FACTS AS I UNDERSTNAD OF NATIONAL HERALD/ ASSOCIATED JOURNAL/ YOUNG INDIA CASE BASED ON TWEETS BY GOURAV PANDHI
1.National Herald was started by Pandit Nehru in 1930. In 2008 ownership was with a Private Limited company: Associated Journals.
2. The Associated Journals(AJ) also owned properties worth thousands of crorers.
3. In 2008 it ran into losses, publication stopped and AICC gave unsecured loans worth 90 crorers over a period of time.
4. Congress had lent had lent unsecured loans to AJ to clear salaries of staff, expenditure and debt.
5. In 2012, Sri Subramanys Swamy(SS) approached Election Commission asking for de-recognition of Congress party for lending to AJ.
6. EC however rebuked and ridiculed SS suggesting no wrong in lending to AJ. (http://m.hindu.com/news/national/ec.rejects)
7. Now the argument that is made is why Congress lent to AJ, when AJ could have sold properties to clear debt.
8. If AJ had done it share holders would have financially benefited.
9. But AJ chose not to sell properties so that it could use it as financial backup for reviving NH in future.
10. It was then that YOUND INDIA(YI) a NON PROFIT ORGANISATION was started under section 25 of companies act and AJ was acquired
11. Congress chose to write off the loan and the ownership of AJ was transferred to NON PROFIT ORGANISATION : YOUNG INDIA.
12. Being NON PROFIT YOUNG INDIA provides zero benefits to its share holders.No salaries are paid nor any benefits are given to share holders.
13. As a limited company properties of AJ could have provided massive financial gains to Gandhi's but now under a NON PROFIT ORGANISATION the properties of AJ CANNOT BE SOLD for any financial benefit.
14. In future YI/AJ is to be de-registered and properties liquidated the share holders will not get any benefit and all the money after selling off properties will go to the Government in Rehabilitation and Insolvency fund.
15. If Congress or Gandhi's wanted to reap befits YI would not have been founded but they founded YI to revive NH to secure properties without benefiting any individual.
16. Without YI, Congress and Gandhi's would have been benificiaries of thousands of crorers via properties held.
17.But they chose to form a NON PROFIT organisation and transfer ownership to YOUNG INDIA to not benefit SELF but The National Herald
