Key highlights:
- Turnover of a company owned by Shah’s son increased 16,000 times over in the year following election of PM Narendra Modi
- Revenue from company owned by Amit Shah’s son jumped from just Rs 50,000 to over Rs 80,00,00,000 in a single year
- Firm of Amit Shah’s son, whose business is chiefly stock trading, turns to windmill generation with PSU loan
- Do a story on Amit Shah’s son’s ‘honest, legal, bonafide’ businesses and ‘he shall reserve right to prosecute you’, his lawyer warns The Wire
New Delhi: The turnover of a company owned by Jay Amitbhai Shah, son of Bharatiya Janata Party leader Amit Shah, increased 16,000 times over in the year following the election of Narendra Modi as prime minister and the elevation of his father to the post of party president, filings with the Registrar of Companies (RoC) show.
Company balance sheets and annual reports obtained from the RoC reveal that in the financial years ending March 2013 and 2014, Shah’s Temple Enterprise Private Ltd. engaged in negligible activity and recorded losses of Rs 6,230 and Rs 1,724 respectively. In 2014-15, it showed a profit of Rs 18,728 on revenues of only Rs 50,000 before jumping to a turnover of Rs 80.5 crore in 2015-16.
The astonishing surge in Temple Enterprise’s revenues came at a time when the firm received an unsecured loan of Rs 15.78 crore from a financial services firm owned by Rajesh Khandwala, the samdhi (in-law) of Parimal Nathwani, a Rajya Sabha MP and top executive of Reliance Industries.
One year later, in October 2016, however, Jay Shah’s company suddenly stopped its business activities altogether, declaring, in its director’s report, that Temple’s net worth had “fully eroded” because of the loss it posted that year of Rs 1.4 crore and its losses over earlier years.
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