Shah said the firm was into trading of commodities like rice and millet, a high-value and low-profit venture. "If a company's turnover becomes Rs. 1 crore, its profit does not become Rs. 1 crore.It is unfair to say there was an over 16,000 times jump in profit.say what the turnover was.It makes it seem like the turnover was huge but it wasn't". "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". All the payments were made through cheques.
File image of Amit Shah. Have they ever filed a criminal defamation or a Rs 100 crore civil defamation suit?
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"The state government under Chief Minister Pema Khandu is coming out with more reliable and people-oriented Chief Minister's Universal Health Insurance Scheme in the state, the Congress need not worry about it and our people-centric government will always think, listen and act for the welfare of the people", he said. Jay has denied any wrongdoing and filed a defamation case.
When asked about Jay's company securing unsecured loans, Shah said it was not unsecured loans.
In his application to the court, Jay Shah sought criminal action against the respondents for defaming and tarnishing his reputation through an article that he said was "scandalous, frivolous, misleading, derogatory, libellous and consisting of several defamatory statements".
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After the report by The Wire was published, leaders of the Congress and other rivals of the BJP made it a rallying point, levelling allegations of crony capitalism. It has not got government land worth a rupee. "The company has not taken a commission, like in the case of Bofors", Shah said, referring to the payoff scandal that had rocked the then Congress government.
Congress leader Kapil Sibal, a couple of days ago, attacked the BJP over the issue and was quoted as saying in a press conference: "How can a company with no stock, no inventory, no assets, has a turnover of 80 crores? Where is money laundering in it", he asked. "It was not unsecured loan, it was line of credit", Amit Shah.
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