For setting the context, I am reproducing your two tweets of yesterday –
Knowing the importance of the role a media company plays in the society, everything written here has been diligently checked, and backed with facts. You the promoter of NDTV have used a smoke and mirrors strategy for the past several years, to swindle money from your company. No method was spared – you evaded taxes, you have laundered money and you have manipulated the stock market. And you did all this in plain sight!
The deeper the digging, the more alarming the facts. NDTV has flouted rules and regulations with impunity with nary a care for any government body. It is even more astounding that these agencies have shown amazing alacrity in looking the other way when you were committing all these fraudulent activities.
This compilation has been done from filings by NDTV, Banks to the Stock Exchanges and Registrar of Companies. Please refer to the table below titled NDTV Stock trades from Dec 2007 to Aug 2009
- 1, 2, 3 were claimed as Open Market purchases but the email of Mr. K.V.L. Narayan Rao states that it is a negotiated/ pre-meditated deal when he makes a public statement in moneylife.in on June 21st 2013.
- In 5, when you announced an Open Offer for acquiring 20% of the company shares totaling about Rs. 550 crores, you along with your CA certified that you had the money to cover the entire 550 crores. Then why did you go and get a loan from India Bulls?
- Item 7 shows that Goldman Sachs Mauritius purchased 8.16% shares in the Open Market via the FII route. This is very strange and violates Regulations, even before arranging funds (see Point 9 above) the Promoter sells 5.1 million (51,06,518) shares worth approximately Rs. 200 crores ($30 million).
I can go on… There are a total of 25 such transactions, many of which do not pass muster. How did SEBI not frown on these? Was this ineptness on part of SEBI or were they told to lay off NDTV?
Ministry of Information and Broadcasting (MIB)
According to the directives issued by the Ministry of Information and Broadcasting on December 2, 2005, Section 3.1.4, any share purchase along with the full details of Shareholder agreements have to be submitted to the MIB and ratified before they can take place.
RRPR Holdings did not seek permission from MIB to buy shares in NDTV. RRPR bought up to 26% of the company, which is a critical limit. All the sales were done without getting the permission of MIB. The penalty for this is described in the same directives document (also shown below) under section 8.2.1, reproduced below in italics:
In the event of first violation, suspension of the permission of the company prohibition of broadcast up to a period of 30 days (emphasis mine)
This should have been done years ago! What is even more surprising is that even after being caught showing sensitive army information on Live TV, NDTV escaped a nominal one-day ban! Why did MIB buckle? Was there any quid-pro-quo deal setup to let NDTV off?
How was an employee of Goldman Sachs inducted into the Board without permission from MIB?
Below find a list of 8 major set of violations committed by NDTV:
It is a mystery as to how NDTV got TV Channel license in 2003 despite Roy being named in an FIR for cheating and siphoning of funds from Doordarshan! Many are violations of departments that come under either the Ministry of Finance or Registrar of Companies. Who is shielding NDTV in these departments? The Nation wants to know.
NDTV Stock trades from Dec 2007 to Aug 2009
MIB Directives dated December 2, 2005
1. The conversion rate used in this article is 1 USD = 66.16 Rupees.
2. Text in Blue points to additional data on the topic.
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