In Maharashtra and Haryana, assets of sitting MLAs rose manifold: ADR
The assets of sitting legislators in Haryana in five years have increased on an average of 245 per cent and in Maharashtra on an average of 158 per cent, Association for Democratic Reforms (ADR), a non government organisation, said in its report on Friday ahead of upcoming assembly polls on October 21 in both the states.
 
ADR analysed the 2014 and 2009 affidavits of 20 sitting re-elected legislators of Haryana and 101 re-elected legislators of Maharashtra and found their assets have increased manifolds. 
 
The average assets growth of 20 re-elected MLAs in Haryana, between the assembly elections of 2009 and 2014, is of Rs 10.19 crore, the ADR said in its report. In Haryana, average assets value in 2009 of these re-elected sitting MLAs was Rs 4.16 crore and in 2014 elections it was Rs 14.36 crore. 
 
The maximum increase in assets was of the incumbent Congress MLA Kuldeep Bishnoi, against whom BJP has fielded Sonali Phogat, a Tik Tok star in the upcoming election. There is an increase of 363 per cent in his assets. In 2009, the value of his assets was Rs 17 crore and in 2014 it became Rs 80 crore. 
 
Then comes another Congress leader Kiran Chaudhary from Tosham seat. There is record increase of 550 per cent in the value of the assets in five years. In 2009, the value of her assets was Rs 10 crore and in 2014 it was 70 crore. 
 
In Maharashtra, the ADR reviewed the affidavits of 101 sitting MLAs who were re-elected in the 2014 assembly elections and found that average growth in assets for them was 158 per cent.
 
It was found that the average assets of these MLAs fielded by various parties in 2009 was worth Rs 5.38 crore and in 2014 it was worth Rs 13.89 crore, growth of Rs 8.50 crore.
 
The BJP legislator Mangal Prabhat Lodha from Malabar Hill in Mumbai had an increase of 189 per cent in his assets value. As per ADR, in 2009, the value of his asset was Rs 68 crore, and in 2014 it grew to Rs 198 crore. 
 
Then comes another BJP leader Misal Madhuri Satish from Parvati assembly constituency in Pune. The assets value increased by 283 per cent. In 2009, the value of the assets was Rs 18 crore and in 2014 it was Rs 72 crore. 
 
Amazingly, Bahujan Vikas Aaghadi party leader Kshitij Hitendra Thakur, legislator from Nalasopara assembly constituency, recorded an increase of 543 per cent in the value of the assets. In 2009, the assets value was Rs 7 crore and in 2014 it was Rs 51 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Ex-Ranbaxy Promoters Malvinder, Shivinder Singh Arrested
    Former promoters of pharmaceutical giant Ranbaxy, Shivinder Singh and his elder brother Malvinder Singh, have been arrested in a Rs 740 crore fraud case, sources said.
     
    According to sources, Shivinder was arrested on Thursday evening while Malvinder was arrested late at night, after a lookout notice was issued against him.
     
    The brothers have been accused by Religare Finvest of fraud and misappropriation involving around Rs740-crore.
     
    Former Religare CMD Sunil Godhwani and two others—Kavi Arora and Anil Saxena—were also arrested in the matter.
     
    In December last year, Religare Finvest had filed complaint against Malvinder Singh and Shivinder Singh. In May, both were charged with cheating, fraud and misappropriation of funds.
     
    In a statement after the arrests, the Economic Offence Wing (EOW) of Delhi Police said that Manpreet Singh Suri of Religare Finvest Ltd (RFL) had levelled allegations against the Singh brothers, among others.
     
    "The alleged persons having absolute control on Religare Enterprises Ltd and its subsidiaries put Religare Finvest in poor financial condition by way of disbursing the loans to companies having no financial standing and controlled by the alleged persons," the statement said.
     
    These companies willfully defaulted in repayment and caused wrongful loss to Religare Finvest to the tune of Rs2,397-crore which was also pointed out and flagged during independent audits by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), it said.
     
    Shivinder Singh was the promoter of Religare Enterprises Ltd, which is the listed company having 85% shareholding of Religare Finvest, while Mr Godhwani remained CMD of Religare Enterprises during the period concerned. Mr Arora and Mr Saxena also occupied important managerial position in Religare Enterprises and Religare Finvest during the same time.
     
    In August, the Enforcement Directorate (ED) searched their residences on charges of money laundering. The raids took place after a case was filed against the brothers under the Prevention of Money Laundering Act (PMLA).
     
    Also, in April, the Supreme Court threatened to jail the two former promoters of Ranbaxy, for not complying with an order to pay dues to Japanese firm Daiichi Sankyo.
     
    "We will go into the issue... why you violated our orders. We will send you to jail," the apex court had said.The Court was hearing a petition filed by Daiichi Sankyo which is seeking to recover Rs3,500 crore awarded to it in an arbitration case by a Singapore tribunal from the brothers.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    BJP spent most in Maharashtra, Haryana polls in 2014: ADR
    The BJP had spent over 60 per cent of the total expenditure by all political parties, on publicity, travel, miscellaneous expenses and lumpsum amount to the candidates in the 2014 Haryana and Maharashtra Assembly polls, according to a report the Association for Democratic Reforms (ADR).
     
    The ADR report says the total expenditure collectively by all the parties in these two elections were Rs 362.87 crore.
     
    With an expenditure of Rs 226.82 crore, the BJP came first, with the Congress in second place with total expenditure of Rs 63.31 crore.
     
    Of the total expenditure of Rs 362.87 crore by all the political parties, Rs 280.72 crore (77.36 per cent) was spent on publicity, followed by Rs 41.40 crore on travel expenses.
     
    "The BJP has incurred the maximum -- Rs 186.39 crore -- under Publicity, which forms 66.40 per cent of the total expenditure incurred by all political parties on Publicity," the ADR said.
     
    Also, among the political parties, the BJP collected the maximum funds at Rs 296.74 crore.
     
    "Of the total funds collected by the BJP, the Central headquarters got 58.69 per cent (Rs 174.159 crore), while the Maharashtra unit got Rs 122.28 crore, and the Haryana unit got Rs 0.303 crore," the report added.
     
    The Congress also came second in terms of fund collections with Rs 84.37 crore.
     
    "Of this, the Central headquarters got Rs 16.55 crore, while the Maharashtra unit bagged funds of Rs 62.74 crore (74.36 per cent) and Haryana unit got Rs 5.083 crore," it added.
     
    All the political parties collectively got funds of Rs 464.55 crore at the central headquarters of the parties as well as its state units.
     
    "The most preferred mode of collection was by cheque/DD where the parties collected Rs 323.66 crore (69.67 per cent) of the total funds collected both at state and Central levels."
     
    Cash was preferred less by the parties both for collecting and spending the money.
     
    "The cash accounted for about 30 per cent (Rs 140.61 crore) of the total funds collected and only seven per cent of the expenditure was done in cash."
     
    In terms of expenditure, the central headquarters of the political parties spent maximum (Rs 204.10 crore), followed by Maharashtra units (Rs 136.69 crore).
     
    "Haryana state units spend Rs 16.42 crore in the elections," the report said, which also mentioned that the Haryana state unit collected funds of Rs 12.46 crore.
     
    The report also said that at the state level, Maharashtra incurred 732 per cent higher expenditure than Haryana.
     
    The ADR said that the elections expenditure statements of JDS and RLD were not available in the public domain even 4 years and nine months after elections.
     
    "Also, three national parties, Congress, CPI and BJP delayed the submission of their election expenditure statements for Maharashtra and Haryana State Assembly elections, 2014 by 181 days, 197 days and 198 days, respectively."
     
    The BJP came to power in the two states in 2014. Both states are going for polls on October 21.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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