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BUSI NESS
Jay Shah, Prime Minister Narendra Modi and BJP president Amit Shah, seen
here at the wedding reception of Jay in 201 5. Credit: BJP
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10/8/2017 The Golden Touch of Jay Amit Shah
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 firms 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 firms filings.
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In response to the query about the loan, Jay Shahs lawyer wrote:
After th e boom, th e bu st
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The filings also reflect an unsecured loan of Rs 4.9 crore but do not
specify from whom. Shahs lawyer says the main business of
Kusum Finserve is trading in stocks and shares, import and export
activities and distribution and marketing consultancy services. He
adds that KIFS Financial Services has regularly been giving it
loans. This entity has also been regularly raising ICDs/loans from
KIFS Financial Services for the last several years and the amount of
Rs. 4.9 crore was the outstanding closing balance from them.
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These amounts were used for regular working capital. Tax has
been deducted on the interest paid (TDS) and principal and
interest amount has been repaid in full, the statement says.
While the main business of the firm is trading in stocks, its RoC
filings reveal it is involved in diversifying into a completely
unrelated field: it is setting up a 2.1 megawatt windmill plant
worth Rs 15 crore in Ratlam, Madhya Pradesh.
Shahs filings with the RoC also reflect Rs 25 crore worth of finance
from the Kalupur Commercial Cooperative Bank. The board of
directors of the bank include individuals from the Nirma group
and Nirma university. The chairman emeritus of the bank is
Nirmas Ambubhai Maganbhai Patel.
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conceal the truth from the CBI about the fake encounter of
Sohrabuddin and his wife Kauser-bi. In 2015, a special CBI court
discharged Chudasama from the case
(http://indianex press.com/article/cities/ahmedabad/sohrabuddin-encounter-
ips-officer-2-others-get-clean-chit/), just as it had discharged Amit Shah
too in December 2014.
Railway s minister Piy ush Goy al, formerly minister in charge of the
Ministry of New and Renewable Energy . (Credit: Piy ush
Goy al/Facebook)
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The loan taken from IREDA for setting up a 2.1 MW wind energy
plant is based on the equipment prices prevailing at that point of
time as per industry standards (approx Rs 14.3 crore) and duly
appraised and sanctioned in the normal course of business. The
outstanding loan as on 30-06-2017 is Rs 8.52 crore and interest
and repayment of loan are regular, says Shahs lawyer.
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As BJP Explains Amit The Rise and Rise of Fact Check: Amit Shah's
Shah's Asset Increase, Amit Shah (and What Claims on Why These
Questions on Deleted this Means for the BJP) Are 'Acche Din'
News Reports Remain 27/01/2016 26/02/2017
01/08/2017 In "Politics" In "Government"
In "Featured"
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10/8/2017 The Golden Touch of Jay Amit Shah
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