National Herald🔗

National Herald is an Indian newspaper published by The Associated Journals Ltd, owned by a major political party of the country. It was started in 1938. After independence, the newspaper was briefly shut down in the 1940s and 70s. Owing to financial crunch, the operations were temporarily stopped in 2008. In 2016, the board of directors of Associated Journals Limited (AJL) took the decision of relaunching the newspaper.

A case in a Delhi court was filed by an Indian economist and politician against the owner politicians, their companies, and associated persons. As per the complaint filed in the court of the Metropolitan Magistrate, the ruling party granted an interest-free loan of Rs. 90.25 crore (US$14 million) to Associated Journals Limited (AJL), owner of the National Herald newspaper. It was alleged that the loan was either not repaid or repaid in cash, which is in violation of Section 269T of the Income Tax Act, 1961.

A closely held company, Young Indian, was incorporated in November 2010 with a capital of Rs. 50 lakh(US78,000) and it acquired almost all the shareholding of AJL and all its properties (alleged to be worth Rs. 5,000 crores (US780 million)). The complainant alleged criminal misappropriation by the owners. The courts have determined that a prima facie case has been established in the matter.

10 December 2015: The Hindu - The nitty-gritty of ‘The National Herald’ case, full story: https://www.thehindu.com/news/national/The-nitty-gritty-of-%E2%80%98The-National-Herald%E2%80%99-case/article10043545.ece

Other shareholders allege their shares usurped

After the Delhi High Court dismissed the appeal of the owners and others against the summons issued by the trial court, many shareholders of AJL have alleged that no notice was served on them by AJL for any meeting of the shareholders and that the shares held by their fathers have been transferred by AJL to Young Indian fraudulently without their consent in December 2010. These include people such as former law minister and former chief justice of Allahabad and Madras High Courts. [https://indianexpress.com/article/india/india-news-india/ajl-did-not-inform-us-or-obtain-approval-for-equity-transfer-say-shareholders/]