Sukhbir Badal challenges Punjab CM to prove foreign funding to Majithia-linked firm

Chandigarh: Shiromani Akali Dal (SAD) President Sukhbir Badal on Saturday challenged Punjab Chief Minister Bhagwant Mann to prove that Saraya Industries Limited, in which senior party leader Bikram Singh Majithia had an inherited share of 11 per cent, had received even Rs 1 in foreign funding from 2007 to the present time.

Rubbishing allegations made in the disproportionate assets case registered against the Akali leader, Badal told the media here: “The only foreign funding received by Saraya Industries was in March 2006, one year before SAD formed government in the state, when it received Rs 35 crore from US-based Clearwater Corporation in exchange for 25 per cent shares in the company. Majithia entered politics only in 2007.”

Badal also asserted that Clearwater Corporation, which had offices in several countries, had invested Rs 50,000 crore globally.

“All money invested by this company through the NBFC in Saraya Industries was done after due clearance from the Reserve Bank of India (RBI) and approval of the Foreign Investment Promotion Board (FIPB).”

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