Monday, 1st May, 2017
Snippets

Congress buys minority stake in BJP, sees bright future as an opposition party

27, Nov 2011 By Pagal Patrakar

New Delhi. The ruling Congress party today announced that it has acquired a minority stake in the main opposition party BJP for an undisclosed amount. Justifying this rather weird decision, Congress said that the party saw very bright future for BJP as a vibrant opposition party for many more years to come and hence decided to make an investment.

“BJP will continue to be the dominant opposition party after the next general elections, and we don’t see any change in the fortunes of the party even after the subsequent elections,” senior party leader Kapil Sibal claimed, “With such a secured and guaranteed future, we decided to invest in the party. Yesterday we bought 7.5% of the total outstanding shares of BJP.”

BJP MPs in Lok Sabha
BJP members opposing something in the Parliament

The shares were bought through private placement method and the sum paid has not been disclosed. Sources suggest that Sibal had used his own accounting method and had found out the unit price of BJP shares at zero rupees, but his valuation was overturned by Finance Minister Pranab Mukherjee, who worked out a favorable deal with the BJP.

“We are sure that our investment will not go waste,” Sibal later told Faking News, “BJP has mastered the art of opposition and it has become the core competence of the party. They are really good at opposing and we hope that they will keep on opposing and growing as an opposition party.”

Congress sources reveal that the idea of having a minority stake in BJP was mooted a few months before 2009 general elections itself, when BJP opposed Indo-US nuclear deal – something that they might have done themselves had they been in power.

“Then we were not too sure. Now when they are opposing FDI in retail, we thought that time was ripe for making an investment in BJP – a party that opposes better than any other,” Sibal said.

Although 7.5% ownership does doesn’t give Congress decision making powers, the party has decided to appoint Digvijay Singh as the self-appointed director on the board of BJP. Digvijay Singh will make sure that BJP keeps on opposing things, and does only that, nothing else.

Sources say that the first step that Digvijay Singh has decided to take is to buy out an extra 0.36% of total outstanding shares of BJP from the open market.

“This will make the total holding of Congress at 7.86%, something that the BJP will start opposing as minority appeasement and will try to buy back the shares at much higher price,” a Congress source revealed.