Home World Business With strong business interests, Mayawati’s brother enters politics

With strong business interests, Mayawati’s brother enters politics

SHARE

He joins as BSP Vice-President on the condition that he will never become MP, MLA or chief minister

Bahujan Samaj Party leader on Friday appointed brother as the party’s vice-president, on the condition that he would never become an MP, an MLA or the chief minister.


Newbie Kumar and wife Vichiter Lata have hogged the limelight for their corporate interests.


As on date, the couple are on the board of directors of the 10 companies and a limited liabilities partnership called V&A Ventures LLP. These companies own assets worth hundreds of crores and most of these are profit-making even as some have been the subject of investigation by central agencies.
 

A clerk with the Noida Authority, Kumar’s fortunes turned during the third stint of as chief minister in 2002-03, which lasted slightly longer than her earlier months-long stint in the 1990s.


According to corporate records, Lata was the first to enter the corporate world as a director of Hotel Library Club in April 2003. This hotel in Mussoorie was the family’s first corporate asset. Kumar joined the board three years later.


Kumar consolidated his holdings following a massive victory of in the 2007 elections. Several new ventures were floated, mostly in real estates.

In 2009, Kumar entered two new ventures — Isha Properties and Sachi Properties. These companies now operate as investment firms and have made several significant investments.


Kumar and Latha are shareholders in both these. Kumar holds 97.22 per cent stake in both firms and has taken over the board from 2014.


Sachi Properties’ net profit stood at Rs 1.57 crore and revenue at Rs 2.5 crore in FY15. The company had accumulated reserves worth Rs 100 crore.

Isha Properties reported a profit of Rs 91.9 lakh in FY16 on a revenue of Rs 1.9 crore. It had reserves of Rs 69.8 crore.


Both companies had invested in debentures of Aakriti Hotels, which owns a high-end property in Greater Noida’s Institutional Green Area. Sachi owns debentures worth Rs 55 crore, while Isha has an exposure of Rs 10 crore.


Besides, Sachi has investments of about Rs 2 crore in the shares of Moran Plant and Machinery, Yogita Developers, Pawanputra Advertising and Facor Technologies. It has debentures of Rs 20 crore in Facor Technologies. It owns shares worth Rs 25 crore in a listed company called Globus Constructor and Developers.


According to Isha’s financial statements, the debenture holdings in Aakriti Hotels are “optionally fully convertible”, suggesting the investors could take control of the company at their will since the equity base is Rs 3.6 crore.


Isha also holds equity shares worth Rs 25 crore in Globus Power generation, which is into clean energy.

Kumar and Lata have entered Naveen Infra developers and Engineers last year.


The companies, however, did not respond to e-mails sent in March.


Naveen Infra owns an office space in the posh Sardar Patel Road, not far from Mayawati’s residence.


Sachi and Isha Properties have moved their offices from Connaught Place to Naveen’s property recently.


Kumar is also a proprietor of V&A trading, a sole proprietorship.


Mayawati, one of the richest politicians in the country, has assets worth over Rs 111 crore, declared at the time of her nomination to the Rajya Sabha in 2012.


Much of her wealth is in real estate, with the residential building in Delhi’s diplomatic enclave alone accounting for Rs 61 crore. Her Mall Avenue Residence in Lucknow is worth Rs 16 crore. Commercial spaces in Connaught place are worth about Rs 19 crore and the rest in banks and jewelleries. She did not own shares and other corporate assets according to her affidavit.

AT A GLANCE

Companies in which and Vicheter Lata are directors

* Isha Properties Private Limited

* Sachi Properties Private Limited

* DIA Realtors Private Limited

* DLA Infrastructures Private Limited

* Tamanna Developers Private Limited

* Harmony Real Developers Private Limited

* Om Projects Private Limited

* Hotel Library Club Private Limited

* Revolutionary Realtors Private Limited

* Naveen Infradevelopers and Engineers Private Limited

* V&A Ventures LLPIsha Properties Private Limited

* Sachi Properties Private Limited

* DIA Realtors Private Limited

* DLA Infrastructures Private Limited

* Tamanna Developers Private Limited

* Harmony Real Developers Private Limited

* Om Projects Private Limited

* Hotel Library Club Private Limited

* Revolutionary Realtors Private Limited

* Naveen Infradevelopers and Engineers Private Limited

* V&A Ventures LLP

With strong business interests, Mayawati’s brother enters politics

He joins as BSP Vice-President on the condition that he will never become MP, MLA or chief minister

He joins as BSP Vice-President on the condition that he will never become MP, MLA or chief minister

Bahujan Samaj Party leader on Friday appointed brother as the party’s vice-president, on the condition that he would never become an MP, an MLA or the chief minister.


Newbie Kumar and wife Vichiter Lata have hogged the limelight for their corporate interests.


As on date, the couple are on the board of directors of the 10 companies and a limited liabilities partnership called V&A Ventures LLP. These companies own assets worth hundreds of crores and most of these are profit-making even as some have been the subject of investigation by central agencies.
 

A clerk with the Noida Authority, Kumar’s fortunes turned during the third stint of as chief minister in 2002-03, which lasted slightly longer than her earlier months-long stint in the 1990s.


According to corporate records, Lata was the first to enter the corporate world as a director of Hotel Library Club in April 2003. This hotel in Mussoorie was the family’s first corporate asset. Kumar joined the board three years later.


Kumar consolidated his holdings following a massive victory of in the 2007 elections. Several new ventures were floated, mostly in real estates.

In 2009, Kumar entered two new ventures — Isha Properties and Sachi Properties. These companies now operate as investment firms and have made several significant investments.


Kumar and Latha are shareholders in both these. Kumar holds 97.22 per cent stake in both firms and has taken over the board from 2014.


Sachi Properties’ net profit stood at Rs 1.57 crore and revenue at Rs 2.5 crore in FY15. The company had accumulated reserves worth Rs 100 crore.

Isha Properties reported a profit of Rs 91.9 lakh in FY16 on a revenue of Rs 1.9 crore. It had reserves of Rs 69.8 crore.


Both companies had invested in debentures of Aakriti Hotels, which owns a high-end property in Greater Noida’s Institutional Green Area. Sachi owns debentures worth Rs 55 crore, while Isha has an exposure of Rs 10 crore.


Besides, Sachi has investments of about Rs 2 crore in the shares of Moran Plant and Machinery, Yogita Developers, Pawanputra Advertising and Facor Technologies. It has debentures of Rs 20 crore in Facor Technologies. It owns shares worth Rs 25 crore in a listed company called Globus Constructor and Developers.


According to Isha’s financial statements, the debenture holdings in Aakriti Hotels are “optionally fully convertible”, suggesting the investors could take control of the company at their will since the equity base is Rs 3.6 crore.


Isha also holds equity shares worth Rs 25 crore in Globus Power generation, which is into clean energy.

Kumar and Lata have entered Naveen Infra developers and Engineers last year.


The companies, however, did not respond to e-mails sent in March.


Naveen Infra owns an office space in the posh Sardar Patel Road, not far from Mayawati’s residence.


Sachi and Isha Properties have moved their offices from Connaught Place to Naveen’s property recently.


Kumar is also a proprietor of V&A trading, a sole proprietorship.


Mayawati, one of the richest politicians in the country, has assets worth over Rs 111 crore, declared at the time of her nomination to the Rajya Sabha in 2012.


Much of her wealth is in real estate, with the residential building in Delhi’s diplomatic enclave alone accounting for Rs 61 crore. Her Mall Avenue Residence in Lucknow is worth Rs 16 crore. Commercial spaces in Connaught place are worth about Rs 19 crore and the rest in banks and jewelleries. She did not own shares and other corporate assets according to her affidavit.

AT A GLANCE

Companies in which and Vicheter Lata are directors

* Isha Properties Private Limited

* Sachi Properties Private Limited

* DIA Realtors Private Limited

* DLA Infrastructures Private Limited

* Tamanna Developers Private Limited

* Harmony Real Developers Private Limited

* Om Projects Private Limited

* Hotel Library Club Private Limited

* Revolutionary Realtors Private Limited

* Naveen Infradevelopers and Engineers Private Limited

* V&A Ventures LLPIsha Properties Private Limited

* Sachi Properties Private Limited

* DIA Realtors Private Limited

* DLA Infrastructures Private Limited

* Tamanna Developers Private Limited

* Harmony Real Developers Private Limited

* Om Projects Private Limited

* Hotel Library Club Private Limited

* Revolutionary Realtors Private Limited

* Naveen Infradevelopers and Engineers Private Limited

* V&A Ventures LLP

image

N Sundaresha Subramanian

Business Standard

http://bsmedia.business-standard.com/_media/bs/wap/images/bs_logo_amp.png 177 22

LEAVE A REPLY

Please enter your comment!
Please enter your name here