delhi property located at 5A, Herald House, Bahadurshah Zafar Marg.
Amid this chain of events, the All India Congress Committee (AICC), a supreme organ of Congress, had from time to time advanced loans to the AJL.
On March 31, 2010, there was an outstanding loan of Rs 88,86,68,976 (over Rs 88 crore) and another loan of Rs 1.35 crore was received during the period of April 1, 2010 to 16 December 2010, totaling Rs 90.21 crore.
On December 16, 2010, the AICC transferred the entire unpaid loan of Rs 90.21 crore owed by AJL in favor of the appellant company, Young Indian, for consideration of Rs 50 lakh.
In addition, nearly 99.99% of AJL shares were transferred to Young Indian.
On December 13, 2010, at Young Indian’s first board meeting, Rahul Gandhi was appointed director.
On 22nd January 2011, a new allotment of Young Indian shares was made, in which 1,900 shares, having a paid-up value of Rs 1.90,000, were granted to Rahul Gandhi and 1,350 shares with a paid-up amount of Rs 1,35,000 in the name of Sonia Gandhi among other shareholders.
In order to achieve his goal of acquiring 100% of AJL shares, Rahul Gandhi, together with his sister Priyanka Gandhi Vadra, purchased additional shares amounting to 47,513 and 2,62,411, through Ratan Deep Trust and Janhit Nidhi Trust, respectively, without complying with provisions of the Companies Act.
In a nutshell, the National Herald case concerns the awarding of a loan of Rs 90 crore advanced by Congress to Young Indian for a consideration of Rs 50 lakh, and the alleged misappropriation of assets of over Rs 2,000 crore.
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