Opposition asks Narendra Modi to explain Shah model of business

Amit Shah

The article in question, authored by Rohini Singh and published on The Wire website, "The Golden Touch of Jay Amit Shah" alleged that as per filings with the Registrar of Companies (RoC), Jay Shah's business boomed over 16,000 times within a year of Prime Minister Narendra Modi's electoral win in 2014.

Soon after Mr Shah led the march to the CPM office, CPM general secretary Sitaram Yechury at a press meet, said that the BJP campaign was a "flop show". About loans taken by son of BJP President Shah, Goyal said that, "There is no bar in taking loans and all loans were taken strictly in accordance with law. Jay Shah's businesses are done in full honesty and all taxes are paid", he said.

"Since the website has proceeded in making an absolutely false imputation in a highly slanted article thereby damaging my reputation, I have made a decision to prosecute the Author, Editor/(s) and the Owner/(s) of the aforesaid news website for criminal defamation and sue them for an amount of Rs 100 crores". A report in the Wire details the growth of Jay Shah's company, Temple Enterprise Private Ltd, from revenues of Rs 50,000 in 2014-'15 to Rs 80.5 crore in 2015-'16.

"This matter should not be exaggerated and our Pradhan Sewak (Prime Minister Modi) should initiate probe in this matter", he added. Will you ask ED to arrest these people?

More news: Former housing minister emerges as leader of plot to dethrone PM

Sibal, while talking to the media persons, here said the total assets, number of employees Jay Shah's company had, all these questions are a mystery and probe is needed to reveal the complete truth.

"Both the actions will be filed at Ahmedabad where I stay, carry on my business and where the cause of action has arisen".

The change in fortunes of the company came after the company received an unsecured loan of Rs 15.78 crore from KIFS Financial Services owned by a relative of a BJP Rajya Sabha member, Sibal claimed. The report also flagged how Jay's company, whose business is primarily stock trading, turned to generating wind power with a loan from a public sector enterprise. The Congress and other political parties demanded an official probe into the issue. In his address, Mr Shah said that no amount of intimidation can stop the lotus (BJP's symbol) from blooming in the Left-ruled state. He said the bank, and not a union minister, should defend the loan. It's the Shah-in-Shah of Demo. We know who CBI, ED will investigate and who ED and CBI will not investigate. "Why is PM silent?" While CPI's D Raja demanded a "high level SIT probe monitored by the court", AAP sought a criminal enquiry into the allegations.

"As far as his ministry is concerned, they gave the loan of Rs. 10.35 crore to Jay Shah then they say that we don't want start ups".

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