Chhoo Mantaring The National Herald, Bones, Beak And All!

Chhoo Mantaring The National Herald, Bones Beak And All!

The sleight-of-hand, aka ‘criminal fraud’, used by Sonia and Rahul Gandhi, to seize control of the defunct independence era newspaper National Herald’s assets, is a tale oft told. The shenanigan actually surfaced as long back as 2012.   

But in 2015 going on 2016, not only are the Gandhis visibly rattled, enough to stall parliament and threaten mass agitations; the son crying wild-eyed about  ‘100% political vendetta from the PMO’, and the mother reminding us about her being Indira Gandhi’s daughter-in-law, quite unafraid of anything.  

But this shrill bravado assisted by the usual Congress chorus seems to cast aspersions on the dignity, objectivity and probity of the judicial system. It might even be seen as contempt of court.

Run under the umbrella of Associated Journals Limited (AJL) with over 1,000 shareholders that subscribed Rs. 89 lakhs decades ago, the galling part is the principal accused duo took over its assets for a modest equity infusion of just Rs. 50 lakhs.

This got them, one Section 25 company to another, meaning a pair of bankrupt companies to start with, all the commercial land and buildings AJL owned, valued at between  Rs. 2,000-5,000 crores- plus the sizeable current monthly rent from tenants the MEA, Tata and others. And the acquisition was via an even-stevens 78 per cent shareholding in the buying company, Young India Limited (YIL), the rest being held by family loyalists, all in their individual capacity.

The matter is indeed in the courts, but curiously, not one BJP sort, not even a fringe player, has called for the resignation of the Gandhis from parliament. This, of course, is mystifying because Rahul Gandhi routinely calls for BJP resignations as standard operating procedure 2015. But then BJP has been maintaining this is a court matter and nothing to do with them.

The two hot shot Congress lawyers, Singhvi & Sibal, are seemingly in a panic, tripping over themselves in search of a winning strategy. This includes the strenuous argument that YIL, assets, rent and all, was a not-for-profit outfit too, and therefore was not enriching its shareholders.

The famous lawyers may however have bungled the defence so far. Their first volley that missed its mark was to pour high dudgeon contempt onto the Patiala criminal court trial judge who had the temerity to summon the accused.

Then, they rushed off to the High Court to have the lower court summons squashed. Only to be taken aback by the judgement, which opined over 28 damning pages, that there was prima facie evidence of ‘criminality’ and ‘fraud’ and directing all accused to appear in person afresh.

Now, the legal counsel are baulking at their loudly publicised option of taking the matter to the Supreme Court, fearing perhaps that the Supreme Court might not over turn the Delhi High Court ruling. So, the plan is to wait and see what happens on the 19^th of December at 3 pm at Patiala House.

Meanwhile, Rahul says he wants to go to jail after refusing bail if offered, to reprise the stance once adopted by his socialist Joan of Arc admirer  and ancestor , Indira Gandhi. The other accused, less able-bodied, are prudently reaching for their bail money and personal bonds.

The Gandhis find themselves caught in the cross-hairs for once, accustomed as they are, to shooting from the shadows via proxy warriors. The accompanying party, rubber stamps all, are the 87 year old Congress treasurer Motilal Vora,  shadowy chum Suman Dubey, Chicago based cheerleader Sam Pitroda, and long-time confidante Oscar Fernandes.

The acquisition of AJL was done by tipping its contents into YIL without reference to AJL’s many shareholders. It did so to establish a ‘clean’ title of ownership of the defunct paper’s assets.

There was also a convenient Rs. 90 crore interest free loan from Congress coffers, to clear AJL’s accumulated losses, that was subsequently written off, one hand telling the other what to do.

Singhvi & Sibal, in another fit of legal punditry, have been publicly questioning  the locus standi of senior BJP leader Subramanian Swamy, who had filed the case three years ago, because he wasn’t an AJL shareholder.

But media coverage of the locus standi issue,  has thrown up former Law minister Shanti Bhushan, who states his father purchased 300 shares of AJL in 1938, and he, along with his siblings or their heirs, intend to contest the YIL takeover.

More ‘cheated’ shareholders, or their heirs, may well begin to appear to queer the pitch further.

For: The Quint

(743 words)

December 11^th, 2015

Gautam Mukherjee