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Veerappa Moily denies favours to firms to get funds for his trust

Press Trust of India
Mar 21, 2013 at 09:31am IST

New Delhi: In the eye of a storm over his family-owned trust allegedly receiving grants from corporates, Oil Minister M Veerappa Moily on said he had at no point extended any help or favour to any company for seeking aid.

Moily, in a statement, said the Kisan Sabha Trust, operated by his family members, approaches corporates who are promoting the social cause for the benefit of the people from the bottom of the pyramid.

"I would like to categorically state that there have been absolutely no occasion for me to extend any kind of favour or help to any corporate for seeking financial assistance for the Trust," he said.

No favours to firms for funding trust: Veerappa Moily

Veerappa Moily was made the Law Minister when UPA-II came to power in 2009 and moved to the Corporate Affairs Ministry in 2011.

Moily said his son Harsha professionally and independently runs the company, MokshaYug Access India Pvt Ltd (MYA) and is a trustee in the Kisan Sabha Trust.

He said he was immensely "pained to see his son Harsha, who built and professionally manages a company that is playing an important role in driving prosperity in rural India, is being condemned by vested interests merely because he happens to be son of a political person".

"It is also a matter of fact that Harsha has been successfully working towards social cause on the basis of his own conscience and without any political ambitions," he said.

"MYA is a professionally run company engaged in the activities beneficial to the people belonging to bottom of the pyramid of economic development," the Minister said.

On Tuesday, Harsha had stated that MYA "received funding from professional investors in 2008, much before my father joined the government."

"MYA's investors did due diligence on MYA through the most part of 2007, and the funding from VCs (venture capitalists) came through in March 2008," he said.

Moily senior was made the Law Minister when UPA-II came to power in 2009 and moved to the Corporate Affairs Ministry in 2011. On association of Reliance Industries executive Ananth Ravi with MYA, the Minister said Harsha's association with Ravi dates back to 1999.

"Moreover, the mentorship role that Ananth Ravi played was between December 2010 to July 2011 when he was not employed with Reliance and Ravi excluded himself from the Advisory Board upon re-joining Reliance in August 2011," he said.

Kisan Sabha Trust, the Minister said, was founded in 1968. Founded in 1992, the Mahatma Gandhi Residential High School (MGRHS) being run under the aegis of the Kisan Sabha Trust has been engaged in providing education for children from the weaker sections of the society and the school drop outs.

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