Saturday, April 17, 2021
Home Fact-Check Gun for hire, 'The Wire' misfires, targets Piyush Goyal again with falsities and lies

Gun for hire, ‘The Wire’ misfires, targets Piyush Goyal again with falsities and lies

The leftist propaganda website, ‘The Wire’, seems to have developed a penchant for hitjobs, done with blatant lies, half-truths, and concocted stories. Today, they are back with another hitjob that targets Union Minister Piyush Goyal. Earlier this week, we had predicted that a hit job against Goyal was in the pipeline about his professional and business activities before he became a cabinet minister. Once again, we were right.

What is interesting is that The Wire is back to attacking Piyush Goyal after Congress took the mantle from them. Congress had come up with a press conference that entirely focused on business activities of Piyush Goyal, trying to insinuate wrongdoings almost in The Wire-style. The press conference followed after the first hitjob by The Wire was largely ignored by the mainstream media after it was comprehensively busted by us.

Perhaps the Congress party thought that instead of outsourcing the job, they should do it themselves. However, the party in a way ended up giving away the hint that their allegations were weak because, in their own documents that they shared in the press conference, it was clearly mentioned that Piyush Goyal and his wife had resigned from all such companies before he became the cabinet minister. This was done to maintain highest standards of ethics and avoid any conflict of interest, which actually displayed good conduct on the part of the Minister.

Coming to the latest hit job by The Wire, the premise of this new falsehood stands on wafer-thin ice. Rohini Singh, the author of this fantastical story alleges that the Prime Minister’s office was kept in the dark about Piyush Goyal selling his shares in a privately held company Flashnet.

The story by ‘The Wire’ falsely alleges that the sale of shares took place in September 2014. Documents accessed by us tell a different tale altogether. We have found out that the sale took place prior to the declaration dated 25th July 2014 and the entire sale price was also received by Piyush Goyal in his bank before this date.

We spoke to a CA and he confirmed that if the shares were already sold and the amount received before the declaration then it obviously can’t contain the value of shares since it would be a double accounting. The CA also confirmed that when a company is valued, the “Fair Market Value” needs to be worked out, and for that, all assets and liabilities must be considered at market value, and not at book value. He also opined that typically, land and building book value (i.e. the cost of acquisition) is much lower than the market price. The same can happen in case of shares held as an investment.

BJP spokesperson confirmed that the “sale was made at full market value as per third party, independent, expert valuation.”

The report also tries to cast aspersions on the valuation of the company. It relies on the net worth of the company as declared in the 2015 filings. But Singh “forgets” to account for one aspect: Net worth in financial statements and in company filings is shown at book value i.e. at cost of acquisition. Land, Building, Property, Investment in shares, all are always recorded at cost in a company’s balance sheet, and as per prudential accounting norms, unrealised gains due to increase in market value are never recorded in the books of accounts.

However, when a company is sold, its real value needs to be determined, which entails taking into account the market value of all such assets. We have found that the valuation of the company was done by an independent, third-party expert who valued the assets at fair market value.

Thus, Rohini’s innuendo that a company whose net worth was just Rs 10 cr was sold for around Rs 48 cr does not hold ground because Rs 10 cr is the book value, whereas Rs 48 Cr is arrived at after considering market values, and is based on a valuation by an expert, not a journalist who was fired from her job for not doing her job right.

The Wire also insinuated conflict of interest because Piramal is a “billionaire with substantial interests in the infrastructure sector including power”. The fact is, Piramal indeed doesn’t appear to be directly in power sector. Their NBFC arm regularly lends to all sectors. This can’t be called being a billionaire with stakes in the power sector and hence, their conflict of interest theory also doesn’t hold water.

So essentially, it does seem that a professional like Piyush Goyal, who had a successful investment banking career before he became a minister has still not learnt the art of living without working which many Congressmen inspired by Rahul Gandhi have learned to do. It seems Piyush Goyal is being maligned and targeted because Congress believes that everyone in politics should be like Rahul Gandhi without ever having done serious work for a living.

The Congress supported by The Wire and Rohini Singh have adopted the same strategy for all their hit jobs. Make assertions based on lies. Selectively quote the truth. Word the allegations carefully to avoid culpability. And attempt to link financials of a future date much after the Minister has left the company, to show some sort of impropriety that never existed.

Perhaps ‘The Wire’ should try delving into facts rather than being political hit men.

  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

Editorial Deskhttp://www.opindia.com
Editorial team of OpIndia.com

Related Articles

Trending now

Bombing, violence, intimidation and brandishing guns: Here are some incidents of violence that took place during 5th phase of West Bengal polls

After several deaths in violence during the 4th phase of polls in West Bengal, the 5th phase also saw several incidents of violence

Siddharth Varadarajan of The Wire spreads fake news a day after The Logical Indian apologised for the same: Read details

Siddharth Varadarajan spread fake news again, in fact, the same fake news that the Logical Indians had apologised for just a day ago.

Food grain smuggling into Punjab to make money out of MSP continues, more than 25,000 bags of wheat smuggled from Bihar seized in Bhatinda

Wheat is purchased at the rate of Rs 1,100 per quintal in Bihar and other states and sold in Punjab at around Rs 1,925 per quintal as MSP

Republic Day violence: Hours after getting bail, Deep Sidhu gets arrested by Delhi Crime Branch

Only hours after Delhi Court granted bail to Deep Sidhu in Republic Day violence case, Delhi Crime Branch has reportedly arrested him again

Former Indian Express journalist has an ‘Allah’s virus’ moment, thanks God for COVID-19, says pandemic saved Muslims from detention camps

Irena Akbar, formerly with the Indian Express, has thanked God for Covid-19 and attributed the virus to God's plan.

New York Times provides platform to Islamic bigotry, columnist claims onus to convert is on non-Muslims after Hindu boyfriend refuses to convert

The New York Times on Friday provided platform to Islamic bigotry in a blog where the author narrates her 'tragic' love story.

Recently Popular

Karan Johar’s Dharma Production fires Kartik Aryan, not to work with him again: Here is what happened

Dharma Productions said it was pushed to the wall by “unprofessional behaviour” of Kartik Aryan during shooting of Dostana 2

Aaj Tak to air public apology on 23rd April for sharing fake news on Sushant Singh Rajput, pay Rs 1 lac fine: Details

Aaj Tak has been asked by the NBSA (News Broadcasting Standard Authority) to air a public apology for fake news on Sushant Singh Rajput

Andhra Pradesh man hacks family of six including two children to avenge the rape of his daughter: Details

Andhra Pradesh police confirmed that the incident was a fall out of a old feud between the accused and the victim family

Derek O’Brien’s Clubhouse interaction exposes how TMC fears the prospect of loss in West Bengal: Three statements made and what they mean

Perhaps to fire-fight what Prashant Kishor said, Derek O'Brien appeared on Clubhouse for a short interaction with select 'liberals'.

Kangana Ranaut slams Karan Johar after Dharma Productions fires Kartik Aryan, tells them not to ‘force him to hang himself’ like SSR

Kangana Ranaut has hit out at Karan Johar and Dharma Productions after Kartik Aryan was fired from Dostana 2.

Justice Chandrachud apologises to a lawyer, asks him to go rest since he was fasting for Ramzan

Justice Chandrachud of the Supreme Court apologised to a Muslim lawyer for not knowing that he had been fasting during the month of Ramzan.
- Advertisement -

 

Connect with us

254,077FansLike
529,791FollowersFollow
24,200SubscribersSubscribe