Home News Reports Sonia and Rahul dealt a huge blow in the National Herald case

Sonia and Rahul dealt a huge blow in the National Herald case

Mother and Son duo of Sonia and Rahul Gandhi were dealt a huge blow by the Delhi High Court after it gave a go-ahead for an Income Tax probe into the Young India Private ltd, which is involved in the alleged National Herald scam which amounts to about Rs 5000 crores.

Young Indian has approached the High Court to stay proceedings against it in the National Herald case. The High Court bench in turn asked Young India to approach the Income Tax assessing officer, after which the company withdrew its petition, and hence the High Court dismissed the plea clearing the path for the probe.

Before we go ahead, let us quickly recall the facts of the National Herald case, how the Gandhis are involved in the whole thing, and why the Income Tax probe may be a huge blow for them.

- Advertisement - - Article resumes -

National herald was a newspaper which was founded by Nehru in 1938 and ceased normal operations in 2008. During this time, the paper mainly acted as the official mouthpiece of the party.

When the paper ceased normal operation in 2008, its parent company Associated Journal Limited (AJL) had a debt of 90 crores.

According to Subramanian Swamy who is the main petitioners against Young India, in 2011 a firm called Young India limited was created by Sonia and Rahul with a paid up capital of about Rs 5 lakh. In the company Sonia and Rahul each reportedly hold a 38% stake.

The new company then passed a board resolution that they would offer AJL a structure that it would arrange loans to wipe off all its debts. This in itself raises eyebrows as AJL was the owner of various prime real estate properties which amounted to a total of anything between Rs 1600 crores and Rs 5000 crores, hence the debt should never have been a problem in the 1st place.

Now apart from Sonia and Rahul, Oscar Fernandes and Motilal Vora too reportedly held equity in Young India and incidentally the Chairman of AJL was also Motilal Vora, which is a case of conflict of interest.

Swamy further alleged that in-return of Young India clearing all the debt of AJL, the latter would transfer all its shares to Young India (which means Young India will own all the Rs 5000 crore real estate properties).

It was further alleged that AJL was given an interest free loan by the Congress party at the direction of the treasurer who incidentally also was Motilal Vora.

What added another dimension to the whole story was the fact that after Young India took control of the National Herald’s properties, it rented out the Press Area property at about 60 lakh per month for various government services.

So to sum it up, after paying up just 5 lakh to form Young India, Sonia and Rahul allegedly managed to acquire about Rs 5000 crore worth of properties of National Herald and considering their shares in Young India, they each allegedly earned assets worth Rs 1900 crores. Plus they allegedly earned a rent of about Rs 60 lakh per month for renting out the press area property.

Now as a stay on the Income Tax probe has been denied by the High Court, all the allegations surrounding the case may soon end up becoming facts and Sonia-Rahul could be asked to pay taxes or penalties. It can further attract penalties on the party as a political party is not supposed to indulge in commercial activities.

The probe incidentally was ordered by the Patiala House Court, against which Young India had appealed in the High Court. So they may now appeal further in the Supreme Court hence there may be some time before the probe actually gets completed.

Also as a footnote, National Herald was revived by Rahul Gandhi in a digital avatar in November 2016 and it soon ended up in a controversy when it was exposed by people for publishing blatant lies.

Share This Post With Your Friends & Fans:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Don't Miss it: Exit Polls At A Glance

#MakePoliticsFunAgain Catch all the Latest on exit polls results with our summary

Most read articles recently

Here is what may have triggered Rajdeep Sardesai’s own colleague slamming him for being a pliant journalist

Anjana Om Kashyap, one of the Editors of Aaj Tak who conducted that interview interestingly took to Twitter today to castigate what appears to be her colleague, Rajdeep Sardesai.

Read this before you believe the ABP-Nielsen Exit Poll that gave NDA only 277 while others gave a thumping majority

While all other polls were giving a thumping majority to BJP and NDA, Nielsen chose to "customise" their survey and simply delete voter responses were overwhelmingly in favour of BJP.
Ravish Kumar has a mental breakdown as BJP set to form a government at centre, according to exit polls

NDTV journalist Ravish Kumar has a prolonged meltdown on his show after the Exit Polls predicted a landslide BJP victory

Most of the Exit Polls suggested that BJP may be well placed to form another government at the centre

After Anjana Om Kashyap, now Shweta Singh calls out Rajdeep Sardesai’s bias among others

Sweta Singh has called out the blatant bias in the Left media and even Rajdeep Sardesai among others.

Congress must die: Expelled AAP leader and Swaraj India President Yogendra Yadav

Yogendra Yadav said Congress is single biggest obstacle for creating an alternative
Congress has a number of excuses lined for their predicted loss, all of them contradict each other

Congress’ new excuse for predicted loss: North Indian voters are not as educated as South Indians

Congress spokesperson Shama Mohammad stated that the reason of Congress' bad performance in North Indian states is that the people in North Indian states are 'pliable' and they are not educated like the people in the south.

‘Journalists’ now use the fall of the Left in Australia to console themselves and insinuate that Modi can meet the same fate

Shekhar Gupta has hinged his argument that exit polls are untrustworthy based on the recent Australian elections, in which conservative coalition registered a victory against popular opinion and exit polls

After 2019 Exit Polls, Congress official handle also says ‘Aayega To Modi Hi’

Looks like after the 2019 Exit Polls predicted a thumping majority for BJP and PM Modi, Congress too is saying #AayegaToModiHi. 

Sensing a possible Modi victory, Rajdeep Sardesai proceeds to discredit his own channel’s Exit Poll even before it is aired

Sensing that PM Modi might just come back to power for a second term, he has proceeded to discredit his own channel's Exit Poll which is yet to be aired.
Subscribe to Day's Top Stories

Latest articles

Connect with us

163,736FansLike
139,699FollowersFollow
63,695SubscribersSubscribe

Don't miss these

Share This Post With Your Friends & Fans: