नेशनल हेराल्ड मामले में मनी लॉन्ड्रिंग का केस नहीं बनता, ईडी राजनीतिक आकाओं को खुश करने के लिए काम कर रही है-पी चिदंबरम
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00:00and National Herald could not pay the taxes, statutory dues or wages and salaries.
00:10The outstanding liabilities of AJL were huge and mounting.
00:16Between 2002 and 2011, the Congress party stepped in and advanced money in small tranches by cheques amounting to Rs 90 crore.
00:36The monies were used to pay the outstanding liabilities, including wages and salaries.
00:42AJL was a debt-laden company.
00:49On legal advice, it was decided to restructure the company.
00:56In 2010, a new company, Young India, was formed as a not-for-profit company under Section 25 of the Companies Act.
01:09I repeat, Young Indian is a not-for-profit company under Section 25 of the Companies Act.
01:22In the new Act, it is Section 8.
01:25If you wish, at the end of my statement, I will read to you all Section 25 of the Companies Act.
01:33Young Indian had four shareholders, only four shareholders, all of them senior office-bearers of the Congress party.
01:46Young Indian took over the 90 crore loan, advanced for the Congress party to AJL, after paying a consideration of Rs 50 lakhs.
02:04Thereafter, Young Indian became the lender of AJL.
02:12Since the loan was irrecoverable from AJL, it was decided by the two companies that the loan will be converted into equity.
02:25Accordingly, equity shares were issued by AJL to Young Indian.
02:35Conversion of debt into equity is a well-known instrument of restructuring companies.
02:43Banks do it regularly.
02:44Let me repeat, banks convert loan into equity regularly.
02:53Recently, the Government of India converted the liability of Rs 36,000 crore.
03:05I repeat, Rs 36,000 crore owed by Vodafone India to the Government of India into equity.
03:18Government was the lender.
03:21It was owed 36,000 crore.
03:24That loan of Rs 36,000 crore was converted into equity and the Government of India's equity in Vodafone India is now 48.99%.
03:41Almost 49%.
03:44As I said, Young Indian is a not-for-profit company.
03:49Even if it made profits, it does not make profits, even if it made profits under Section 25 of the old Act and now Section 8 of the new Act,
04:04it cannot, I repeat, it cannot give or distribute salaries or dividends to its shareholders.
04:13Since incorporation, not a single whoopee has been paid by Young Indian to its directors.