Maharashtra council by-poll: BJP candidate’s assets rose by 66% in three years, now Rs211 cr

Lad’s family owes Rs85.26 crore, including loans taken from banks and private entities

Bharatiya Janata Party (BJP) candidate for the legislative council by-poll Prasad Lad is worth Rs210.62 crore, according to an affidavit he submitted with his nomination on Monday. His assets rose 65.88% in three years, from Rs126.97 crore in the October 2014 Assembly elections.

Prasad Lad, 46, is an industrialist with businesses in house keeping, security, engineering services. (HT)

Lad, 46, is an industrialist with businesses in house keeping, security, engineering services.

“My company’s turnover rose to Rs500 crore from Rs175 crore three years ago. In turn, as shareholders, my family’s income also increased in that proportion,” he said.

He declared movable assets of Rs98.78 crore and immovable assets worth Rs111.84 crore, owned by him, his wife Neeta and two dependent children. Most of the assets are divided equally between Lad and his wife.

The family owes Rs85.26 crore, including loans taken from banks and private entities. Lad owns a plot at Sion, a commercial building in Dadar, residential flats in Dadar, Matunga, Chembur and a few other places. The family also owns agricultural land in Pathardi, Yerandvane in Pune. Lad pays income tax of Rs4.22 crore, while his wife pays Rs1.84 crore.

Party workers were unhappy with Lad’s candidature, alleging that leadership opted for ‘financial capacity’ over loyalty.“Other deserving party leaders, who were shortlisted for the nomination, are upset. Lad joined the party only a year-and-a-half ago and was still picked over other aspirants who spent their entire lives working without any expectations,” said a party leader, who did not wish to be identified

“It is wrong to say that other aspirants are upset by my candidature. Party leadership at the Centre finalised my candidature from the four names state leaders sent over,” he said.

Lad defected to the BJP from the Nationalist Congress Party in April 2016. Earlier, he had contested the Assembly election on an NCP ticket in 2014 from Sion Koliwada constituency. He contested the council election a from local body constituency in December 2015 as an independent candidate, who had a tacit understanding with the BJP

He lost both the elections.