A bench of Justice Sunil Gaur was told by senior advocate Kapil Sibal, who represented the Congress chief, that not a single person was cheated during the acquisition of Associated Journals Ltd (AJL), the publisher of the now defunct National Herald newspaper, by the Young Indian Private Ltd (YIL).
"There was no criminal breach of trust and no criminal conspiracy and neither any cheating took place and it is a simple company matter where YIL has taken over the AJL," the counsel claimed and asked how was "the complainant, BJP leader Subramanian Swamy, affected by this private transaction".
He said that due to the emotional attachment with AJL as it was supported by former Prime Minister Jawaharlal Nehru and Mahatma Gandhi during Quit India movement, the party helped it by issuing loans worth Rs 90 crore over a period of 50 years.
"A section 25 company named Young India was floated with an aim of charity and it is a no-profit-or-loss company and Congress party had decided to give Rs 90 crore to Young India as a loan," Sibal said and asked "is there any provision in the law that prevents any political party from giving loans?"
Besides Sonia and Rahul, Congress treasurer Moti Lal Vora, General Secretary Oscar Fernandes and Suman Dubey had moved the High Court on July 30, 2014 against the trial court order summoning them in the case.
The trial court had on June 26 last year summoned Sonia, Rahul, Vora, Fernandes, Dubey and Sam Pitroda to appear before it on August 7, 2014 on a complaint by Swamy alleging cheating in the acquisition of AJL, the publisher of National Herald newspaper, by the YIL.
The court on December 15, 2014 had also stayed the summons till final disposal of the petitions.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
