ED arguments over in Herald case, it's Gandhis' turn now
NEW DELHI: The
Enforcement Directorate
(ED) claimed before a Delhi court on Thursday that the
National Herald case
is a "classic case of money laundering".
Young Indian Pvt Ltd, in which ex-Congress presidents
Sonia Gandhi
and
Rahul Gandhi
held a 76% stake, was allegedly created to launder Rs 2,000 crore from Associated Journals Ltd, the company that published 'National Herald' newspaper.
"This is a classic case where the offence of money laundering is made against all the accused," submitted additional solicitor general SV Raju, appearing for the ED before the court of special judge Vishal Gogne. He asked the court to take cognisance of the chargesheet.
The court was hearing arguments on the point of cognisance of the chargesheet filed against Sonia Gandhi and Rahul Gandhi in the money laundering case.
The agency concluded its arguments in the case on Thursday. Senior advocate Abhishek Manu Singhvi will make submissions before the court on Friday, appearing for Sonia Gandhi.
The ED, through the ASG, submitted that Sonia and Rahul Gandhi were beneficial owners and in ultimate control of Young Indian, and that after the deaths of other shareholders they had 100% control.
"These two persons controlled the All India Congress Committee.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Trending in in 2025: Local network access control [Click Here]
Esseps
Learn More
Undo
They saw that AICC released a Rs 90 crore loan to Associated Journals Limited, or AJL, a Rs 2,000 crore company, the publisher of National Herald newspaper. The purpose was to have Rs 2,000 crore," Raju told the court.
Raju claimed Sonia and Rahul Gandhi were responsible for the conduct of business of Young Indian and the fraudulent takeover of properties valued at over Rs 2,000 crore of AJL was with their connivance and consent.
The ASG alleged that the shareholding in the venture was just in name and that all the other accused were puppets of the Gandhi family. He added that Sonia and Rahul Gandhi control Congress and wanted to get hold of Rs 2,000 crore instead of the said Rs 92 crore.
As per the ED, Congress provided an interest-free loan of Rs 90 crore to AJL, which had assets worth Rs 2,000 crore, for a consideration of just Rs 50 lakh. This debt was allegedly converted into equity in YI's favour.
"They deprived AJL's shareholders of their right. YI invested just Rs 50 lakh and got Rs 2,000 crore. YI gained wrongfully and shareholders suffered," he said.
The court asked Raju if the shareholders are also witnesses in this case. Calling the matter a little peculiar, the judge asked whether they should not also be made witnesses. "The ED has not investigated the 1,000 shareholders. So will this trial go on without them being witnesses," the court asked.
The ASG replied, "The record speaks for itself. This is a classic case of money laundering. The real culprits are these seven persons (including Sonia and Rahul), once you pierce the veil. Today, Sonia and Rahul Gandhi hold almost all shares. They're the beneficial owners of the company."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
34 minutes ago
- Indian Express
PC Jeweller share price zooms 18% on robust June quarter sales
PC Jeweller Share Price: Shares of PC Jeweller Limited climbed over 18 per cent on Friday, July 4. At around 3 pm, shares of the company traded at Rs 16.56 apiece, up 18.12 per cent. About 4024.93 lakh shares changed hands at the same time. PC Jeweller Ltd has reported around 80 per cent growth in revenue during the April-June quarter of this financial year on strong demand despite volatility in gold prices and said it will become debt free this fiscal. In an exchange filing, the company informed that it closed the April-June quarter on a very strong note clocking a robust performance. 'Despite the volatility in the gold prices, the Company was able to achieve a standalone revenue growth of approximately 80% as compared to the corresponding quarter of the previous financial year. The Company witnessed high demand of its products on account of wedding / festive purchases by its customers during the quarter. Further, the Company had already reduced its outstanding debts towards its bankers by more than 50% during FY 2024-25. The Company is targeting and is confident of discharging its complete obligations due towards its bankers by the end of FY 2026 and thereby become debt free. For achieving its target, the Company has further reduced its outstanding debts towards its bankers by another approximately 7.50% during the quarter. The Company continues to revamp and strengthen all the aspects of its operations, the results of which are visible in its financials. The Company is optimistic about delivering exceptional performance in the upcoming quarters as well,' it said in a regulatory filing. PC Jeweller Limited is a component of the BSE SmallCap. According to the BSE analytics (as of July 4), shares of PC Jeweller Limited gave a positive return of 31.18 per cent and 33.99 per cent in the last 1 week and 2 weeks, respectively. In the last 1 month and 3 months, shares of the company gained 36.13 per cent and 20.56 per cent, respectively. In the past 1 year, 2 years, 3 years, and 5 years, shares of the company up 216.57 per cent, 501.48 per cent, 557.49 per cent, and 872.46 per cent, respectively. PC Jeweller paid its last dividend in 2018 of Re 0.50. In 2014, 2015, 2016, and 2017, the company declared dividends of Rs 1.50, Rs 3.20, Rs 3.35, and Re 1, respectively. PC Jeweller issued bonuses for its shareholders in the ratio of 1:1 in 2017.
Time of India
37 minutes ago
- Time of India
‘Over Rs 1 lakh a month': Reddit post on maid's income triggers debate on India's middle class
A Reddit post has sparked widespread discussion about India's changing class identity, after a user compared their taxed salaried income with their domestic worker's growing, tax-free household earnings. The post, shared by a Redditor from a tier-3 city, detailed how their maid's family now earns more than their own family, despite having no formal employment and paying no income tax. A closer look at the numbers According to the Reddit post, the domestic worker earns Rs 30,000 per month by working full-time across three households. Her husband, a daily wage laborer, earns Rs 35,000, while their eldest son makes Rs 30,000 per month at a saree shop. Their daughter, currently learning tailoring, earns Rs 3,000 but is expected to bring in Rs 15,000–Rs 20,000 monthly once she completes her training. The youngest son is learning plumbing and is expected to earn Rs 15,000–Rs 25,000 per month. Together, the family currently earns Rs 98,000 each month. In a few months, their monthly income is projected to touch Rs 1.3–1.35 lakh. None of this income is taxed. Government support adds to household income The family also receives support through government schemes. They get free rations, pay only Rs 6,000 per month in rent, and own a rural house under a central housing scheme. Additionally, they expect to earn another Rs 30,000–Rs 40,000 every quarter by leasing out inherited land. Salaried taxpayer questions class definitions 'I'm genuinely happy for her,' the Redditor wrote. 'She's worked hard all her life. But it does make you wonder, who really belongs to the middle class now?' Live Events The statement sparked a wide-ranging conversation online, especially among professionals earning fixed monthly salaries and paying income taxes. Many users pointed out the widening gap between formal and informal income, with some informal workers now earning more than white-collar professionals. The middle class debate reopens Commenters offered different viewpoints. Some supported the post's message, saying many informal sector families now take home more money than salaried ones. Others noted that such comparisons ignore key differences—such as job stability, employment benefits, healthcare coverage, and legal protections that formal workers receive. Still, the post raised a fundamental question that many seem to be asking: as costs and taxes rise for salaried workers, and as informal sector incomes remain untaxed, is India's idea of who belongs to the 'middle class' shifting?
&w=3840&q=100)
Business Standard
39 minutes ago
- Business Standard
Sajjan Jindal bats for 'longer term solution' for Indian steel sector
Billionaire industrialist Sajjan Jindal has called for a 'longer-term solution' to ensure the competitiveness of Indian steel in the wake of the uncertainty caused by US tariffs. In his message to shareholders as mentioned in JSW Steel's latest annual report, Jindal said: 'We are navigating a period of change, shaped by an evolving global political and policy landscape. While India remains on a transformative growth path, driving healthy steel demand, the steel industry faces a challenging environment marked by weak global demand and record Chinese steel exports, even as iron ore costs remain relatively elevated.' The chairman and managing director of the company pointed out that uncertainty related to tariffs imposed by the US had caused volatility in global markets. 'Trade barriers have been rising, with various countries either imposing measures or initiating action to protect their steel industries from unfair imports.' 'This is altering global trade flows, with surplus steel finding its way into India, posing significant challenges for Indian steelmakers. India has imposed a 12 per cent safeguard duty on certain steel products for 200 days, based on a preliminary investigation undertaken by the Directorate General of Trade Remedies (DGTR),' he said, adding that a longer-term solution was critical to ensure the competitiveness of Indian steel, create a level-playing field, and allow Indian steelmakers to earn a reasonable return on investments. The comments come at a time when major Indian steel producers are expanding capacity at a frenetic pace. JSW Steel has committed a capital expenditure of Rs 62,000 crore over the next three years to support its goal of achieving 42 million tonnes per annum (mtpa) steelmaking capacity in India by September 2027. The company's domestic installed capacity is 34.2 mtpa, and plans are afoot to take it to 50 mtpa by FY31. On 21 April, the Ministry of Finance announced the imposition of a 12 per cent provisional safeguard duty for a period of 200 days on certain steel products to protect the domestic industry from injury caused by a spike in imports. It came a month after the DGTR, under the Ministry of Commerce and Industry, had recommended a 12 per cent safeguard duty. However, steel prices have remained soft despite the safeguard duty. Tata Steel and Tata group chairman Natarajan Chandrasekaran, while responding to shareholder queries on the market environment at the steel major's annual general meeting (AGM) recently, said that China continues to export about 100 million tonnes (mt) of steel. 'That is definitely affecting the overall steel price not only in global markets but also in India. The Indian government has put a safeguard duty of 12 per cent and the industry obviously was wanting almost double that. But we are happy that the government took the step to put the 12 per cent,' he said, adding that in spite of that, steel prices remained soft. However, he also said that Tata Steel was expected to post better revenues, EBITDA, profits, and cash flow in FY26 compared to FY25 on the back of overall performance, increased capacity, and current spread levels.
