ITAT rejects NDTV’s appeal, confirms Rs.903 crore tax must be paid

With ITAT rejecting NDTV's appeal, the question is where NDTV will find the money to pay the fine

With ITAT rejecting NDTV's appeal, the question is where NDTV will find the money to pay the fine
After ITAT ruling, will Roy do a Mallya?

NDTV’s tax evasion frauds and money laundering amounting to Rs.903 crores were laid bare by the Income Tax Appellate Tribunal (ITAT). The Order pronounced by ITAT on July 14 has completely destroyed NDTV’s dubious attempts at delaying the payment of Income Tax of Rs.540 crores and further exposed its other money laundering through Bermuda and Netherlands. ITAT has rejected NDTV’s appeal, and this landmark order confirmed the fraudulent practices of this TV channel.

The question now that is on everyone’s lips is how this debt-ridden media company is going to pay the huge tax fine to the public exchequer!

NDTV and its head honcho Prannoy Roy tried to put the blame on Prime Minister Narendra Modi, claiming that Freedom of Press is in danger when caught red-handed for frauds and illegal activities. NDTV’s tax evasion was first caught by the honest officers of Income Tax Department in March 2013 by slapping a fine of Rs.540 crores. NDTV appealed this ruling in April 2013 and dashed to ITAT by paying a Rs.5 crore fine against the tax demand of Rs.540 crore and stayed the matter.

NDTV was caught for using dubious means to route money of around $150 million from US giant GE’s subsidiary company through Bermuda via Netherlands in 2008. But NDTV was protected by Congress leadership including Sonia Gandhi and the then Finance Minister P Chidambaram.

NDTV lost the appeal in ITAT in December 2013 but used questionable tactics and filed a second appeal in ITAT. This entertaining of a second appeal was challenged by noted financial analyst and editor Gurumurthy, minority shareholder Sanjay Dutt and whistleblower Tax official S K Srivastava. At one point due to some murky games, the petitions of these people were objected to by the ITAT.

Recently ITAT got a slap from the Delhi High Court for its doubtful actions. The July 14 Order, now compels NDTV to pay the fine of Rs.903 crores, including a tax evasion of Rs.540 crores. The question now that is on everyone’s lips is how this debt-ridden media company is going to pay the huge tax fine to the public exchequer!

Apart from this, the Enforcement Directorate’s (ED) huge fine for committing a FEMA violation of Rs.2030 crores is staring at NDTV. Add to these the CBI and ED cases against Prannoy Roy and wife Radhika Roy for the ICICI Bank fraud and SEBI cases for manipulating the Stock Exchanges by trading their shares at just Rs.4 when the market price was Rs.140! The cup of woes runneth over.

Will Prannoy Roy do a Vijay Mallya by fleeing the country? Where does this leave the eminenterati, the likes of Shourie, Nariman et. al. who stood by their “friend”?

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.

28 COMMENTS

  1. Hoga masiha …
    Hoga masiha saamne tere,
    Phir bhi na tu bach paayega
    Tera apna…
    Tera apna khoon hi aakhir tujhko aag lagaayega
    Aasmaan mein …
    Aasmaan me udne waale mitti mein mil jaayega
    Kasme waade pyaar wafaa sab, baatein hain baato ka kya
    “Dedicated to Pronnoy Roy, Radhika Roy, Brinda Karat, her husband Praksh Karat (CPM),Burkha Dutt (The Other Woman), Sitaram Yachoory (The other???)

  2. A guilty is guilty- selective approach or not. The fact is that NDTV has been found guilty. Full stop. Do not question this. May be you guys are anti Modi or anti government- but the facts remain facts. There are many media channels like NDTV who are engaged in deliberate maligning the Government with the funds fron Political parties. so better do not judge unless you have solid evidence to come to their rescue.

  3. How come these kind of exposes are happening only from the group critical of Modiji govt. It’s it selective investigation. Or these experts are having selective in their analysis. Or getting honored in a different way? Why didn’t you write about MP CM’s financial dealing with Lalit Modi? What about the support given by central govt/judges to the first criminal to be CM in Tamil nadu. But arrest the second criminal once she passed away. Hope you are good experts and won’t be selective with caste and communal bias.

  4. is it true or it is a test dose to kill the freedom of media…..like George Fernandes killed tehelka…. Operation West End… ITAT , CBI alll are governments dogs(but the real master is the people, that they don’t know) they only barks and bites their fake masters…..can we go for a lie test for both ITAT and NDTV people….

  5. We should not allow political filibustering to start muddling the issue.Malini Parthasarathy of HINDU had boldly refused to buy the fashionable line that GOI was muddling the freedom of the press by their raids. She is quite friendly with the Roys of NDTV but refused to be partisan. Let there be a systematic coverage of this case based on facts, methodical expose from day 1 on this matter. This should be relentlessly pursued , assessed & highlighted . Economic & fiscal experts may be roped in to give objective assessmemt & credibility to such investigative findings. Mainstream media- both print & broadcast- will not touch this subject. There are too many cobwebs in many media houses . Once this case comes to public limelight then it will only be a little longer for the formal exposure of the suspect sections of the media having played the partisan political game for close to decades. The Holy Cows must be brought down to the ground. If parliamentarians, judges have to declare their personal assets why should the media icons not be asked to do that ? If they enjoy unencroachable freedom and immunity because they are deemed to be acting as ” public trustees” then there should a constitutional oversight over their activities too. Everybody knows that a media corporate house is not treated as a normal corporate house but a social watchdog beyond reproach. The law enforcement authorities fear negative public perception This must stop. Social media & digital media like yours must take up the role of oversight of mainstream media & it’s invisible backers. Let the trend start with this case. Please assign a team for this case asap

  6. Brilliant article by modi Stooges… Can’t you see similar stuff happening at other media houses but being protected by the incumbent govt…

  7. Raid Ms Radhika’s sister too GOK what skeletons are hiding in her cupboard! & when they come tumbling out we are likely to have some politicians & a party in the ‘OUT HOUSE’!

  8. We have to see that Prannoy Roy and Radhika dont fly to London. They may try to dodge the judicial system by going for appeal or filing appeal against the order or delay it through adjournments or abusing Narendra Modi or Sickularists may organise a bandh. Roy and Radhika should be impounded and their passport should not cancelled in order to stop their flying to Italy or London or Netherlands.

  9. I’m sorry, nothing will happen. Probably they’ll file another appeal or whatever….india is a country which has a convicted criminal lallo command and dictate terms to a state government. Appear publicly on political platforms, be patronised by the opposition and rule by proxy through his sons and daughter…

    • As we know our administration and judiciary judiciary​is also corrupt and our wested interested
      Political force is also come and supports of such economic offenders and criminals I hope these basters will escape from punishment and jail.

  10. No problem .They can get amounts from their godfathers whom they have helped previously. On the other hand they have foreign connections through which they can easily sail over.

  11. Great news for thosee who hate corruption. But the trillion-dollar question is why the mainstream media doesn’t report this news? Is it “media fraternity” or is it the dreaded fear of destroying the so-called clean image of the media as a whole? Whatever it is, it’s time our general public stop believing that what the media says is gospel truth.

  12. whatever you say, Arun Shourie is an illuminati. Starting from his expose about A R Antualy to writing some great books, he is just too good.

  13. Either Prannoy Roy will do a Vijay Mallya & flee to South Africa or inevitably stay put in India as another Lalu Prasad. All his properties are well marked for attachment & a la Laloo imminent jail yatra stares on his family

  14. Close the channel immediately and attach the properties of Ndtv. Law of karma works Mr. Pranay Roy. Your past sins are catching up. Now be a good boy and don’t go around the town with your chamchas shouting press freedom ant etc, bullshit and pay up the money you have accumulated illegally.

  15. ITAT shud immediately attach all asets of NDTV as well as Pranoy and Radhika Roy to realise the amount of the fine and tax imposed. The passports of these two must also be seized.

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