Crookbond Posted November 3, 2012 Posted November 3, 2012 Cong admits giving interest-free loans to revive National Herald “In furtherance of its object and its political activities, it is a matter of pride for the Indian National Congress that it has supported The Associated Journals Limited, publisher of the National Herald and other newspapers, founded by Pandit Jawaharlal Nehru in 1937, which have played a role in our freedom movement. “The Indian National Congress has done its duty in supporting The Associated Journals to help initiate a process to bring the newspaper back to health in compliance with the laws of the land,” Dwivedi said. http://www.firstpost.com/politics/congress-admits-giving-interest-free-loans-to-revive-national-herald-newspaper-513113.html
Crookbond Posted November 3, 2012 Posted November 3, 2012 First party money is not public money' date=' its belongs to a private entity [b']but the use is governed by guidelines mentioned by the election commission. Do the rules allow interest free loans at whim & fancy?
achilles Posted November 3, 2012 Posted November 3, 2012 nnfAbd3Indc Kangress needs to get one new lap dogs to defend them. Guys like Sanjay Jha seem like duck out of water. Interesting how they are trying to evade the details. IMO swamy doesn't have a tough enough case here Absolutely EPIC pwnage.... And gotta admit, Jha had it coming. What followed on twitter was even more hilarious :hysterical:
achilles Posted November 3, 2012 Posted November 3, 2012 Do the rules allow interest free loans at whim & fancy? No it doesn't. And that is why no answer is forthcoming from the party.
Crookbond Posted November 3, 2012 Posted November 3, 2012 No it doesn't. And that is why no answer is forthcoming from the party. Actually, it was rhetoric. The servants (MPs, MLA's) of our nation have moral apart from legal responsibilities. Even if an interest free loan is allowed it begs me to answer if the money matches their declaration of assets which I guess is mandatory. Some where there is going to be a hole in the balance sheet, all that is needed is thorough/honest investigation.
someone Posted November 4, 2012 Posted November 4, 2012 My thoughts, 1. The conference and the allegations were made 1 week ago. Yet our media totally ignored it and only produced it later. 2. Why is a matter of Congress Party? How does the party relate to the personal dealings done by 2 of their members? Why does Congress Party feel necessary to defend the 2 persons using their Party platform? ( Same case with Vadra when he himself has no official rank in the Congress Party) 3. Congress's defense is pathetic and is basically similar to how Pakistan thoughts on India, full of wild conspiracies and nonsense. Yet, we welcome them on our media medium with exclusive interviews of the same bulls hit
Crookbond Posted November 4, 2012 Posted November 4, 2012 My thoughts, 1. The conference and the allegations were made 1 week ago. Yet our media totally ignored it and only produced it later. Care to explain this - I saw most media outlets report the story on the same time/day.
CG Posted November 4, 2012 Posted November 4, 2012 nnfAbd3Indc Kangress needs to get one new lap dogs to defend them. Guys like Sanjay Jha seem like duck out of water. Interesting how they are trying to evade the details. IMO swamy doesn't have a tough enough case here :hysterical::cantstop:
ravishingravi Posted November 4, 2012 Posted November 4, 2012 Pls vote in online poll on Sanjay Jha's Humara Congress http://hamaracongress.com/
Anonymous Posted November 4, 2012 Posted November 4, 2012 Pls vote in online poll on Sanjay Jha's Humara Congress http://hamaracongress.com/ lol...IAC is A unique political formation :hysterical: (pawned!!!)
Crookbond Posted November 6, 2012 Posted November 6, 2012 @firstpost EC rejects Subramanian Swamy's petition. Says there are no good grounds to derecognise Congress
ganeshran Posted November 6, 2012 Posted November 6, 2012 Do the rules allow interest free loans at whim & fancy? It is a newspaper that has existed since the pre independence era and Nehru and other freedom fighters used to write for it regularly in those days. The historic significance was the only reason Congress kept it afloat for so many years despite very low readership. I dont know about the EC guidelines, but I am sure about the fact that there is no scam behind the closure of national herald. It had become a white elephant and consuming crores in upkeep. If Gandhis wanted to profit from Herald, leaving it with Associated Journals was the best bet, since it is defacto controlled by them anyway. All major decisions used to take place at meetings at 10 Janpath, and the day to day affairs were taken care of at Motilal Vohra's office. Making another company acquire it was pointless for the congress since a better way to profit from it would have been to make Associated Journals sell the property to some benami for cheap.
Crookbond Posted November 10, 2012 Posted November 10, 2012 It is a newspaper that has existed since the pre independence era and Nehru and other freedom fighters used to write for it regularly in those days. The historic significance was the only reason Congress kept it afloat for so many years despite very low readership. I dont know about the EC guidelines' date= but I am sure about the fact that there is no scam behind the closure of national herald. It had become a white elephant and consuming crores in upkeep. If Gandhis wanted to profit from Herald, leaving it with Associated Journals was the best bet, since it is defacto controlled by them anyway. All major decisions used to take place at meetings at 10 Janpath, and the day to day affairs were taken care of at Motilal Vohra's office. Making another company acquire it was pointless for the congress since a better way to profit from it would have been to make Associated Journals sell the property to some benami for cheap. So, since that is the case - it is not wise to comment on anything for/against the argument no matter how compelling anything may sound. Currently, there remains status quo and there are red flags raised. When you have eliminated the impossible, whatever remains, however improbable, must be the truth. Sir Arthur Conan Doyle How did not-for-profit firm owned 76% by Sonia, Rahul own real estate worth hundreds of crores? It seems that the Congress, of which Sonia is the president, had been lending unsecured interest-free loans to The Associated Journals to meet its various liabilities towards employees and other creditors over a period of time. In 2009, when the final settlement with the 700 workers happened, the companyÃÔ unsecured loans almost doubled to Rs 78.20 crore from Rs 39.22 crore in the previous year. Though there is no reference to the Congress in The Associated Journals books, from the partyÃÔ statements it appears that these were ÅÊnterest-free loans given purely on ÅÆmotional grounds to keep the loss-making venture afloat. The income tax returns of the Congress for the year ended March 2011 shows an item of ÅÃalance written off in the expenditure column: Rs 89.71 crore. Even for a large income statement like the CongressÃÔ, this amount sticks out. Though the return does not give further details of this sum, it neatly fits into the Young Indian-The Associated Journals transaction. According to the notes to Young IndianÃÔ accounts for 2011-12, it had acquired loans of Rs 90.21 crore owed by The Associated Journals, ÅÑresently engaged in achieving a recast of its activities so as to have its main object congruent to the main object of the company (sic), for Rs 50 lakh. The difference between the two is Rs 89.71 crore the amount written off by the Congress. The money belongs to the Congress, and it can be argued that it is free to do what it wants to do with it. But there is more to it. Earlier this year, The Associated Journals let out parts of Herald House to TCS which runs a passport service centre from here. Syndicate Bank, The Associated Journals banker, offers a product called SyndRent wherein it lends against receivable rental incomes. In June, the company availed a loan of Rs 2.5 crore under SyndRent for which a charge was created on Herald House. This loan was ÅÓepayable in six months from the date of disbursement in six installments of Rs 41.66 lakh. The final installment was due next month, on December 7. The monthly interest on loan was to be serviced separately. On October 15, a few days after The Pioneer broke the story, The Associated Journals settled this loan almost two months ahead of due date. Email sent to a TCS spokesperson remained unanswered. This gives some idea of the value of Herald House. According to SyndRent rules, up to 75 per cent of the rent receivables can be availed as loan. This would mean The Associated Journals earns rent of at least Rs 60 lakh per month, or Rs 7.2 crore per annum. In downtown Delhi, where Herald House is located, annual rental income amounts to around 3 per cent of a propertyÃÔ value. This would value the property at Rs 240 crore. In the companyÃÔ books, the net fixed assets were valued at a paltry Rs 1.68 crore on March 31, 2010. There is, therefore, a windfall waiting to be booked. http://www.business-standard.com/india/news/paper-trail/492171/ Clearly, there is more to it than meets the eye.
Precambrian Posted November 10, 2012 Posted November 10, 2012 Ganeshran.. pls stop making urself a an idiot
someone Posted November 11, 2012 Posted November 11, 2012 I don't understand how can Congress workers/party members defend Sonia/Rahul. The allegation is based on their personal dealings and really fail to see the need / use of the party personal defending them. And to make it worse, their only defense is that no one has the right to criticize Sonia/Rahul. How pathetic is that kind of defense. The only real defense is if both the accusers are made to come public and explain their positions. Other than that, all those are rubbish.
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