About Amit Shah’s Son -
Jay Amitbhai Shah, son of the second most powerful person in the country, Union Home Minister is an Indian businessman. He became the secretary of the Board of Control for Cricket in India (BCCI) after his father became the Home Minister of India.
In his childhood, Jay Amitbhai Shah was passionate about cricket but he has not made it to a career in the same. However, to the utmost surprise, he became the secretary of BCCI. Earlier he used to be a member of the finance and marketing committees of the BCCI in 2015.
Recent Increase in Wealth -
Jay Shah's worth has increased a lot in recent years. His monetary worth has increased by 16,000 times over the year. In fact, revenue from his company has jumped from Rs 50,000 to over Rs 80,00,000 in a single year.
Jay’s Kusum Finserve is a Limited Liability partnership which was incorporated in July 2015. Jay Shah owns 60% of the company's stakes. Kusum Finserve initially was a private company and later it was converted into a Limited liability partnership.
KIFS's financial worth was Rs 2.6 crore in 2014-15. This company generated Rs 24 crores as an income in its last filings.
The balance sheets obtained from RoC revealed that in the years 2013 and 2014, Amit Shah’s Temple Enterprise Pvt Ltd. has engaged in a lot of negligible activity and recorded a huge loss of RS 6,230 and Rs 1,724 respectively. But In the years 2014 and 2015, it showed a profit of only Rs 18,728 on revenue of Rs 50,000. It directly jumped to Rs 80.5 crore in the Year 2015-2016.
Shah’s other enterprise, Table and chairs, saw whooping growth too. Many people still don’t know what types of business this company does because the revenue of the company owned by Jay Shah has shown a drastic increase in the profit.
It was believed that Jay Shah delayed filing records in 2015, to avoid issues surfacing during the parliament election.
Loans From a Cooperative Bank and a PSU -
Jay Shah's filing also reflected Rs 25 crore worth loan from the Kalupur Commercial Cooperative Bank. An important point to be noticed here is that the board of directors of that bank includes chairperson Ambubhai Maganbhai Patel of Nirma University.
It also showed a transfer of 5 crores which was owned by Amit Shah. They obtained Rs 25 crore against the collateral of only Rs 7 crore
The surge in the Shah’s Company Temple Enterprises revenues came when the firm received an unsecured loan of Rs 15.78 crore from a financial service that is owned by Rajesh Khandwala (in the law of Parimal Nathwani, Raj Sabha MP). The rise in secured loans was steady but unclear.
A year later, in October, Temple Enterprise Pvt Ltd. company suddenly put a stop to its business activities altogether declaring that its company is fully eroded. And they showed a loss of Rs 1.4 crore over earlier years. In the election time, the firm’s financial statement was not available to the public.
One of the top Indian Independent Journalism Channel, The Wire sent a set of questions to Jay Shah seeking details about the shifting of fortunes in his firm to which he replied that he is traveling and cannot respond immediately. And later Jay Shah’s Lawyer sent a warning to them.
These revelations have evoked a lot of sharp reactions from journalists and civil rights activists. This was the first time question of alleged properties was raised against Amit Shah. Was he behind the success of his son?
Written By - Akash Agrawal
Edited by - Daity Talukdar
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