Enforcement Directorate (ED). File.
| Picture Credit score: PTI
The Adjudicating Authority below the Prevention of Cash Laundering Act (PMLA) has confirmed the attachment of belongings price ₹751.90 crore by the Enforcement Directorate in a cash laundering case involving Related Journals Restricted (AJL) and Younger Indian.
In November 2023, the ED had provisionally connected the properties of AJL in Delhi, Mumbai, and Lucknow, apart from the belongings of Younger Indian price ₹90.21 crore within the type of funding in fairness shares of AJL.
“AJL was given land on concessional charges in numerous cities of India for the aim of publishing newspapers. AJL closed its publishing operations in 2008 and began utilizing the properties for business functions. AJL needed to repay a mortgage of ₹90.21 crore to All India Congress Committee (AICC). Nevertheless, the AICC handled the mentioned mortgage of ₹90.21 crore as non-recoverable from AJL and offered it for ₹50 lakh to a newly-incorporated firm, Younger Indian, with none supply of earnings to even pay ₹50 lakh,” the company had earlier claimed.
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It had additionally alleged that by their motion, the shareholders of AJL in addition to donors of Congress had been cheated by the workplace bearers of AJL and the celebration.
“The ED investigation revealed that after buying the mortgage of ₹90.21 crore from AICC, YI (Younger Indian) demanded both reimbursement of mortgage or allotment of fairness shares of AJL to it,” it alleged.
“AJL held an Extraordinary Normal Assembly (EGM) and handed a decision to extend share capital and challenge contemporary shares price ₹90.21 crore to YI. With this contemporary allotment of shares, shareholding of extra than 1,000 shareholders was diminished to a mere 1% and AJL turned subsidiary firm of YI. YI additionally took management over properties of AJL,” the ED additional mentioned.
The Congress has denied the costs on a number of events prior to now, stating that Younger Indian is a not-for-profit firm.
