Telugu Desam Party general secretary Nara Lokesh on Thursday gave a lengthy explanation on his social media network and also addressed a press conference on the increase in the value of his assets in the last five months. But the explanation is far from convincing.
Lokesh said his 23 lakh shares shares worth Rs 1.64 crore in Heritage represent a dynamic wealth as stock market prices fluctuate.
Since he did not sell or purchase a single share, he had presented the original investment made in obtaining the shares, while declaring his assets in October last. In contrast, the Election Commission has mandated the market price to be given as on date of listing.
So far so good. But what Lokesh failed to explain is why he had not followed the same principle in October.
When he could declare the market price of his share value as on date while filing the affidavit before the EC, he could have done the same while declaring his assets in public as well.
Why did he declare only original investment price? Is it not to mislead the people to show that he is not a very rich man?
This applies even to the value of his other assets as well. But Lokesh sought to throw the onus of comparison on the media.
What is the point in declaring the value of assets inherited from ancestors at the price bought several decades ago? So, it would have been more appropriate had Lokesh been transparent in declaring the value of his assets at the present value rather than the decades’ old value.
