The Enforcement Directorate (ED) was recently charged sheet in the National Herald case, particularly its charge sheet that the assets of Associated Journals Limited (AJL), the publisher of National Herald, are worth ₹ 5,000 crore. The Congress party strongly refuted it on Wednesday. Joining the ruckus, Congress communications chief and Rajya Sabha MP Jairam Ramesh dubbed the ED’s valuation as ‘completely fake’ and done with ‘politics’ in a press conference, saying it did not tantamount to an ‘obligation’ but has been done under ‘pressure’.
Ramesh also rejected the contention by the agency that Young Indian, in which Congress leaders Sonia Gandhi and Rahul Gandhi have a combined 76 per cent, fraudulently acquired AJL. Neither the Gandhis nor any shareholders of YI earned financially or mismanaged anything, he stressed.
“The ED has been spreading that AJL owns ₹5,000 crore property. Reality was that the Income Tax Department had earlier hinted at its assets at only ₹359 crore,” Ramesh said. Describing the entire case as a political witch hunt, designed to malign the Congress leadership, he further stressed that all allegations were levelled by a population that is conditional to the party in power.
Under sections of the Prevention of Money Laundering Act (PMLA), the ED’s chargesheet filed on April 9 had named Sonia Gandhi as well as Rahul Gandhi as first and second accused, respectively. The agency has also tried to seize assets to the tune of ₹661 crore, including the iconic National Herald House, in Delhi. Young Indian, the entity that claims to have acquired AJL’s assets, allegedly worth ₹2,000 crore for ₹50 lakh, which it says is beneficially owned by the Gandhis, has also supposedly acquired the assets of Tehelka.
This narrative was countered by Ramesh, who explained that the AJL’s excellent debt was converted into equity shares at an extraordinary general meeting attended by over 700 shareholders, and YI became a shareholder. He also reemphasised that YI, being unable to enforce any claim on AJL’s income or assets on behalf of itself and its shareholders.
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