Opposition asks Narendra Modi to explain Shah model of business

BJP BJP’s Kerala Yatra Amit Shah CPM CPM-BJP UDF LDF

On behalf of the BJP, senior union minister Piyush Goyal said that Jay Shah's companies are legitimate and acquired loans transparently and paid commercial rates of interest for them.

Asserting that the BJP was "confident" that there is no wrongdoing on the part of Jay Shah, Mr Goyal also hit out at the Congress for opposing the publication of Justice Dhingra report into the controversial land transactions of Robert Vadra, son-in-law of Congress chief Sonia Gandhi. Citing filings with the Registrar of Companies, the report said that the turnover owned by Temple Enterprise Private Ltd, a company where Jay Shah was a director, rose 16,000 times from Rs 15,000 in 2014-15 to Rs 80.5 crore in 2015-16.

He also said the younger Shah had chose to file criminal defamation suit against the author of the article and the editors of The Wire for Rs 100 crore in Ahmedabad. In a statement, Jay denied any wrong doing and said, "The article makes false, derogatory and defamatory imputation against me by creating in the minds of right-thinking people an impression that my business owes its "success" to my father Shri Amitbhai Shah's political position".

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Earlier in the day, Goyal informed that Jay Shah, will be filing a criminal defamation suit against news website "The Wire" for alleging that Jay's company posted a turnover of Rs. 80.5 crore in 2015-16. Will you ask them to arrest them?

Sibal, while talking to the media persons, here said the total assets, number of employees Jay Shah's company had, all these questions are a mystery and probe is needed to reveal the complete truth. "When the author was given all answers to her queries by Jay Shah's lawyer, the author disjointed facts". One Rajesh Khandwala, who owns KIFS Financial Services, gave a loan of Rs 15.78 crore. He said that Khandwala had been Shah's stock broker for close to a decade and the loans were from a finance company, which was not just properly routed but also disclosed. "I want to tell the Communist and Congress who supports their ideology that Communism has ended in the world and the Congress has ended in India", Shah said. It said Jay's company received an Rs 10.35-crore loan from the Indian Renewable Energy Development Agency (IREDA) for a renewable energy start-up and Rs 25 crore worth of finance from the Kalupur Commercial Cooperative Bank, which has influential backers.

CPI (M)'s Sitaram Yechury claimed that it is the latest in a series of cases of corruption under the Modi government.

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"Today, we ask a question to the Prime Minister, the pradhan sevak".

AAP leader Ashutosh also demanded a thorough probe into the allegations and sought action. "We outrightly reject the allegations and thus [they] should not be reproduced in a way that could be defamatory", Goyal said.

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