BJP MP Rajeev Chandrasekhar declared assets worth ₹35 crore, hid ₹640 crore investment  

Subverting Modi’s own claim of transparent politics, BJP-backed Rajya Sabha MP and Asianet and Republic TV chairman Rajeev Chandrasekhar has been found to have filed false information in his Rajya Sabha nomination papers.

According to Chandrasekhar’s nomination papers, he declared assets worth ₹35 crore and liabilities more than ₹88 lakh. He also mentioned in his papers that he holds 99.97 per cent of the shares in Vectra Consultancy Services, 50.75 per cent in Jupiter Global Infrastructure Private Ltd, 62.83 per cent in Minsk Developers Private Ltd and 88.05 per cent in Gardencity Plantation Pvt Ltd.

But, what he conveniently forgot to mention was that he is the director of Jupiter Capital Private Limited, which is his main company. Jupiter Global Infrastructure Private Ltd is one of its subsidiaries. According to Chandrasekhar’s own website, he had set up Jupiter Capital with an initial investment of ₹ 640 crore ($ 100 million). The website also states that it has investments and managed assets worth ₹ 6455 crore ($ 1 billion). Also, Jupiter Capital Private Limited owns more than 30 companies.

According to the Ministry of Corporate Affairs, Chandrasekhar has been one of the directors of Jupiter Capital Private Limited since August 23, 2005, and his father, MK Chandrasekhar has been the director of this company since May 2005. It was only much later that the other two directors, Mathevanpillai Sivaram and Sowrabh S. Rao were given their respective designations. Rao also heads many of the other companies held by Chandrasekhar.

Rajeev Chandrasekhar had founded BPL Mobile Communications in 1994 and in July 2005, he sold his 64 per cent stake in the company to Essar Group for $ 1.1 billion. BPL Communications was renamed to Loop Mobile in 2008. Immediately after the sale, Chandrasekhar began Jupiter Capital Private Limited.

According to Form 26 of the Election Commission rules, each candidate is required to declare assets and liabilities, including that of any spouse and dependent, their criminal background and educational qualifications. Furnishing of false information or concealing anything relevant in Affidavit 26 constitutes an electoral offence.

More recently in 2013, the Delhi High Court had said a false affidavit by a candidate at the time of filing of nomination papers is a ground for setting aside his/her election. The court had then also reacted sharply to minimum consequence of only six-month imprisonment or fine for erroneous information being filed.