Thursday, October 29, 2020
Home News Reports NDTV under I-T scanner for concealing Rs 1600 crore income

NDTV under I-T scanner for concealing Rs 1600 crore income

The Income Tax Department is looking into undisclosed income to the tune of Rs 1600 crore relating to New Delhi Television. According to a DNA report, inquires in this regard were initiated by Income Tax authorities back in UPA days.

The report, quoting sources, suggest that the assessment of the concealed income of Rs 642.5 crore by NDTV Group and related companies was done in February, 2014. Re-assessment proceedings for concealment of income of Rs 403.85 crore was initiated against M/s RRPR Holdings Pvt Ltd owned by Prannoy and Radhika Roy.

In addition, the Reserve Bank of India has reportedly detected violation and contravention of several provisions of FEMA when the ND TV raised money to the tune of Rs 2030 crore. The Enforcement Directorate has issued a show cause notice to this effect.

It could be noted that NDTV had raised funds by floating a galaxy of shell companies. S Gurumurthy, in a cogent article in New Indian Express, had written that between 2006 and 2010, NDTV India had floated 20 wholly-owned subsidiaries in different parts of the world. While seven were based out of Mauritius, eight subsidiary companies were based in India, two were located in Netherlands, one each in London, UAE, and Sweden. Sources in the investigating agencies suggest that these companies had no real business, no employees and even no business premises.

These “letter-box companies”, which were wholly resting on the valuation of NDTV Ltd, together had raised $417 million. Of the $417 million, $267 million was invested by GE Corporation directly or indirectly. $310 million was raised through NDTV Network PLC UK and $117 million were raised via the sale of NDTV Imagine to GE Corporation.

The CBI, on June 9, raided the residence of NDTV promoters Mr and Mrs Prannoy Roy.

The CBI case against NDTV is related to a Rs 375 crore loan from ICICI Bank and a corresponding wrongful loss of Rs 46 crore to the bank that is alleged to have been a result of collusion between Roys and the ICICI officials. But behind this, there is also a chain of borrow, repay and borrow when Roys took a series of loans in 2008 as they sought to buy back a large chunk of NDTV shares from the market.

In December 2007, Roys had bought 7.73 per cent of NDTV shares from General Atlantic. Minority shareholders of NDTV were made an open offer to sell shares. To fund the purchase of shares that the minority shareholders wanted to sell, Roys created a company called RRPR Holdings Private Limited. RRPR borrowed Rs 501 crore from India Bulls Ltd.

To repay part of the India Bulls loan, RRPR borrowed Rs 375 crore from ICICI Bank in October 2008. In August 2009, RRPR found another lender called Vishvapradhan Commercial Private Limited (VCPL) to repay the ICICI loan. VCPL agreed to pay Rs 350 crore to RRPR in July, 2009.

RRPR’s balance sheets – filed before the Registrar of Companies in March, 2009 – however, showed that it had a loan of Rs 349,26,14,485 from ICICI Bank and an interest of Rs 17,21,80,697 on that loan. Between 31 March and 7 August, 2009 — when RRPR repaid ICICI after receiving the money from VCPL — an additional interest was accumulated and the bank therefore suffered a loss to the tune of Rs 48 crore.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Former PM of Malaysia goes from talking about women’s ‘secret place’ to inciting genocide for insulting Islam in single tweet thread: Read details

Mahathir Mohamad justified the attacks on French people by Islamist terrorist saying that mere boycott could not compensate the wrongs of France.

‘We are proud’: Terroristan admits hand in Pulwama attack, minister claims victory of people under leadership of Imran ‘Taliban’ Khan

"Humne Hindustan ko ghus ke maara", Pakistani minister Fawad Chaudhry described how Pakistan orchestrated Pulwama terror attack

After Nice, another Islamic terrorist shouting Allahu Akbar attacks France’s Avignon, guard at French embassy in Jeddah attacked too

Three attacks have been reported in a single day, Mayor of Nice in France asks people to unit against "Islamofascisim terrorist attack"

Mumbai police intensifies witch-hunt, now wants details that would give him almost unfettered access to the Republic TV newsroom: Read details

Mumbai police have demanded access to the newsroom of the channel including the contact details, addresses and login IDs of journalists.

Witch-hunt continues: Parambir Singh sues Goa Chronicle and RVS Mani, wants to know if portal made money by publishing interview ‘defaming him’

RV Subramani had said in Goa Chronicle that a corporate house was behind appointment of Param Bir SIngh as Mumbai police commissioner

Why is Europe locking down instead of copying globally famous Kerala model?

The state of Kerala, under the visionary leadership of health minister Shailaja “Teacher” has a solution to Covid-19. Why wouldn’t the world just copy the Kerala model?

Recently Popular

Chinese state-run channel shows the portrait of Prophet Muhammad, netizens ask if Muslim nations will boycott China

Arslan Hidayat, an Uyghur Rights Activist, took to Twitter shared a video of a Chinese TV series on Twitter in which it was depicted that an Arab ambassador visiting China during the rule of Tang dynasty gifts a portrait of the Prophet Muhammad to the Chinese emperor.

Charlie Hebdo mocks Turkish President Recep Erdogan in its latest cartoons, shows him lifting a skirt of woman wearing ‘hijab’

The front-page caricature of Wednesday's edition of Charlie Hebdo that was released online on Tuesday night depicts Erdogan in a white T-shirt and underpants, drinking a can of beer and lifting up the skirt of a woman wearing a hijab to reveal her naked bottom.

Watch: Pro-India accounts disrupt Pakistan’s anti-India online meeting on Zoom, play pro-Hindu and Indian nationalistic songs

Indic social media users caused embarrassment to Pakistani authorities and diplomats after they raided their online event on zoom

‘Modi, Modi’ slogans inside Pakistan National Assembly: Here is what happened

The name of PM Modi echoed on Monday as members of Pakistan's opposition members chanted 'Modi, Modi' slogans inside Pakistan National assembly

Nikita Tomar murder: Taufeeq was pressurising her to embrace Islam family alleges

On Monday, 21-year-old Nikita Tomar was shot to death in broad daylight outside the Aggarwal college in Ballabgarh, Faridabad

Nikita Tomar murder: Main accused Tauseef belongs to a family of influential Congress politicians from Nuh in Haryana

The prime accused Tauseef's grandfather, uncles and cousin brothers are all infuential Congress politicians from Haryana's Nuh
- Advertisement -

The Print columnist Zainab Sikander Siddiqui wants Charlie Hebdo to have the “guts” to mock the Holocaust if it wants to publish cartoons on...

Zainab Sikander Siddiqui ruled that Charlie Hebdo cartoons mocking other religions are not offensive, only cartoons on Islam are offensive

NBSA summons Zee News editor Sudhir Chaudhary for “divisive” report on the different types of Jihad, says it targets the Muslim community

NBSA asked Zee News Editor-in-chief Sudhir Chaudhary to appear for a hearing on November 26 via video conferencing

Former PM of Malaysia goes from talking about women’s ‘secret place’ to inciting genocide for insulting Islam in single tweet thread: Read details

Mahathir Mohamad justified the attacks on French people by Islamist terrorist saying that mere boycott could not compensate the wrongs of France.

AajTak, Zee News and others apologise after NBSA pulls up the channels for spreading fake news on Sushant Singh Rajput’s death

AajTak, Zee News and India TV air apology for its insensitive and sensationalised reporting of actor Sushant Singh Rajput’s death

India objects to Saudi Arabia over distorted map of India on new 20 Riyal banknote, asks to take urgent corrective steps

India registered objection over a distorted map showing Jammu and Kashmir separated from India in newly released 20 Riyal banknote

While Uddhav Thackeray govt stalled a development project to ‘save Aarey’, Shiv Sena-led BMC has now been fined for letting untreated sewage into the...

NGT has slapped Shiv Sena-led Brihanmumbai Municipal Corporation (BMC) a fine Rs 34 crore for letting untreated sewage into water

‘We are proud’: Terroristan admits hand in Pulwama attack, minister claims victory of people under leadership of Imran ‘Taliban’ Khan

"Humne Hindustan ko ghus ke maara", Pakistani minister Fawad Chaudhry described how Pakistan orchestrated Pulwama terror attack

After Nice, another Islamic terrorist shouting Allahu Akbar attacks France’s Avignon, guard at French embassy in Jeddah attacked too

Three attacks have been reported in a single day, Mayor of Nice in France asks people to unit against "Islamofascisim terrorist attack"

Mumbai police intensifies witch-hunt, now wants details that would give him almost unfettered access to the Republic TV newsroom: Read details

Mumbai police have demanded access to the newsroom of the channel including the contact details, addresses and login IDs of journalists.

Witch-hunt continues: Parambir Singh sues Goa Chronicle and RVS Mani, wants to know if portal made money by publishing interview ‘defaming him’

RV Subramani had said in Goa Chronicle that a corporate house was behind appointment of Param Bir SIngh as Mumbai police commissioner

Connect with us

245,563FansLike
471,039FollowersFollow
19,500SubscribersSubscribe