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Hartosh Singh Bal @HartoshSinghBal
, 14 tweets, 5 min read Read on Twitter
Thread on jay shah (amit shah’s son) businesses
In 2017 @rohini_sgh did @thewire_in story which showed revenue at his temple enterprises jumped from Rs 50,000 to Rs 80.5 crores from 2014-15 to 2015-16. Company stopped business in 2016 after Rs 1.4 cr loss.
thewire.in/business/amit-…
After wire story amit shah claimed temple enterprises hadn't conducted business of a single rupee with govt, had not acquired govt land worth a single rupee, had not taken any govt contract.
He forgot to mention jay shah’s other company – kusum finserve- for good reason.
Jay Shah started kusum finserve in 2015 for trading in stocks. In March 2016 it got a loan of Rs 10.35 crore from Indian Renewable Energy Development Agency Limited, a govt PSU for a 2.1 MW wind-energy plant in Ratlam MP, despite having no experience in wind-power generation.
The PSU’s website states it can sanction loans only for plants up to 1 MW, only for as much as 70 percent of the project’s total cost. Even for costliest plant adhering to its own 70-percent cap, maximum loan that IREDA could grant would be about Rs 4.9 cr. Jay Shah got 10.35 cr
Again in 2016 after demonstrating his business acumen by running temple enterprises to the ground, jay shah got credit for kusm finserve of rs 25 crore from guj kalupur cooperative bank & then another rs 15 crore from same bank in 2017
caravanmagazine.in/politics/amit-…
Two of the properties mortgages to the co-op bank are owned by Amit Shah who is listed as “Mortgagor no. II,” and an “absolute owner” of the two plots in mortgage deed with the bank. Amit Shah omits this fact in his election affidavit,
caravanmagazine.in/politics/amit-…
Various arguments are being advanced but relevant judgments suggest public has right to know ‘full particulars’ of a candidate - the ultimate purpose of filing the affidavit. Land mortgaged for Amit Shah son’s business, one of which has already failed, seems relevant information
In 2018, the Guj Industrial Dev Corporation signed a lease deed with Kusum Finserve. A month later, kotak Mahindra approved a loan of Rs 17 crore against this land as well as shares pledged, increasing their total lending to Kusum Finserve to Rs 47 cr
caravanmagazine.in/politics/amit-…
In the deed of hypothecation between coop Bank & Jay Shah's Kusum Finserve, schedules of firm’s stock, book debts & machinery have been left empty. Columns on stock inventory, nature or kinds of goods, & value of these stocks and goods are left blank.
caravanmagazine.in/politics/amit-…
In the sanction letter issued by the private bank for loan to Jay Shah's firm, calculations concerning Tangible Base Capital & Total Outside Liability—two parameters that would clearly indicate the financial health of the firm—have not been stated.
caravanmagazine.in/politics/amit-…
Total credit for jay shah’s kusum finserve went from Rs 25 crore to rs 97 crore in the past one year.

caravanmagazine.in/politics/amit-…
insight into current state of Kusum Finserve’s affairs not possible, hasn't filed statement of accounts since FY '15–16. Filed annual return for FY '16–17, but doesn't include financial details, merely states that the turnover “exceeds 5 crores.”

caravanmagazine.in/politics/amit-…
So despite questions raised by news reports & in parliament, Kusum Finserve hasn't filed its statement of accounts for FY '16–17, even 9 months after deadline. Failing to do so is an offence punishable by a fine of up to Rs 5 lakh
caravanmagazine.in/politics/amit-…
all in all, for the final word on the financial state of amit shah's son jay shah's firm, read this splendid and courageous piece by @KaushalShroff

caravanmagazine.in/politics/amit-…
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Judges' accounts form much of the basis for judgment upholding Maharashtra state’s claim Loya died a natural death. Accounts do not hold up, employee at Ravi Bhawan contradict their claim in a statement to police. State conceals this from Supreme Court
caravanmagazine.in/crime/ravi-bha…
Why is it important to persist with the Loya case? Because it goes to the heart of the malaise that afflicts the modi regime. This thread reexamines the sequence from the 2002 communal violence against Muslims to this death
1.) Haren Pandya Guj Home minister during 2002 anti-Muslim violence: on Feb 27 night, Modi held meeting at his official bungalow… told bureaucrats & senior police officers… to allow "people to vent their frustration & not come in way of Hindu backlash
outlookindia.com/magazine/story…
Read 9 tweets

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When you speak to a BHAKT, you would realize.

They don’t care if there was nothing called “Gujarat Model”.

They don’t care if Demonitisation failed.

They don’t care if 2 crore jobs couldn’t get created and on the other hand lacs of jobs got lost.

1/6
They don’t care if Vijay Mallaya, Choksi, Nirav Modi ran away with thousands of crore rupees.

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#Thread on #NPAs. Stay with me.

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