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01:26 PM | Sat, 28 May 2016

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Sonia, Rahul Move SC in National Herald Case

114 Days ago
| by The New Indian Express


New Delhi: Congress president Sonia Gandhi and party vice-president Rahul Gandhi moved the Supreme Court on Thursday against a Delhi High Court decision that dismissed their appeals seeking a quashing of summons issued to them by a trial court in connection with the National Herald case.The summons was issued on a complaint by Bharatiya Janata Party (BJP) leader Subramanian Swamy, who alleged that both had cheated and created a breach of trust in the acquisition of the now-defunct National Herald by Young Indian Limited (YIL).

On June 26, last year, the trial court issued summons to them on Swamy’s allegations of ‘cheating’ in the acquisition of Associated Journals Ltd (AJL) by Young India Ltd (YIL) -- a firm in which Sonia and Rahul Gandhi own 38 per cent stakes each.The Delhi High Court had in December 2015 rejected their plea and directed them to appear before the trial court. The case relates to the  Indian National Congress granting  an interest-free loan of Rs. 90.25 crore (USD 13 million) to Associated Journals Limited (AJL), owner of the National Herald newspaper which was established by Jawaharlal Nehru in 1938.

It was alleged that the loan was either not repaid or repaid in cash, which is in violation of Section 269T of the Income Tax Act, 1961.A closely held company, Young Indian, was incorporated in November 2010 with a capital of Rs.5 lakh (USD 7,400) and it acquired almost all the shareholding of AJL and all its properties (alleged to be worth Rs.5000 crores (USD 740 million).Swamy filed the case alleging criminal misappropriation by both Sonia Gandhi and Rahul Gandhi. The courts have determined that a prima facie case has been established in the matter. ()

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