BJP leader Subramanian Swamy on Wednesday demanded that the Serious Frauds Investigation Office (SFIO) probe allegations by some shareholders of Associated Journals Ltd. (AJL) that they were not consulted before the company’s equity was transferred to Young Indian Private Ltd.
Dr. Swamy also sought taking over of AJL assets in different parts of the country by the Delhi Development Authority, alleging that the ownership of the properties earlier given by the government on concession for publishing newspapers had been illegally transferred to Young Indian. Quoting a media report, in a letter to Corporate Affairs Ministry Secretary, the BJP leader said some AJL shareholders had complained that without notice to the existing shareholders, an Extraordinary General Body meeting was held in 2011. He alleged that the admitted number of shareholders in AJL was 761 in 2011, before the transfer of shares to Young Indian, but only seven of them were present for the vote and that no proxy was recorded.
“Therefore, this Board of Directors’ meeting transferring freshly issued shares of 99 per cent would be tantamount to cheating and fraud”.
