Part 1 of this series talks about how Income Tax fined Prannoy Roy and wife Rs.30 crores each. This is the concluding portion.
Roys unplugged and unhinged…
Two 42 page orders (one each for the Roy couple) by the Income Tax Commissioner (Appellate) exposes the murky tax evasion games of NDTV owner Prannoy Roy and his wife Radhika Roy. The April 2017 Order reveals how husband and wife literally fooled the exchequer and NDTV’s shareholders in 2010-11 by under reporting their annual income. In 2013, Assessing Officer had fined both Rs.30 crores each and the current order of CIT (Appeals). The relevant Appellate authority above the Assessing Officer has ratified the findings of the assessing officer. Now the couple have appealed before the Income Tax Appellate Tribunal (ITAT).
Another interesting fact that comes out of the orders is that Prannoy Roy and wife bought property in Cape Town in South Africa on November 15, 2009 (Page 26 of the document IT Findings Prannoy Roy below)
A fine of Rs.30 crores each was levied in UPA time, in 2013. Then why did Prannoy Roy keep quiet? Why there was no outrage and why was it kept a secret? The Income Tax caught Prannoy and wife in 2011 onwards for concealing their real income. The husband and wife declared Rs.1.33 crores and Rs.90 lakhs as their annual income (2010-11) respectively and in 2013 Income Tax found their actual income was more than Rs.116 crores and wife’s was more than Rs.115 crores. Did the Congress Government arm twist Prannoy Roy with this explosive finding? Was it an act of serendipity that NDTV was publishing several fake reports against the then emerging BJP’s Prime Ministerial candidate Narendra Modi?
And now Prannoy Roy and his minions cry that Modi is squeezing NDTV and attacking media with fake cases. It is more than likely that the Congress Government was arm-twisting Prannoy Roy on the Income Tax findings of his blatant Stock Exchange manipulations. The Orders published at the end of this report clearly say that on August 3, 2009, Prannoy and Radhika had engaged in a dubious deal of trading of 58 lakh shares of NDTV at just Rs.4 when the market price was Rs.140. On March 9, 2010 also they did this fraud. As many as 35 lakh shares of NDTV were traded at Rs.4 when market price was Rs.130. In any country, the husband and wife jodi would be in jail by now with a minimum of 20 years of imprisonment for stock manipulation.
Even more mysteriously, why is Securities Exchange Board of India (SEBI), which comes under the Finance Ministry, not taking any action on this blatant fraud till date? It is time for Finance Minister Arun Jaitley to pull up the SEBI Chairman for this inaction.
Another interesting fact that comes out of the orders is that Prannoy Roy and wife bought property in Cape Town in South Africa on November 15, 2009 (Page 26 of the document IT Findings Prannoy Roy below). The address of the property is ERF 5067, Simon’s Town, Cape Town, South Africa. Just a few weeks prior to that, they had illegally gotten a reduction of Rs.48 crore from ICICI Bank to clear their Rs.375 crore loan received in 2008. Did they use the favour from the ICICI Bank to purchase the palatial property in South Africa? Only CBI which registered a First Information Report (FIR) on ICICI Bank loan fraud can answer in this regard.
Unimpeachable evidence for CBI to nail Roys and ICICI Bank that they were hand in glove and caused loss to ICICI Bank while they had more than adequate resources to buy property in South Africa. How and why did ICICI bank waive 48 crores when within 60 days they purchased the South Africa house? Aren’t these proceeds of crime for ED and clinching evidence for CBI?
We are publishing the two orders of the Income Tax Commissioner (Appellate) below for the understanding of those journalists and eminent persons who assembled in Press Club of India to register a protest against CBI raid on the “so innocent” Prannoy Roy who “never touched black money in his life”.
Here is an infographic on the to-do list for various stakeholders:
Here are the IT Findings for the Roys:
IT Findings Prannoy Roy by PGurus on Scribd
IT Findings Radhika Roy by PGurus on Scribd
- Prime Minister Narendra Modi: A Gujju businessman who does not invest his precious time for a losing battle - April 13, 2024
- NIA arrests two accused Shazib and Taahaa in Bengaluru’s Rameshwaram Cafe blast case from Kolkata - April 12, 2024
- National Herald scam: Adjudicating Authority upholds Rs.752 crore assets attached by ED - April 11, 2024
[…] Income Tax exposes the lies of Prannoy Roy… – Nov 21, 2017, […]
This story is becoming a bore with lot of talk and no action. So typical of other scams that have plagued this nation in the last decade – lot of talk and no decisive action!!.
Get in touch with this man. He knew it a year back.
https://twitter.com/shailendradhar/status/746230043756503041
But is all this illegal in an India that was constructed by PANGOLIN*s and their British mentors?
*Note: PANGOLIN: An enemy of India who believes in inequality under law, exceptions to the rule of law and persecution of some for the benefit of others. At present, the sole purpose of the Indian Republic, Constitutional or otherwise, is to pamper and provide for certain constitutionally preferred sections of society who the British found useful to hold and exploit India at the cost of those who the British hated and persecuted. The Pangolin is a creature that is unique to India and feeds on ants that are known in nature to be industrious and hard working if not quite as fruitful as bees who flee to better climes. (PANGOLIN is an acronym for the Periyar-Ambedkar-Nehru-Gandhi-Other (alien) Religions-Communist Consensus that usurped the British Mantle and has worn it with elan to loot, plunder, and rape India since 1921 and re write History and laws to their exclusive benefit since 1947)
In addition, I hear that they have one more house in GK1 (New Delhi), property in Calcutta acquired at a hefty sum and a beach house in Goa. Tax Dept seems to have missed out. PGurus should investigate.
SEBI is trying to hush up Prannoy Roy’s frauds. How did he and his wife trade shares at just Rs.4 when the market value was Rs.140? This is a clear case of money laundering. FM Arun Jaitley must be saving Roy by asking SEBI to keep silence.