After initially maintaining stoic silence over shares that his family members have in the company of Vakamulla Chandershekher who had lent him and his wife loan money worth crores, Himachal Chief Minister Virbhadra Singh on Saturday said that nothing wrong was done in it.
“I want to clarify about the allegations that Tarini Infrastructure ltd is a public listed company listed in stock exchange. The shares purchased are fully paid up and have been purchased as primary shares,” said Virbhadra Singh alleging that Opposition is making hue and cry over a non-issue. He added that as per section (1A) of the Companies Act 1956, any public listed company can allot shares other than the existing share holders of the company to any individual who duly subscribes to the equity of the company after fulfilling necessary legal formalities.
“Pratibha Singh, Aprajita Singh and Vikramaditya Singh all are above the age of 18 years and have duly complied with all requisite rules and regulations under the company law. There is no violation, irregularity, illegality whatsoever in subscribing to the equity shares of Tarini Infrastructure ltd.,” said the chief minister. Virbhadra Singh made it clear that subscriptions to the equities were by way of demand drafts out of personal income of the investors in the year 2009.
However, the Chief Minister remained silent on why the details of shares were not mentioned in the election affidavits filed by him when he contested the Assembly polls or his wife when she contested the Mandi lok Sabha bypoll. Tarini Infrastructure ltd is the company owned by Vakamulla Chandershekher. According to the election affidavit of Pratibha Singh, wife of the Chief Minister, personal loan amounting to Rs 3.90 crore has been taken by her and Virbhadra Singh from Vakamulla Chandershekher who has 15 MW hydel project in the State. Chandershekher firm M/s Venture Energy and Technology ltd was allotted the 15 MW hydel project in Chamba district.
Clarifying on the allegation of favouritism, the Chief Minister gave the time line of the company and said Venture Energy and Technology ltd. was awarded Sai-Kothi project in the year 2002 in MoU done on June 14, 2002. He said that the company was issued show cause notice in December 2002 for misrepresentation of facts and cancellation process was initiated in January 2003. “Between April 2003 to 2004, the company approached my Government but the proposal to restore the project was cancelled thrice,” said Singh
“The company then moved High Court which awarded the project to State electricity board. The said company then approached Supreme Court in 2005, which ordered for reconsideration of allotment of the project to the company,” added the Chief Minister Virbhadra Singh accepted that his Government had granted special extension to the company but in view of the no response received from the company, as well as non-deposit of the due amount within time period, the allotment was cancelled on November 12, 2013.
“BJP has been targeting me personally and if I wish I can also do the same but I don’t want to stoop to such level. If former Chief Minister Prem Kumar Dhumal or his men have done anything wrong they won’t be spared but if he is innocent no one can touch him,” said the Chief Minister.