'Herald case: transfer of shares to YIL totally illegal'

Submitted by Subeditor on Fri, 2015-12-11 15:59 New Delhi: Former law minister Shanti Bhushan on Friday said that the transfer of shares of Associated Journals Ltd (AJL) to Sonia-Rahul Gandhi controlled private firm Young Indian Limited (YIL) was “totally illegal”. “I don't think any notice were sent to any of the shareholders. The transfer of control and shares from a large number of patriotic people to a family is 'totally illegal'. A large number of patriotic Indians had contributed for a public cause. Their right has been taken away and transferred to a close held company, namely Young India, in which there are only four share holders Sonia Gandhi 38�Rahul 38�MotiLal Vora 12�nd Oscar Fernandes 12��� Bhushan told the media here. Bhushan said his father had bought large number of shares of AJL in 1938, which he had inherited. “National Herald was started in 1937-38. My father was a Congressman, and therefore, like all well to do Congressmen, he had also subscribed to the creation of the National Herald and he had paid for a large number of shares. These facts have to be asserted from the registrar of companies. His name still continues to be on the shareholders list,” he added. (ANI)