October 8: The Congress Party on Sunday asked Prime Minister Narendra Modi to initiate probe on the allegations made against Bharatiya Janata Party (BJP) chief Amit Shah's son Jay Shah regarding the irregularity in the turnover of his company. 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. "My businesses are fully legitimate and conducted in a lawful manner on commercial lines, which is reflected in my tax records, and are through banking transactions". He claims that he took the loans for his business from NBFC on purely commercial terms strictly in accordance with law. Of course, Jay Shah's Rs 80 cr is not high for commodity, considering the margins are high in this trade, "Goyal pointed out".
He also said that it was not unusual for the second firm named in the piece to venture into the unrelated power business, pointing to his own career and saying he started an engineering company after completing his chartered accountancy.
"The article makes false, derogatory and defamatory imputations against me by creating in the minds of the right-thinking people an impression that my business owes its "success" to my father Shri Amitbhai Shah's political position", Jay Shah said in the statement adding he will file a Rs 100-crore defamation suit against website for the publication of the article. He maintains that he had mortgaged the family property to get the loans and has paid back in time and with interest. The Left parties questioned the silence of the Prime Minister on The Wire's report. "But the question is whether the Prime Minister would come forward to say it is crony capitalism, as the BJP used to allege during the UPA government", Sibal said. "I want to tell the Communist and Congress who supports their ideology that Communism has ended in the world and the Congress has ended in India", Shah said.
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The Trinamool Congress today took a swipe at the BJP, wondering if it would now use CBI or ED to probe the allegations against BJP chief Amit Shahs son, just as it has been quick to use these agencies against other political parties. He said the bank, and not a union minister, should defend the loan.
Based on the filings with Registrar of Companies (ROC), online portal The Wire claimed that Temple Enterprise Private Limited - the company owned by Jay Shah - saw an increase in its turnover from Rs.50,000 in 2014-15 to Rs.80 crore. It's the Shah-in-Shah of Demo. "Why is PM silent", CPI (M) chief Sitaram Yechury tweeted. "We outrightly reject the allegations and thus [they] should not be reproduced in a way that could be defamatory", Goyal said.