Piramal Group contemplates legal action against ‘The Wire’ for its malicious and defamatory article

The Wire had recently published a report on its website that alleged financial misconduct on part of Piyush Goyal in the transaction related to him selling his investment in a private firm, to the Piramal Group. The report alleged that Piyush Goyal kept the Prime Minister’s office in the dark about his selling of shares in Flashnet and that the transaction was not disclosed in the declaration to PMO. The piece had also gone hammer and tongs alleging impropriety, conflict of interest, and sale at an inflated price. We had busted the report earlier and punched several holes in the narrative that the author, who is known to be incompetent at her job, was trying to peddle.

The Piramal Group has also made a statement on the allegations made by The Wire, calling them ‘baseless’ and ‘devoid of any merit’.

“The malicious news article published on The Wire is libelous and is an attack on the reputation of the Piramal Group, which is contemplating immediate and appropriate measures, including defamatory action, against the online media entity and the individual(s) concerned,” the company said in the official statement. It added, “Piramal Estates Private Limited (PEPL) purchased Flashnet Info Solutions Private Limited, a firm owned by Piyush Goyal and Seema Goyal, in July 2014. The purchase consideration paid was the fair value of the underlying investments (movable and immovable assets) and the same was paid in July 2014 itself. This was based on an independent chartered accountant valuation.”

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The Wire has attacked Piyush Goyal with half-truths and lies earlier as well. We had comprehensively busted The Wire report that alleged that Piyush Goyal had links with a company in default of 650 crores. The media portal is also fighting a defamation case worth Rs. 100 crores for a report it published against Jay Shah, son of Amit Shah. We had exposed the inaccuracies in that report as well.

It appears The Wire may have to fight another defamation case against them, something it appears to be used to by now.


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