Congress leaders Sonia Gandhi, Rahul and Dr Manmohan Singh speaking to media after the court hearing. (File photograph)
At a time the Congress is facing political and legal heat In the National Herald case, its publisher, the Associated Journals Ltd, has decided to change the character of the company from a commercial entity to a non-profit organization. The extraordinary general meeting of company in Lucknow which took the decision today, also agreed that AJL should revive the three editions of the National Herald.
Here are the latest developments:
The other key agenda of the extraordinary general meeting of the Associated Journals Ltd, publishers of National Herald group of newspapers, is to get the shareholders' nod to change the name of the company.
Senior Congress leader and managing director of the company Motilal Vora today said, "A decision has been taken and the views of the shareholders will be invited." Besides Mr Vora, the meeting was attended by former Delhi Chief Minister Sheila Dikshit, Oscar Fernandes, Sam Pitroda and Suman Dubey.
The move is being seen as an attempt to rectify alleged illegal ties flagged by the trial court and then the high court, which led to summons to Sonia Gandhi, Rahul Gandhi and others.
The notice for the EGM, published in newspapers, said for more than four years, the Board has been considering that the company should not be commercially motivated. "It should, instead undertake its activities for the larger public good," it read.
Once AJL turns a non-profit company as compared to a commercial entity, shareholders will not be receiving any dividend or monetary benefits.
The Congress said today's decisions have nothing to do with the legal case and the party will continue with its aggressive stand in the courts.
The AJL has been at the centre of a political and legal storm ever since it became known that in December 2010 its entire equity was transferred to a new company, Young Indian Limited, in which Sonia and Rahul Gandhi hold majority stake.
BJP leader Subramanian Swamy filed a case, accusing the Gandhis and four others of attempting to illegally acquire real estate worth thousands of crores belonging to the now defunct newspaper founded in 1937 by Jawaharlal Nehru.
The Congress claims the move was meant to save the National Herald, which was under a debt of Rs 90 crore, and was part of a revival plan for the paper. Making Young Indian a non-profit company ensured no shareholder or director could receive any benefit from AJL's income, the party said.
On December 19, Sonia and Rahul Gandhi appeared in a Delhi court, accompanied by a number of senior party leaders including former Prime Minister Manmohan Singh. They received bail after a five-minute proceeding.
Post a comment