Naik details modest wealth to Election Commission

Vol 8, PW 3 (05 May 04) People & Policy

Can you imagine any Indian minister with a bank balance of only Rs9 lakh and Rs15, 000 as cash Well, according to oil minister Ram Naik, these are the only movable assets he has in a declaration to the Election Commission before filing nomination papers for his sixth consecutive parliamentary election on 31st March.

This proves that Naik has worked for his voters and not made money for himself, a confidante tells PETROWATCH. Read Naiks affidavit to discover he owns a modest gold ring weighing just seven grams.

Thats his wedding ring valued at Rs4, 526, adds a source. Also attached are details of his wife Kunda Naiks jewellery - received at the time of marriage: gold ornaments weighing 150 grams valued at Rs91, 200.

Naiks investments in bonds, debentures and shares square up to just Rs6 lakh. These include two shares of Rs50 each of two cooperative banks: Saraswat Cooperative Bank and Pune District Central Cooperative Bank.

According to the affidavit, Naik does not own a car. He never felt the need to own a car.

All these years the minister has been fighting for the rights of Mumbais suburban railway passengers. Plus, he likes to travel by train.

Naik also declares ownership of two flats in Mumbai. The first is a small 375-sq ft two-room flat in middle-class Goregaon bought several years ago for Rs9, 000 and whose market value is now Rs9 lakh.

The second flat is much bigger with an area of 950-sq ft located in the posh Mumbai locality of Worli. Bought for Rs4 lakh, its now worth Rs63.4 lakh.

Naik rents out this Worli flat and earns a monthly income of Rs30, 000. Separately, junior oil minister Sumitra Mahajan has declared a bank balance of Rs13.3 lakh and Rs60, 000 in cash.

She has loans worth Rs12.5 lakh from HDFC Bank but no investments in bonds or debentures. Mahajan owns a Hyundai Santro car and 100 grams of gold jewellery worth Rs60, 000.

She has also declared 50% ownership of agricultural land in Nevada village, Madhya Pradesh and a bungalow worth Rs6 lakh.