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news details
PDP leader owns real estate firm in Mumbai, lied to ECI
He may lose MLA post as per ECI guidelines
4/24/2018 11:53:28 PM
Asif Iqbal Naik
Early Times Report
Jammu, April 24: A former J&K minister has landed himself in trouble after it came to the fore that he owned a real estate company in Mumbai but did not mention it in his affidavit submitted to Election Commission of India at the time of filing of his nomination papers during 2014 assembly elections.
As per documents available with Early Times, the former minister, also a senior PDP leader, in his company's financial statement (dated 5-09-2017) submitted by his chartered accountant mentions him as director of the company. There's also a co-partner of the company.
The company stated that it had Rs 91600 cash in hand as on 30-12-2016. The statement further states that as per notes forming part of cash flow statement for the year ending 31-3-2017, the net profit of the current year (ending March 2017) is Rs 209876200. Besides, the company shows Rs 174.1076 crore as decrease in current assets and Rs 133.89854 crore as increase in current liability. It shows the cash and the cash equivalent at the end of the years as Rs 1677681700. The company also says it used net cash in operating activities to the tune of Rs 3405616300.
The bank finance charges include Rs. 106543800 & Rs. 107919400 for the year 2017 and 2016 respectively. The company has spent Rs 68208800 and Rs 642382600 during the two years.
As per the company statement, its total revenue from operations, sales and other incomes stands at Rs. 1215.8992400 crore during the year ending March 2017 while for previous year the said income is Rs. 3172.4017500 crore.
The company has spent Rs. 1097.3062800 crore on purchase of stock in trade during the year ending March 2017 and an amount of Rs. 2842.0464900 for the same during 2016.
The company stated that it had 10,000 equity shares of Rs 10 each with 5000 shares on t
Coalition of the corrupt
e name of its, 4000 shares on the name of its co-director, and 1000 shares on the name of the director's wife. The company has scheduled and unscheduled loans of Rs 125 crore for the year 2017 and 2016 each.
The company stated that it has total equities and liabilities for the year 2017 to the tune of Rs. 999.2905900 Crore and Rs. 974.4000400 Crore for the year 2016 which include cash and cash equivalents to the tune of Rs. 672.8384900 Crore and Rs. 846.9392500 Crore for the year 2017 and 2016 respectively.
The balance sheet also shows Rs. 420000000 as Directors Ruminations for the year ending 2017 and Rs. 400000000 for the year 2016.
The company also shares the details of various bank accounts beside also shows tangible assets and intangible assets worth crores of rupee.
After scrutinizing the detail affidavit filed by the PDP leader before the Election Commission of India at the time of filling of his nomination papers, he did not mention anything about this company in which he holds the post of director.
In his 17-page affidavit filed by the PDP leader on 20-11-2014, he had submitted details pertaining to various properties, bank accounts in J&K and Mumbai, details of investment in bonds, shares, life insurance policies, personal loans, motor vehicles, aircrafts, yachts, ships, jewellery, flat at Bandra Mumbai and other assets. He however did not mention anything about the said company.
Speaking to Early Times, an expert stated that hiding the fact before the Election Commission of India amounts to the disqualification of the elected membership be it as MLA, MLC, MP of Lok Sabha or Rajya Sabha. He said that Congress President Sonia Gandhi was also disqualified as an MP after charges of office of profit were found against her and said that same law is applicable to the PDP leader in question.
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