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The True Story behind Case against NDTV Founders: Read Here!

While the mainstream media has opinionated on the case against NDTV, here are some facts that paint the true picture

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Case against NDTV founders
Prannoy Roy, founder of New Delhi Television Ltd (NDTV). Twitter
  • After a case against NDTV founders had been registered, the CBI raided the residence
  • The raids prompted the NDTV to respond by alleging that the investigating agency is acting “under pressure” and further calling the fiasco a ‘witch-hunt’
  • The case has been registered by the Banking Fraud Division of the CBI alleging the NDTV founders for defrauding the ICICI Bank along with other violations 

The Background

So the Central Bureau of Investigation (CBI) registered a case against NDTV founders – Prannoy Roy and wife Radhika Roy- on the 5th of June, 2017. Consequently, a day after, the investigative agency also raided the residences of Prannoy Roy and his wife, along with four other premises in Delhi and Dehradun belonging to promoters. Cases have been registered against their company RRPR Holding Ltd as well as ICICI Bank officials.

The FIR has been filed by Sanjay Dutt, a former consultant at NDTV. The NDTV is also being investigated by Income Tax Department and Enforcement Directorate when it was discovered that NDTV received funds from a foreign institution but settled the account at 80% less than the actual amount received.

The case comes as a consequence of an allegation against the founders for causing over Rs. 48 crore losses to ICICI bank. They are booked under the Indian Penal Code and Prevent of Corruption Act for criminal conspiracy, cheating, and criminal misconduct.

The ICICI had given the founders’ private holding company-RRPR Holding Private Ltd-a loan of Rs 366 crore. The Roys had guaranteed their NDTV shares at a price more than the prevailing price at Bombay Stock Exchange (BSE).

The loan was closed within a year, however, the interest was waived off resulting in a loss of Rs 48 crores for the bank. The equivalent amount was moved out of the holding company’s bank account.

The FIR report explicitly states that NDTV as well as ICICI “entered into a criminal conspiracy to transfer ownership of a news company, i.e NDTV, to a shell company against banking rule and SEBI Act.”

On the basis of last year’s letter by the Enforcement Directorate to the CBI showcasing irregularities by the ICICI bank, a FIR was registered.

The NDTV responded by calling the whole incident a ‘witch-hunt’ after stating that the founders have not defaulted any loans. The media organization has called Dutt’s allegations false. The NDTV and its allies have countered this as an attack on free speech.

Case Against NDTV Founders
Central Bureau of Investigation (CBI). Wikimedia

The Focus

The NDTV issued a statement calling this whole incident a ‘witch-hunt’ and a political attack on the freedom of speech. It also argued that the CBI has no jurisdiction to investigate such matters that concern the private banks and EVEN IF there has indeed been a loss incurred. CBI, in counter, has cited the example of ‘CBI vs Ramesh Gelli’ case which was ruled in the favor of the investigating agency. CBI has the right to investigate the matter.

It is worth noting that the CBI is not just investing the loan default case but violations of SEBI guidelines and RBI rules. NDTV’s decision to address the CBI as “acting under pressure” is shameful.

Dutt has also claimed that the collateral shares that the Roys had guaranteed were never notified to stock exchanges and SEBI. SEBI has also initiated a probe.

The priority of the investigation is to explore “wrongful gain” of Rs 48 crores to the Roys and their holding company. That clearly implies how NDTV’s claim that this whole fiasco is an “agenda” is simply not true.

NDTV and allies that have been questioning the investigations must understand deeper forms of suspicion that have surrounded the transactions.

Manisha Pande, from Newslaundry, has explained with the remarkable simplicity about the essential factor that investigations are to keep in mind. So RRPR, the holding company, received Rs. 403.85 crores from a shell company- Vishwapradhan Commercial Private Ltd. Now this shell company had received this same amount from Shinano Retail as a loan. The Shinano Retail is fully owned by Reliance Industrial Investments and Holding which received this same loan from the main source Reliance Ventures Ltd, subsidiary of Reliance Ltd.

Hence, Dutt urges to find out “who is the true owner of NDTV?” by calling it, what many would agree, a Hawala (money laundering) transaction.

Manisha Pande has thus rightly pointed out the “investigation cannot start and end at NDTV.” She continues “CBI would have to probe some other important people” especially since the trail points to other noticeable direction.

It is also worth noting how NDTV had been enjoying heavenly fortunes when the UPA came to power. The company raised $417 million in different parts of the world through 20 wholly-owned subsidiaries.

Therefore, while the mainstream media and Twitterites will continue to raise and justify political factors, continuing with their blame game and bargaining, at the end of the day it is the law which is over everything. The law and justice must prevail. None of the facts point to the CBI trying to “silence the media under pressure”.

by Saksham Narula of NewsGram. Twitter: @Saksham2394

ALSO READ: Salil Gewali’s ‘Exclusive: Fall of the Draconian Roar of NDTV?’ on NewsGram

You can follow Manisha Pande and her views on her Twitter handle @MnshaP

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Dalai Lama says that India and China have great potential

The spiritual leader feels that both the countries are doing compassionate works

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Dalai Lama talks about India and China
Tibetan spiritual leader Dalai says that India and China can work together. VOA

New Delhi, Nov 19

Tibetan spiritual leader the Dalai Lama on Sunday said India and China have “great potential” and they could work together at a “practical level”.

“I think, a great potential… India and China combined are doing more compassionate work… At a practical level also. Imagine two billion people working together,” he told reporters here after inaugurating Smile Foundation’s initiative, The World of Children.

The spiritual leader, who has lived in India in self-imposed exile since 1959, said neither country had the “ability to destroy the other”.

“Whether you like it or not, you have to live side by side,” he said.

Underlining the ancient spiritual connection between the two countries, he said Chinese Buddhist Hsuan Tsang visited Nalanda (now in Bihar) and brought Nalanda Buddhist traditions to China.

“All thinkers of Nalanda are Indian. So Nalanda’s tradition is India’s tradition,” he said.

The Nalanda traditions had turned Tibetans, who were warriors, into more compassionate, peaceful and non-violent nation, he said.

“So sometimes in Delhi, teasing my Indian friend, (I say) if Tibet still remained in the previous way of life, like Mongols, Chinese invasion may not have taken place,” the Dalai Lama said in a lighter vein.

He said nobody in the world wanted violence but it was happening “because our minds are dominated by destructive emotions due to short-sightedness”.

“Nobody wants problems. Yet, many problems are our own creation.”

The Dalai Lama said the existing modern education was oriented to material values. India can take lead in improving the education system by combining modern education with ancient knowledge, he said. (IANS)

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Manushi Chhillar from India Wins the Miss World 2017 Title

India's Manushi Chillar won the coveted Miss World 2017 pageant here, 16 years after Priyanka Chopra won the title in 2000.

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Miss World
Manushi Chhillar has been crowned as Miss World 2017. Instagram #ManushiChhillar

China, November 19: India’s Manushi Chhillar won the coveted Miss World 2017 pageant, 16 years after Priyanka Chopra won the title in 2000.

Chhillar competed against 108 contestants from various countries at a glittering event held at Sanya City Arena here.

Miss World 2016 winner Puerto Rico’s Stephanie Del Valle gave away the coveted crown to the winner.

Chhillar, who is from Haryana, had earlier this year won the Femina Miss India 2017.

Miss world
Anti Ageing was the official skin care expert for Manushi Chhillar at the Miss World 2017 pageant. Instagram #ManushiChhillar

India, England, France, Kenya and Mexico grabbed the top five spots at the peagant.

Manushi, born to doctor parents, studied in St. Thomas School in New Delhi and Bhagat Phool Singh Government Medical College for Women in Sonepat.

Her entire family including brother and sister were present and they looked excited watching Manushi grabbing top five spot.

As many as 108 beauty queens from different parts of the world participated in the prestigious pageant. (IANS)

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The major Challenge is to make the Youth of the Country Entrepreneurial and not Job Seekers : Venkaiah Naidu

"The challenge for us is to make the youth entrepreneurial, and not become job seekers," Venkaiah Naidu said pointing to the NDA government's various initiatives.

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Venkaiah Naidu
Venkaiah Naidu. Wikimedia Commons
  • At a time of tepid job growth and continuing income disparities, the major challenge is to make the youth of the country entrepreneurial and not job seekers, Vice President  Venkaiah Naidu said on Thursday.

“Disparities continue to remain in India and so there is a need for inclusive growth… there is the need to take care of the suppressed, oppressed and depressed,” Venkaiah Naidu said at the Bharatiya Yuva Shakti Trust’s (BYST) silver jubilee celebrations here with Britain’s Prince Charles as the chief guest.

“The challenge for us is to make the youth entrepreneurial, and not become job seekers,” Venkaiah Naidu said pointing to the NDA government’s various initiatives to encourage youth enterprises like Startup India, Standup India and the Mudra financing scheme for underprivileged sections.

Modelled on Prince Charles’ Trust for business startups, BYST, founded by Lakshmi Venkatesan, daughter of former President R. Venkatraman, is engaged in building rural entrepreneurship — “grampreneurs” — as also enterprise among under-privileged sections, which includes business mentoring. The current BYST chairman is Bajaj Group chief, Rahul Bajaj.

“Without mentoring, it would be very difficult to set up startups, with all the business, marketing and other vital issues involved in the first two-three years,” Prince Charles said in his address at the International Mentoring Summit organized by BYST to mark its 25 years.

“What amazes me are the sheer number of jobs these young entrepreneurs had created. The aim of such a project should be to create a virtual cycle of creating entrepreneurs who can then invest in the future of business,” Charles said referring to his trust.

BYST was officially launched in 1992 by Prince Charles and expanded its operations to six major regions of India.

Out of these six regions, four — Delhi, Chennai, Pune and Hyderabad — run the urban programme while two regions — Haryana and Maharashtra — run the rural programme.(IANS)