Report says firm of Amit Shah's son made crores after BJP came to power; he hits back with Rs 100 crore defamation notice
- PT Bureau
Report says firm of Amit Shah's son made crores after BJP came to power; he hits back with Rs 100 crore defamation notice



AFTER ONE OF India's top online journalism portals today made explosive revelations about BJP President Amit Shah's son's company making whopping profits after the BJP came into power, India's Railway Minister and senior BJP leader hit back saying Jay Shah, son of Amit Shah, will file a Rs 100 crore defamation suit against the portal, the editor and the journalist.

Basing the findings on the records obtained from the Registrar of Companies (RoC), portal The Wire claimed in the financial years ending March 2013 and 2014, the company of the son of Amit Shah, Temple Enterprise Private Ltd., hardly did any business but showed a turnover of Rs 80.5 crore in 2015-16.

It managed an unsecured loan of Rs 15.78 crore from a firm owned by a kin of a top Reliance Industries executive, and then stopped its business activities mysteriously.

The Wire also claimed it was threatened by Jay Shah’s lawyer that criminal and civil defamation proceedings would be launched if the reporting betrayed any slant.

Here is a para verbatim from The Wire that gives out the complete story:

In 2013-14, Temple Enterprise did not own any fixed assets and had no inventories or stock. It also got an income tax refund of Rs 5,796. In FY 2014-15, it earned Rs 50,000 as revenue. However, in 2015-16, the firm’s revenues jumped to over Rs 80.5 crore, a growth of 16 lakh percent. Reserves and surplus jumped to Rs 80.2 lakh from Rs 19 lakh the previous year. Trade payables were Rs 2.65 crore, up from Rs 5,618 the previous year. The assets of the company were only Rs 2 lakh. The firm had no fixed assets the year before. Short-term loans and advances were Rs 4.14 crore, up from Rs 10,000 the year before. Inventories were Rs 9 crore, up from zero the previous year, according to the firm’s filings.
 

The report wondered about not only how the company's revenues rose so sharply but also why would any firm whose revenues jumped from just Rs 50,000 to over Rs 80 crore in a single year (FY 2015-16) stopped its business activities last year. 

Interestingly, the author of the investigative story, Rohini Singh, is the same journalist who had broken the story of Robert Vadra’s business dealings with DLF in 2011.
 
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