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| Lalit Modi Paid Rs. 96,000 for Rs. |
| Lalit Modi Paid Rs. 96,000 for Rs. 10 Share in Firm Owned by Vasundhara Raje's Son
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| INDIA
, 18-June-2015
13:39:9 PM |
| Rajasthan Chief Minister Vasundhara Raje finds herself combatting charges of impropriety on two counts when it comes to Lalit Modi, the former chief of the Indian Premier League, who lives in London.
Mr Modi has alleged that in 2011, when he sought to extend his stay in the UK, Ms Raje backed his application with a document filed in court that sought confidentiality for her support.
The politician has said she is not aware of the document Mr Modi has cited. What could prove to be more damning is the business deal between her son, Dushyant Singh, and Mr Modi that is now being investigated by Enforcement Directorate.
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The Hush-Hush Clause in Lalit Modi's Case That Could Hurt Vasundhara Raje
Documents show that Mr Singh and his wife in 2013 declared the nearly 6,000 shares they held in their firm, Niyant Heritage Hotel Pvt Limited, were worth Rs. 10 each. Their combined stake was worth about Rs. 65,000 according to their income tax returns. But before that, in two tranches in 2008 and 2009, Mr Modi bought shares in the same firm at nearly Rs. 96,000 each. So each share purchased by his company, Ananda Heritage Hotels, was with more than the collective stake of Mr Singh and his wife. Mr Modi's company also granted an unsecured loan of Rs. 11 crore to Mr Singh's firm.
In a press statement, Mr Singh, a 41-year-old national lawmaker, denied any wrong doing, claiming that all transactions of his company were legitimate and "every fact has been mentioned in the IT (income tax) returns which is available."
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