National Herald scam: Young Indian asked to deposit Rs. 10cr
The Delhi High Court on Monday directed Young Indian Pvt Ltd, in which Congress President Rahul Gandhi and his mother Sonia Gandhi are major stakeholders, to deposit Rs. 10cr in the Rs. 249.15cr income tax proceedings against it. It directed the company to deposit half the amount with the Income Tax department before 31 March and the remaining by 15 April. Here's more.
Sonia and Rahul were earlier summoned as an accused
Sonia Gandhi and Rahul Gandhi were earlier summoned as accused by a trial court in the National Herald misappropriation of assets case. The HC's bench of Justices S Ravindra Bhat and AK Chawla said subject to deposit of the amount, the tax authorities shall not enforce the demand of Rs. 249.15 crore made on the company for the assessment year 2011-12.
HC also sought IT department's response on the company's plea
The Delhi High Court also sought the Income Tax department's response to the company Young Indian's plea challenging the demand and the proceedings emanating from it and listed the matter for further hearing on 24 April. Earlier on 14 March this year, the company had moved the high court seeking a stay on the income tax proceedings against it.
Young Indian was incorporated in November 2010
Young Indian was incorporated in November 2010 with a capital of Rs. 50 lakh; it had acquired almost all the shareholding of Associated Journal Ltd (AJL), the owner of the National Herald newspaper. The IT department's move followed its probe on a complaint alleging the Gandhis had misappropriated AJL's assets while transferring their shares to the newly formed company Young Indian.