Congress is resorting to politics of maligning opponents
Congress is resorting to politics of maligning opponents and recent article on BJP President’s son in a website was aimed at that. His son as filed a 100cr defamation suit on the author, editor(s) and owner(s). Some facts:
1) Rohini Singh’s article in Wire is hollow. No favour. No impropriety. Only malicious imputations.
2) Since when has taking a loan by cheque become illegal? Jay Shah’ company took a loan from NBFC, disclosed it in income tax.
3) Is Jay Shah not allowed to take loan on market rates of interest from a registered NBFC? Where is the favour / impropriety?
4) Kapil Sibal does not understand the distinction between a non-funded L/C and a loan. He must go back to the law school.
5) Taking a non-funded LC facility from bank after hypothecating goods and mortgaging property is an honest business activity.
6) IREDA gives loans to several investors in renewable energy. Is Jay Shah debarred from the loan because he is Mr Shah’s son?
7) IREDA loan was at a steep 11.4% and ICD at commercial rate, all of which was duly repaid, along with interest and tax! No overdues.
8) Every new business starts with nil turnover on day one, expands later. What is wrong with legitimate expansion of business?
9) This was a legitimate agri commodity export import business, where volumes are high and margins are low so 16,000x misleading.
10) Rohini Singh and Wire published the story despite adequate clarification. The
agenda is obvious.
11) Jay Shah’s company had offered bank hypothecation on goods purchased, cash margin and collateral security of property!
12) What is more interesting is that Jay could pick the goods under LC only if he paid the full amount! Fact shared with Wire.
13) Loan of 15cr raised from a registered NBFC. Loan duly reflected in the account of NBFC, Wire article spreading falsehood.
14) Not the first time Wire is running a story without basic fact checks. Remember the “Ayush doesn’t hire Muslims” story?
15) Rahul Gandhi is not particularly bright but he should know that Jay discontinued his business [per Wire] much before Demo..
16) Wire intentionally played up the increase in turnover but didn’t adequately mention that Jay Shah made loss all through!
17) Wire is economical with fact that the NBFC that lent to Jay Shah’s company is a long standing stock broker of the family.
18) Slander Amit Shah and drag his son, a defamation follows. Quite unlike Congress, which has nowhere to hide in Vadra’s case.
19) Discredited journalist who was plugging for a political party in UP, now a prized possession of another rag!