ITAT ratifies the Income Tax fine of Rs.91 crores on Prannoy Roy & wife for illegal trade of NDTV’s shares

The ITAT ruling closes one more door on the promoters of NDTV, Prannoy Roy and Radhika Roy

The ITAT ruling closes one more door on the promoters of NDTV, Prannoy Roy and Radhika Roy
The ITAT ruling closes one more door on the promoters of NDTV, Prannoy Roy and Radhika Roy

In a big slap to NDTV’s tainted promoters Prannoy Roy and his wife Radhika Roy, the Income Tax Appellate Tribunal (ITAT) has ratified the findings of the imposition of Rs.91 crores fine by the Income Tax Department for evading taxes and hushing up of illegal income. The ITAT ratified the Income Tax finding that during 2009-2011, the husband and wife earned huge income by the illegal trade of NDTV’s shares.

Now crooked Prannoy Roy and wife have to pay Rs.30 crores each and have to pay a penalty of around Rs.31 crores for their crimes by fooling the investors of NDTV[1].  In total, the husband and his partner in crime wife have to pay together have to pay Rs.91 crores. Income Tax caught the NDTV’s promoters for tax evasion of Rs.116 cr by hushing up their illegal income earned through dubious ways like stock exchange rigging of NDTV’s shares.

The doors are closing before Prannoy Roy and the maximum he can do is file an appeal in High Court and later in Supreme Court against this ITAT order to buy time.

The 137-page ITAT Order details how the crooked couple made illegal trading of NDTV shares at just Rs.4 made secret profits when the shares were trading between Rs.135 and Rs.140. The husband and wife’s dubious trading of NDTV’s shares was done using their shell firm RRPR Holdings. What is RRPR Holdings? RRPR is nothing but Radhika Roy Prannoy Roy Holdings and this shell firm is fully owned by them. They traded with the NDTV shares for just FOUR rupees when the market price of the TV channel was between Rs.135 to Rs.140. This is nothing but rigging of shares and fooling the investors of NDTV. The detailed ITAT Order is published below this report for a better understanding of media persons who blindly support the crooked couple.

If this had happened in any other developed country, these persons would have been in jail by now. The doors are closing before Prannoy Roy and the maximum he can do is file an appeal in High Court and later in Supreme Court against this ITAT order to buy time.

SEBI has already passed Order banning Mr. and Mrs. Roy from trading in stock exchanges and put a ban on entering the NDTV’s Board Room for two years[2]. The Roys have got a temporary stay from Securities Appellate Tribunal (SAT) for three months. Now the ITAT Order has strengthened investigators findings on frauds and money laundering by Prannoy Roy, who preach ethics on TV screens.

The detailed 137-page ITAT Order is uploaded here:

ITAT Order Prannoy Roy June 14, 2019 by PGurus on Scribd

References:

[1] Income Tax fines Prannoy Roy & wife for Rs.30 crores each for hushing up income in 2010-11Nov 20, 2017, PGurus.com

[2] Time has started ticking for crooked Prannoy Roy after SEBI Order forces him to leave NDTVJun 15, 2019, PGurus.com

Team PGurus

We are a team of focused individuals with expertise in at least one of the following fields viz. Journalism, Technology, Economics, Politics, Sports & Business. We are factual, accurate and unbiased.

6 COMMENTS

  1. I read these items like one would read about a soccer match. I am pretty sure NDtv and the Roys will be fine tomorrow, next month, and forever. They are the chosen citizens, along with Modi Sahab and all the big players. We are not.

  2. Too late…..too little fine…. educated & knowledgeable person dealing in those murky deals should be punished more….. actually he is being now let off….. only TWO years for the malpractices…should be banned for life.

  3. ITAT ratifies the Income Tax fine of Rs.91 crores on Prannoy Roy & wife for illegal trade of NDTV’s shares.
    People with innocent faces are not innocent in nature…for instance RRPR / UPA Govt 1&2 full time Prime Minister Sonia et al!! BJP govt is afraid of nearly 1000 strong people in this country the above said powerful people without official power/ not in the government are included!!!

    How come in-spite of proving big fraudsters in the country still criminals are heard in lower/high courts and supreme court in phases…….to prove that they are not guilty and are innocent!!!! Funny are the laws of the land. By the time final verdict comes….. these people leave the country or die or govt changes to help them!!!Presstitutes remain as Presstitutes forever!!

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