On Jan 28, 2021, NDTV promoter Prannoy Roy and wife Radhika Roy made a brazen claim of offering to pledge their shares in their television channel – NDTV to the Supreme Court. Are the Roys trying to hoodwink Supreme Court of India by offering to pledge their NDTV shares which are already disputed as per the finding of Securities and Exchange Board of India (SEBI)? These shares “owned by Prannoy Roy and Radhika Roy” are already part of their controversial Rs.403 crores deal with Mukesh Ambani-linked firm Vishwapradhan Commercial Private Limited (VCPL) and 30% of the shares of NDTV belonging to Prannoy Roy’s shell company RRPR (Radhika Roy Prannoy Roy) Holdings are already attached by Income Tax in October 2017.
On Monday, Prannoy Roy and Radhika Roy represented by Advocate Mukul Rohatgi informed that they have no money to deposit around Rs.8.5 crores to challenge the SEBI fine of Rs.16.97 crores for the stock exchange manipulation case in the SEBI’s Appellate Tribunal. The Appellate Tribunal ordered to pay 50 percent (around Rs.8.5 crores) if they want to challenge the SEBI fine of Rs.16.97 crores. The Roys approached the Supreme Court and said that they have no money to deposit and that their 50 lakh shares in NDTV can be considered as a deposit. The apex court has asked to value the shares[1].
Prannoy Roy and wife’s dubious sale of listed company NDTV shares is also a matter of probe by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and hope that these agencies will take note of the doubtful offer given by the husband-and-wife duo to the apex court of India.
Here the questions are:
In 2017, I had written a detailed book – NDTV frauds – explaining the frauds and loot in the garb of journalism. The two Promoters of NDTV, along with key top management colluded over the years with government functionaries and politicians to break laws, evade taxes and deceive shareholders of a public listed company. All this obviously through political patronage and “wheeling-and-dealing” as part of the Lutyens club and how they created a biased public discourse for a select elite class. Multinational corporations such as General Electric wittingly or otherwise aided NDTV by investing $150 million into a shell company with zero employees and zero revenue!
In the minds of the Indian citizen, there is a space and respect for media. Using the halo of journalism and under the garb of Freedom of Press, media owners misuse this position and in the end, degrade the values of journalism. On several occasions, media became the tool of false propaganda, blackmailing and illegal money-making with the blessing of uncouth politicians and corporate icons with hidden agendas. This ought to be exposed and that is the reason for this book[4].
To conclude, the Promoters of NDTV have concealed vital facts and information from the Supreme Court regarding the collateral being offered by them for an interim stay of the SAT order. They are attempting to hoodwink and make false statements before the Honorable Supreme Court of India. In fact, they cannot offer these shares even if there were no CBI, ED, Income Tax matters pending as being a news broadcaster, they need specific permission from the Ministry of I&B and the Ministry of Home Affairs before creating any third-party interest.
Hope SEBI or the Income Tax Department intervenes in this case and alerts the Supreme Court on the dubious offer by Prannoy Roy and his wife and must force them to deposit personal properties as 50 percent security in Securities Appellate Tribunal (SAT). Nobody can play with the laws in the garb of journalism. Looters and tax evaders must be fixed. Law is above all.
References:
[1] Prannoy Roy & Radhika Roy Offer NDTV Shares As Security For SEBI Penalty; Supreme Court Seeks Statement Of Share Value – Jan 28, 2021, Live Law
[2] Big Blow to NDTV: IT Dept seizes Shell Company of Prannoy Roy Stakeholder in NDTV – Oct 27, 2017, PGurus.com
[3] Are Roys the benami owners of NDTV? Is Reliance Industries in Control? – Mar 12, 2018, PGurus.com
[4] NDTV Frauds: A classic example of breaking of law by Indian Media Houses – Amazon.in
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These are extremely clever wheeler dealers in the garb of journalists subverting our intellectual prowess apparently connected to leftist politicians who pretend to be messiah of the poor.
NDTV is India's most corrupt channel and Prannoy Roy should be booked for his crimes