MAYAWATI’S BROTHER DEBUTS IN POLITICS
Anand Kumar and wife Vicheter Lata have corporate interests as well and are on the boards of 10 companies
Bahujan Samaj Party chief Mayawati on Friday appointed her brother Anand Kumar (pictured) the party’s vice-president on condition that he would never become an MP, an MLA or chief minister. However, newbie Kumar and wife Vichiter Lata have hogged the limelight for their corporate interests. The couple are on the board of 10 companies and a limited liabilities partnership called V&A Ventures LLP. These companies own assets worth hundreds of crores and most of them are profit-making even as some have been the subject of investigation by central agencies. A clerk with Noida Authority, Kumar’s fortunes turned during the third stint of Mayawati as chief minister in 2002-03, which lasted slightly longer than her earlier months-long stint in the 1990s.
Bahujan Samaj Party leader Mayawati on Friday appointed brother Anand Kumar 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 Mayawati 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 BSP 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 ~1.57 crore and revenue at ~2.5 crore in FY15. The company had accumulated reserves worth ~100 crore.
Isha Properties reported a profit of ~91.9 lakh in FY16 on a revenue of ~1.9 crore. It had reserves of ~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 ~55 crore, while Isha has an exposure of ~10 crore.
Besides, Sachi has investments of about ~2 crore in the shares of Moran Plant and Machinery, Yogita Developers, Pawanputra Advertising and Facor Technologies. It has debentures of ~20 crore in Facor Technologies. It owns shares worth ~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 ~3.6 crore.
Isha also holds equity shares worth ~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 ~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 ~61 crore. Her Mall Avenue Residence in Lucknow is worth ~16 crore. Commercial spaces in Connaught place are worth about ~19 crore and the rest in banks and jewelleries. She did not own shares and other corporate assets according to her affidavit.