Turnover of Amit Shah's Son Jay's Company Increased to 16 thousand times in 2015-16

 08 Oct 2017 ( IBTN News Bureau )
POSTER

Jai Shah, the son of Bharatiya Janata Party president Amit Shah, has been caught in controversy.

Turnover of his company Temple Enterprises Private Limited has increased 16 thousand times in 2015-16.

This increase took place when Narendra Modi's government was formed at the center and his father Amit Shah became the national president of BJP.

Earlier, Turnover of Temple Enterprises Private Limited was no.

According to 'The Wire', Jai Shah's company has an unsecured loan of Rs 15.78 crore, which has been made available by the KIFS Financial Services firm of Rajesh Khandwal, but surprisingly, the KIFS Financial Services this year the loan was given to Jai Shah's company, the total income of that year was Rs 7 crore.

Secondly, the document of ROC has revealed that there is no mention of unsecured loan of 15.78 rupees given to Temple Enterprises in the Annual Report of KIFS Financial Services.

Tell that Rajesh Khandhwal is the Rajya Sabha member of BJP and the top executive of Reliance Industries Parimal Nathwani's relatives.

In Jai Shah's company's balance sheets, it has been stated that till March 2013 and March 2014, there was no special function in the company and during this period the company had a loss of Rs 6,230 and Rs 1,724 respectively.

But as soon as Narendra Modi's government was formed in the center and his father became the national president of BJP, Jai Shah's company turned out to be astonishingly a turnover.

During the year 2014-15, his company earned a total of Rs 18,728 in total income of Rs 50,000. But during the financial year 2015-16, the turnover of Jai's company increased to 80.5 crore rupees. This is 16 thousand times more than 2014-15.

Jai Shah's lawyer told 'The Wire' that Rajesh Khandwal is an old friend of the Shah family. Apart from this, he has been seeing the functioning of share broking of Shah family for the last several years. Apart from this, his NBFC firm has been lending to the business of Jai Shah and Jitendra Shah for the past several years.

It has also been disclosed by the documents that in year 2015, Rajesh Khandwal and Jai Shah had jointly created the Limited Liability Partnership (LLP) of the name of Satva Tradelink, but it was closed soon.

On behalf of Jai Shah, his counsel told 'The Wire' that both of them had opened an LLP, but due to adverse conditions in the market there was no business in it. After this, it was closed and deleted from ROC's record.

ROC documents have also revealed that Jai's company has stated in its report that 95 percent of its income has come from the sale of agricultural products, while his company has neither the stock details nor the inventories. Apart from this there is no description of the movable and immovable property of his company.

 

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