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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

Next Story

India Ends all Imports of Iranian Oil, Says Washington Ambassador

Trump last year pulled out of a multinational pact under which Iran drastically scaled back its nuclear work in return for promises of sanctions relief

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india, iranian oil
FILE - A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata, India. VOA

India has ended all imports of oil from Iran, its ambassador in Washington says, becoming the latest country to grudgingly comply with threatened U.S. sanctions.

India had already sharply decreased its imports from Iran and bought one million tonnes of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to sanctions, Ambassador Harsh Vardhan Shringla said. “That’s it. After that, we haven’t imported any,” Shringla told reporters Thursday during a briefing on Prime Minister Narendra Modi’s election victory.

No Venezuela oil, either

Shringla said that energy-hungry India has also ended all imports from Venezuela because it considered itself a partner of the United States. But he said the shift had caused pain at home, with Iran formerly supplying 10 percent of India’s oil needs.

Calling Iran “an extended neighbor” of India with long-standing cultural links, Shringla declined to say whether New Delhi shared President Donald Trump’s concerns about Tehran. “This is an issue that has to be dealt with, really, between the United States and Iran. We are only, in many senses, looking at it as a third party,” Shringla said.

But he added: “We would not like to see a move towards any escalation in any way in that area, for the simple reason that we depend very heavily on stability in that part of the world.”

iranian oil, india
FILE – U.S. President Donald Trump speaks to reporters after signing a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, May 8, 2018. VOA

Trump last year pulled out of a multinational pact under which Iran drastically scaled back its nuclear work in return for promises of sanctions relief.

The Trump administration has instead ramped up economic pressure on Iran and recently deployed military assets, including an aircraft carrier strike group, to the area.
The United States as of May 2 ended exemptions it had given to eight governments from its unilateral order to stop buying Iranian oil.

Turkey stops imports

Turkey, which enjoyed a waiver and vocally disagreed with the U.S. policy, has also stopped importing oil from Iran, a Turkish official said this week. State Department spokeswoman Morgan Ortagus welcomed the news from Turkey.

ALSO READ: India, China, Turkey Silently Purchasing Iran’s Crude Oil as US Ban Begins

“We want the whole world to comply with these sanctions, and we’re grateful for our partners and allies that are respecting them,” she told reporters. The Indian ambassador, however, voiced confidence that U.S. sanctions would not affect its partnership in developing Iran’s Chabahar port.

India wants to use the port to ship supplies into Afghanistan in a detour from its archrival Pakistan, which historically backed the Taliban. “I think it is in the interest of both our countries and all others concerned to ensure that that lifeline continues for the people of Afghanistan,” Shringla said. (VOA)