Did BJP MP Rajeev Chandrasekhar Conceal His Full Wealth In The Affidavit?
The businessman-turned-politician Rajeev Chandrasekhar, the BJP Rajya Sabha MP is reported to have hidden his full wealth from the election panel. The news portal Scroll explains how the legal loopholes and omissions permit the BJP MP and the party”s Lok Sabha candidate from Thiruvananthapuram to conceal his wealth before the election commission.
As he submitted the financial information while he made the Rajya Sabha application as a BJP candidate in 2018, the businessman provided an affidavit showing his annual income at Rs 28 crore and his family assets at Rs 65 crore.
The affidavit noted Chandrasekhar’s equity shares in six unlisted companies that comprise Vectra Consultancy Services, SPL Infotech PTE, Jupiter Global Infrastructure, Minsk Developers, RC Stocks & Securities and Sanguine New Media. Notably, Jupiter Capital, the largest company run by the BJP MP was missing from the affidavit.
The Jupital Capital was set up by Chandrasekhar in 2005 as an investment and financial service firm. The company grew rapidly and the company’s 2018 filing with the Ministry of Corporate Affairs shows 58 subsidiaries including media firms such as Suvarna News, Asianet, Indigo 91.9 FM and Republic; technology firm Axiscades and defence firm Indian Aero Ventures. As per its website, Jupiter Capital and its subsidiaries manage a portfolio of investments worth Rs 7,100 crore. Its consolidated gross income in March 2018 reported Rs 1,026 crore.
However, the affidavit submitted by the BJP leader reported an annual income of Rs 5.07 lakh for the year ending in March 2018. Other three companies including RC Stocks & Securities, Jupiter Global Infrastructure and Minsk Developers reported Rs zero as annual income, constituting a drastic contrast, the news portal explains.
How Chandrasekhar Concealed His Wealth in Affidavit
Out of six firms in the affidavit, Chandrasekhar owns a minority share equal to t.25 per cent in Sanguine New Media while Malavika Rajbans Sanghvi owns 85 percent. The shareholder information regarding the SPL Infotech incorporated in Singapore was not available. Notably, Chandrasekhar owns the majority shares in the rest of the four firms. He owns 99.97 percent of Vectra Consultancy Services while his wife and mother hold the remaining shares, implying 100 percent ownership of the family.
In Jupiter Global Infrastructure, the BJP MP owns 50.69 percent directly and another 37.43 percent through Vectra Constancy Services. Kunje Venkataraman Gowda, who owns minority shares in some other companies of Chandrasekhar holds the remaining 11.38 percent.
In Minsk, the BJP candidate owns 62.84 percent while Vectra Consultancy Services holds 37.04 percent. The remaining 0.13 percent was owned by Kunje Venkataraman Gowda.
Notably, Vectra Consultancy Services, Jupiter Global Infrastructure and Minsk Developers together own 99.92 percent of Jupiter Capital, while 0.8 percent with Gowda.
The system in which these three companies are run as a mediating layer between Chandrasekhar and Jupiter Capital creates an atmosphere for Chandrashekar to report 27 crores as income from Jupiter Capital, he doesn’t directly own any shares in the company. But most of the shares in the company are held by three companies that Mr Chandrasekhar controls either directly or through Vectra Consultancy Services.
