Lok Sabha Polls 2024: Congress' Nakul Nath Is Richest Candidate In Phase One
Chhindwara Congress candidate Nakul Nath's known sources of income include salary as an MP, interest income and proceeds from house rent.
Nakul Nath, the lone Congress Member of Parliament from Madhya Pradesh, who has been renominated from Chhindwara by his party, is the richest candidate in the first phase of the Lok Sabha elections, with assets worth nearly Rs 700 crore. This includes Rs 650 crore in movable assets and Rs 48 crore tied in immovable assets, according to an affidavit filed with the Election Commission.
His known sources of income include salary as an MP, interest income and proceeds from house rent. Taxable income in FY23 stood at Rs 7.89 crore, as compared with Rs 4.98 crore five years ago.
Movable Assets
The 49-year-old leader has investments of Rs 5.23 crore in 30 publicly-traded companies, which include Adani Ports and Special Economic Zone Ltd., Jio Financial Services Ltd., Yes Bank Ltd., Vedanta Ltd., Reliance Industries Ltd., and Punjab National Bank.
He has also invested Rs 14.74 crore in 16 unlisted companies, including National Stock Exchange of India Ltd., Hero Fincorp, Tata Capital Ltd. and One Mobikwik Systems Ltd.
Nath has Rs 25.52 crore in offshore bank deposits, Rs 17.61 lakh in domestic fixed deposits and cash of Rs 44.97 lakh. He owns jewellery worth Rs 2.02 crore.
Investments in bonds, alternate investment funds, and in portfolio management service account for Rs 8.41 crore. The Congress MP has invested over Rs 1.1 crore in three mutual funds: HDFC Dividend Yield, SBI Contra Fund and UTI Master Shares.
In his 2019 affidavit, Nath had declared movable assets worth Rs 616 crore.
Immovable Assets
Nath owns an agricultural land of an area of 7.82 acres in his constituency valued at Rs 2.92 crore. He also owns properties in Panchsheel Park, one of South Delhi's prime localities, with current market value of Rs 48 crore.
Ahead of the previous general election, Nath had declared immovable assets worth Rs 41.7 crore.
India will vote in seven phases to select its next government between April 19 and June 1, and the results will be announced on June 4. Nearly 97 crore Indians will be eligible to vote in this year's Lok Sabha elections, according to the EC.
Chhindwara will vote in the first phase. Nath will contest the elections against Bharatiya Janata Party candidate Vivek Bunty Sahu. The seat has been his father, ex-CM Kamal Nath’s bastion since 1980, when the nine-time Lok Sabha MP won his first parliamentary election from the constituency.