The Congress and the Aam Aadmi Party lapped up the report in The Wire, which said the turnover of a company owned by BJP president Amit Shah's son increased 16,000 times over in the year following the election of Narendra Modi as prime minister and the elevation of Shah to the post of party president.
"All the loans were taken strictly in accordance with law on commercial rates of interest, securities were provided and the loans paid back in full with transactions", the minister said.
Sibal said being a minister, Goyal can defend the government but there was no need of him to defend Jay Shah.
"Since the website has proceeded in making an absolutely false imputation in a highly slanted article thereby damaging my reputation, I have made a decision to prosecute the Author, Editor/(s) and the Owner/(s) of the aforesaid news website for criminal defamation and sue them for an amount of Rs 100 crores". The article charts the growth of Jay Shah's company, Temple Enterprise Private Ltd, from revenues of Rs. 50,000 in 2014-15 to turnover of Rs. 80.5 crore in 2015-16. Will you ask ED to arrest these people? "BJP president Amit Shah should also answer whether the favours given to his son's company were done under any political pressure", he said.
The case will filed in Ahmedabad where Jay Shah lives.
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The change in fortunes of the company came after the company received an unsecured loan of Rs 15.78 crore from KIFS Financial Services owned by a relative of a BJP Rajya Sabha member, Sibal claimed.
The Congress leader also questioned Goyal the reason behind giving loan from his ministry in the name of startups to Jay Shah and asked him to reveal the number of companies they have provided loan for the same objective. Will you give direction to the CBI to probe the matter? It's not the Reserve Bank of India, the poor or the farmers. Senior leader Ashuthosh said an FIR should be registered against Jay Shah and a probe should be ordered into his company's activities. It's the Shah-in-Shah of Demo (netisation). We know who CBI, ED will investigate and who ED and CBI will not investigate.
Soon after Shah led a march to the CPI (M) office, the communist party criticised the "Jan Raksha Yatra" saying it was aimed at diverting public attention from the growing discontent against the Modi government.
"Today, we want to ask our Prime Minister what you now think about crony capitalism". Birla-Sahara Dairy, GSPCL, Vyapam, Lalit Modi, rice and mining scams.
AAP leader Ashutosh also demanded a thorough probe into the allegations and sought action. It also said that "If anyone else republishes or re-broadcasts the imputations made in the article, such person or entity will also be guilty of the very same criminal and civil liability".